Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) dated effective June 8, 2015 (the “Effective Date”), by and between
Lion Biotechnologies, Inc., a Nevada corporation (the “Company”), and Molly Henderson (“Executive”)
(either party individually, a “Party”; collectively, the “Parties”).

 

WHEREAS, the Company
desires to retain the services of Executive to serve as the Company’s new Chief Financial Officer.

 

WHEREAS, the Parties
desire to enter into this Agreement to set forth the terms and conditions of Executive’s employment by the Company and to
address certain matters related to Executive’s employment with the Company;

 

WHEREAS, both the Company
and the Executive have read and understood the terms and provisions set forth in this Agreement, and Executive acknowledges Executive
has been afforded a reasonable opportunity to review this Agreement with Executive’s legal counsel to the extent desired;

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual provisions contained herein, and for other good and valuable consideration, the Parties
hereto agree as follows:

 

1.Employment.
Effective commencing as of the Effective Date, the Company hereby employs Executive, and Executive hereby accepts such employment,
upon the terms and conditions set forth herein.

 

2.Duties.

 

2.1Position.
Executive shall be employed by the Company in the position of Chief Financial Officer and shall be the Company’s most senior
executive officer with responsibility for financial matters. Executive shall have the duties and responsibilities consistent with
the position of Chief Financial Officer and such other duties and responsibilities assigned by the Company’s Chief Executive
Officer. Executive shall perform faithfully and diligently such duties as are reasonable and customary for Executive’s position,
as well as such other duties as the Chief Executive Officer shall reasonably assign from time to time. Executive shall provide
her services hereunder from any offices that the Company may hereafter establish in New York, New York, or from her home, as the
Chief Executive Officer may hereafter direct or approve.

 

2.2Best Efforts/Full-Time.

 

2.2(a)Executive
understands and agrees that Executive will faithfully devote Executive’s best efforts and substantially all of her time during
normal business hours to advance the interests of the Company. Executive will abide by all policies duly adopted by the Company,
as well as all applicable federal, state and local laws, regulations or ordinances. Executive will act in a manner that Executive
reasonably believes to be in the best interest of the Company at all times. Executive further understands and agrees that Executive
has a fiduciary duty of loyalty to the Company to the extent provided by applicable law and that Executive will take no action
which materially harms the business, business interests, or reputation of the Company.

 

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2.2(b)Executive
agrees that Executive will not directly engage in competition with the Company at any time during the existence of the employment
relationship between the Company and Executive.

 

2.2(c)Executive
agrees that, during the term of this Agreement, Executive shall work exclusively for the Company. Consequently, Executive agrees
to not accept employment, of any kind, from any person or entity other than the Company, and to not perform duties or render services
to any person or entity other than the Company.

 

3. At-Will Employment.
Executive’s employment with the Company will be “at-will” and will not be for any specific period of time. As
a result, Executive is free to resign at any time, for any or no reason, as Executive deems appropriate. The Company will have
a similar right and may terminate Executive’s employment at any time, with or without cause. Executive’s and the Company’s
respective rights and obligations at the time of termination are outlined below in Section 6 of this Agreement.

 

4.Compensation.

 

4.1Base Salary.
As compensation for the performance of all duties to be performed by Executive hereunder, the Company shall pay to Executive a
base salary of $275,000 per year, less required deductions for state and federal withholding tax, social security and all other
employment taxes and authorized payroll deductions, payable on a prorated basis as it is earned, in accordance with the normal
payroll practices of the Company (the “Base Salary”).

 

4.2Stock Options.
As of the Effective Date, Executive shall receive stock options to purchase an aggregate of 200,000 shares of the Company’s
common stock. To the extent legally permitted, the stock options shall be incentive stock options. The stock options will have
an exercise price equal to the fair market value of the common stock on the Effective Date. Provided that Executive is still employed
with the Company on the following dates, the foregoing stock options will vest in three installments as follows: (i) Options for
the purchase of 66,672 shares shall vest on one year anniversary of the Effective Date; and (ii) the remaining stock options shall
vest as to 16,666 shares at the end of each quarter over the next two years, commencing with the first quarter following the first
anniversary of the Effective Date. Upon the termination of your employment with the Company for any reason, the unvested options
will be forfeited and returned to the Company. In addition to the foregoing grant of options, Executive shall also be entitled
to receive stock option grants under the Company’s stock option plan commencing one year after the Effective Date in such
amounts and upon such terms as shall be determined by the Board of Directors, in its sole discretion.

 

4.3Incentive Compensation.
Executive will be eligible to participate in the Company’s annual incentive compensation program (“Incentive Plan”)
applicable to executive employees, as approved by the Board (the year in which the program is implemented, the “Plan Year”).
The target potential amount payable to Executive under the Incentive Plan, if earned, shall be 25% of Executive’s Base Salary
earned during the applicable calendar year. Compensation under the Incentive Plan (“Incentive Compensation”)
will be conditioned on the satisfaction of individual and Company objectives, as established in writing by the Company, and the
condition that Executive is employed by Company on the Incentive Compensation payment date, which shall be on or before March 15th
of the year following the Plan Year. The payment of any Incentive Compensation pursuant to this Section 4.3 shall be made in accordance
with the normal payroll practices of the Company, less required deductions for state and federal withholding tax, social security
and all other employment taxes and authorized payroll deductions.

 

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4.4Performance
Review. The Company will periodically review Executive’s performance on no less than an annual basis and may increase
(but not decrease) Executive’s salary or other compensation, as it deems appropriate in its sole and absolute discretion.

 

4.5Customary Fringe
Benefits. Executive understands and agrees that certain employee benefits may be provided to the Executive by the Company incident
to the Executive's employment. Executive will be eligible for all customary and usual fringe benefits generally available to executive
employees and all other employees of the Company subject to the terms and conditions of the Company’s benefit plan documents.
Executive understands and agrees that any employee benefits provided to the Executive by the Company incident to the Executive's
employment (other than Base Salary, Incentive Compensation and any applicable Severance Payment) are provided solely at the discretion
of the Company and may be modified, suspended or revoked at any time, without notice or the consent of the Executive, unless otherwise
provided by law. Moreover, to the extent that these benefits are provided pursuant to policies or plan documents adopted by the
Company, Executive acknowledges and agrees that these benefits shall be governed by the applicable employment policies or plan
documents. The benefits to be provided to Executive shall include group health and dental insurance and participation in a 401-K
plan.

 

4.6Personal Time
Off (“PTO”). Executive will be eligible to receive 12 PTO days per year. PTO is an accrued benefit and will
be paid out at termination in accordance with the Company’s standard PTO policies. In addition, Executive will be eligible
to receive two floating holidays per year.

 

4.7Business Expenses.
Executive will be reimbursed for all reasonable, out-of-pocket business expenses incurred in the performance of Executive’s
duties on behalf of the Company, including travel-related expenses. To obtain reimbursement, expenses must be submitted promptly
with appropriate supporting documentation in accordance with the Company’s policies.

 

5.Confidentiality
and Proprietary Agreement. Executive agrees to abide by the Company’s Employee Proprietary Information and Inventions
Agreement (the “Non-Disclosure Agreement”), which Executive has signed and is incorporated herein by reference.

 

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6.Termination
of Executive’s Employment. 

 

6.1Termination
for Cause by the Company. The Company may terminate Executive’s employment immediately at any time and without notice
for “Cause.” For purposes of this Agreement, “Cause” shall mean (i) a material breach by Executive of this
Agreement or the Non-Disclosure Agreement; (ii) the death of Executive or her disability resulting in her inability to perform
her reasonable duties assigned hereunder for a period of 180 days; (iii) Executive’s theft, dishonesty, or falsification
of any Company documents or records; (iv) Executive’s improper use or disclosure of the Company’s confidential or proprietary
information; or (v) Executive’s conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs
Executive’s ability to perform her duties hereunder or which in the Board’s judgment may materially damage the business
or reputation of the Company; provided, however, that prior to termination for cause arising under clause (i), Executive shall
have a period of ten days after written notice from the Company to cure the event or grounds constituting such cause. Any notice
of termination provided by Company to Executive under this Section 6.1 shall identify the events or conduct constituting the
grounds for termination with sufficient specificity so as to enable Executive to take steps to cure, if curable, the same if such
default is a material breach by Executive of this Agreement of the Non-Disclosure Agreement. In the event Executive’s employment
is terminated in accordance with this subsection 6.1, Executive shall be entitled to receive only the Base Salary and any earned
Incentive Compensation (as defined in Section 4.3 above) then in effect, prorated to the date of termination. All other obligations
of the Company to Executive pursuant to this Agreement will be automatically terminated and completely extinguished.

 

6.2Termination
Without Cause By The Company/Separation Package. The Company may terminate Executive’s employment under this Agreement
without Cause (as defined in Section 6.1 above) at any time on thirty (30) days’ advance written notice to Executive. In
the event of such termination, Executive will receive Executive’s Base Salary through the date of termination and a prorated
portion of any Incentive Compensation that was earned under Section 4.3 through the date of termination. Upon such termination
without Cause, any then unvested stock options granted to Executive by the Company will become fully vested and Executive shall
have twelve months from the date of termination within which to exercise her vested options. In addition, upon a termination of
Executive’s employment by the Company without Cause, Executive will be eligible to receive a “Severance Payment”
equivalent to twelve months of Executive’s then Base Salary, payable in full within thirty (30) days after termination, provided
that Executive first satisfies the Severance Conditions. For purposes of this Agreement, the “Severance Conditions”
are defined as (1) Executive’s execution and non-revocation of a full general release, in the form attached hereto as Exhibit
A, and such release has become effective in accordance with its terms prior to the 30th day following the termination date; and
(2) Executive’s reaffirmation of Executive’s commitment to comply, and actual compliance, with all surviving provisions
of this Agreement. Following payment of the Severance Payment, Base Salary, any Incentive Compensation and any benefits required
to be paid in accordance with applicable benefit plans through the date of termination, all other obligations of the Company to
Executive pursuant to this Agreement will be automatically terminated and completely extinguished.

 

 

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6.3Termination
Upon a Change of Control. For purposes of this Agreement, “Change of Control” shall mean: (1) a merger or
consolidation or the sale or exchange by the stockholders of the Company of capital stock of the Company, where the stockholders
of the Company immediately before such transaction do not obtain or retain, directly or indirectly, at least a majority of the
beneficial interest in the voting stock or other voting equity of the surviving or acquiring corporation or other surviving or
acquiring entity, in substantially the same proportion as before such transaction; (2) any transaction or series of related transactions
to which the Company is a party in which in excess of fifty percent (50%) of the Company’s voting power is transferred; or
(3) the sale or exchange of all or substantially all of the Company’s assets (other than a sale or transfer to a subsidiary
of the Company as defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”)),
where the stockholders of the Company immediately before such sale or exchange do not obtain or retain, directly or indirectly,
at least a majority of the beneficial interest in the voting stock or other voting equity of the corporation or other entity acquiring
the Company’s assets, in substantially the same proportion as before such transaction; provided, however, that
a Change of Control shall not be deemed to have occurred pursuant to any transaction or series of transactions relating to a public
or private financing or re-financing, the principal purpose of which is to raise money for the Company’s working capital
or capital expenditures and which does not result in a change in a majority of the members of the Board. If, within six (6) months
immediately preceding a Change of Control or within twelve (12) months immediately following a Change of Control, the Executive’s
employment is terminated by the Company for any reason other than Cause, then the Executive shall be entitled to receive the Severance
Payment and stock option vesting and exercisability set forth in Section 6.2, provided that Executive first satisfies the
Severance Conditions. Following payment of the Severance Payment, Base Salary, any Incentive Compensation and any benefits required
to be paid in accordance with applicable benefit plans through the date of termination, all other obligations of the Company to
Executive pursuant to this Agreement will be automatically terminated and completely extinguished.

 

6.4Resignation.
Executive shall have the right to terminate this Agreement at any time, for any reason, by providing the Company with thirty (30)
days written notice, provided, however, that subsequent to Executive’s resignation, Executive shall be required to comply
with all surviving provisions of this Agreement. Executive shall not be entitled to any Severance Pay. Executive will only be entitled
to receive Executive’s Base Salary earned up to the date of termination. Notwithstanding the foregoing, Executive has the
right upon thirty (30) days written notice to the Company to terminate Executive’s employment for “Good Reason”
due to occurrence of any of the following: (i) the Company’s requirement that Executive report for work at a location
more than forty-five (45) miles from her home without the written consent of Executive to such relocation, (ii) a material adverse
change in Executive’s title, duties or responsibilities; (iii) any failure by the Company to pay, or any reduction by Company
of, the base salary or any failure by Company to pay any Incentive Compensation to which Executive is entitled pursuant to Section 4;
(iv) the Company creates a work environment designed to constructively terminate Executive or to unlawfully harass or retaliate
against Executive; or (v) a Change of Control occurs in which the Company is not the surviving entity and the surviving entity
fails to offer Executive an executive position at a compensation level at least equal to Executive’s then compensation level
under this Agreement. In the event that Executive terminates her employment for Good Reason, then Executive shall be entitled to
receive the Base Salary, any earned Incentive Compensation, Severance Payment and stock option vesting and exercisability as if
Executive were terminated by the Company without Cause under Section 6.2, subject to Executive’s compliance with all
of the Severance Conditions.

 

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6.5Application
of Section 409A.

 

6.5(a) Notwithstanding
anything set forth in this Agreement to the contrary, no amount payable pursuant to this Agreement which constitutes a “deferral
of compensation” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A
Regulations”) shall be paid unless and until Executive has incurred a “separation from service” within the
meaning of the Section 409A Regulations.

 

6.5(b)Company intends
that income provided to Executive pursuant to this Agreement will not be subject to taxation under Section 409A of the Code.
The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A
of the Code. However, Company does not guarantee any particular tax effect for income provided to Executive pursuant to this
Agreement. In any event, except for Company’s responsibility to withhold applicable income and employment taxes from
compensation paid or provided to Executive, Company shall not be responsible for the payment of any applicable taxes on compensation
paid or provided to Executive pursuant to this Agreement.

 

6.5(c)Furthermore,
to the extent that Executive is a “specified employee” within the meaning of the Section 409A Regulations as of
the date of Executive’s separation from service, no amount that constitutes a deferral of compensation which is payable on
account of Executive’s separation from service shall be paid to Executive before the date (the “Delayed Payment
Date”) which is first day of the seventh month after the date of Executive’s separation from service or, if earlier,
the date of Executive’s death following such separation from service. All such amounts that would, but for this Section,
become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

 

6.5(d)Notwithstanding
anything herein to the contrary, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement shall be
subject to the following conditions: (i) the expenses eligible for reimbursement or in-kind benefits in one taxable year shall
not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (ii) the reimbursement of eligible
expenses or in-kind benefits shall be made promptly, subject to Company’s applicable policies, but in no event later than
the end of the year after the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.

 

6.5(e)For purposes
of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to
a series of separate payments.

 

7.General Provisions.

 

7.1Successors
and Assigns. The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding
upon the successors and assigns of the Company. Executive shall not be entitled to assign any of Executive’s rights or obligations
under this Agreement.

 

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7.2Waiver.
Either party's failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such provision,
or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

7.3Attorney’s
Fees. In the event of any dispute or claim relating to or arising out of Executive’s employment relationship with Company,
this Agreement, or the termination of Executive’s employment with Company for any reason, the prevailing party in any such
dispute or claim shall be entitled to recover its reasonable attorney’s fees and costs.

 

7.4Severability.
In the event any provision of this Agreement is found to be unenforceable by an arbitrator or court of competent jurisdiction,
such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being
intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a deemed modification
is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity
and enforceability of the remaining provisions shall not be affected thereby.

 

7.5Interpretation;
Construction. The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this
Agreement. Executive has participated in the negotiation of the terms of this Agreement. Furthermore, Executive acknowledges that
Executive has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel, if desired, and, therefore,
the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement.

 

7.6Governing Law.
This Agreement will be governed by and construed in accordance with the laws of the United States and the internal laws of the
State of New York.

 

7.7Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given
as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt;
(c) by telecopy, facsimile transmission, or electronic transmission such as e-mail, upon acknowledgment of receipt of electronic
transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent
to the addresses set forth below, or such other address as either party may specify in writing.

 

7.8Entire Agreement.
This Agreement constitutes the entire agreement between the Parties relating to this subject matter and supersedes all prior or
simultaneous representations, discussions, negotiations, and agreements, whether written or oral. This Agreement may be amended
or modified only with the written consent of Executive and the Company. No oral waiver, amendment or modification will be effective
under any circumstances whatsoever.

 

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THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT
AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES
SHOWN BELOW.

 

 

	 	 	 	 
		EXECUTIVE:
		 	 	 
	Dated:June 5, 2015

	Molly Henderson	 
	 	 	 	 
	 	 	 	 
	 	s/o Molly Henderson	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	COMPANY:
	 	 	 	 
	Dated:June 5, 2015	Lion Biotechnologies, Inc.	 
	 	 	 	 
	 	 	 	 
	 	By:	s/o Elma Hawkins
	 	 	 	 
	 	 	 	 
	 	 	Name:  Elma Hawkins	 
	 	 	Title: Chief Executive Officer	 

 

     

     

    

 

 

Exhibit A

 

Form of Release and Waiver of Claims

 

In consideration for the severance payments and other benefits
provided for in the Executive Employment Agreement, effective as of June 8, 2015 (the “Employment Agreement”),
I, Molly Henderson, hereby furnish Lion Biotechnologies, Inc., a Nevada corporation (the “Company”) with the
following release and waiver (the “Release and Waiver”).

 

In exchange for the consideration provided to me by the Employment
Agreement, I hereby generally and completely release the Company and its officers, directors, employees, agents, attorneys, predecessors,
successors, parent and subsidiary entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations,
both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my
signing this Release and Waiver. This general release includes, but is not limited to: (1) all claims arising out of or in any
way related to my employment with the Company or the termination of that employment; (2) all claims related to my compensation
or benefits from the Company, including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements,
severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (3) all claims for
breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort
claims, including, but not limited to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy;
and (5) all federal, state, and local statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation,
attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with
Disabilities Act of 1990, and the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”).

 

I acknowledge that, among other rights, I am waiving and releasing
any rights I may have under ADEA and that this Release and Waiver is knowing and voluntary. I further acknowledge that I have been
advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate
to claims under the ADEA which may arise after this Release and Waiver is executed; (b) I should consult with an attorney prior
to executing this Release and Waiver; (c) I have 21 days in which to consider this Release and Waiver (although I may choose voluntarily
to execute this Release and Waiver earlier); (d) I have seven days following the execution of this Release and Waiver to revoke
my consent to this Release and Waiver; and (e) this Release and Waiver shall not be effective until the eighth day after I execute
this Release and Waiver and the revocation period has expired. Notwithstanding the foregoing, nothing contained in this Release
and Waiver shall waive, release or otherwise diminish any claims that I might have at law or in equity for payment of severance
or other benefits to which I am entitled under the terms of the Employment Agreement.

 

I acknowledge my continuing obligations under my Employee Proprietary
Information and Inventions Agreement between myself and the Company (the “Confidentiality Agreement”). I understand
and agree that my right to the severance pay I am receiving is in exchange for my agreement to the terms of this Release and Waiver
and is contingent upon my continued compliance with my Confidentiality Agreement.

 

This Release and Waiver, including the Confidentiality Agreement,
and the Employment Agreement constitute the complete, final and exclusive embodiment of the entire agreement between the Company
and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly
stated herein. This Release and Waiver may only be modified by a writing signed by both me and a duly authorized officer of the
Company.

 

 

    s/o
Molly Henderson         

Molly Henderson

 

 

Dated: June 5, 2015Exhibit 10.1

 

THIS OPTION AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR APPLICABLE STATE SECURITIES LAWS. THIS OPTION, AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF, MAY NOT BE SOLD, MORTGAGED,
PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE
STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS.

 

MRI INTERVENTIONS, INC.

NON-QUALIFIED STOCK OPTION AGREEMENT

 

 

THIS NON-QUALIFIED
STOCK OPTION AGREEMENT (this “Agreement”) is made effective as of the 30th day of March, 2015,
by and between MRI INTERVENTIONS, INC., a Delaware corporation (the “Company”), and HAROLD A. HURWITZ
(the “Optionee”).

 

WHEREAS, the
Company desires to afford the Optionee an opportunity to purchase shares of the Company’s common stock, par value $.01 per
share (the “Shares”), subject to the terms and conditions hereinafter set forth;

 

NOW, THEREFORE,
in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.            Grant of Option.

 

(a)               The Company grants as of the date of this Agreement the right and option (the “Stock Option”) to purchase
450,000 Shares, in whole or in part (the “Option Shares”), at an exercise price of $1.06 per Share (the “Option
Exercise Price Per Share”), on the terms and conditions set forth in this Agreement.

 

(b)              The Stock Option shall be a non-qualified stock option. The Stock Option is not intended to be an “incentive stock
option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to comply
with all applicable federal or state tax laws or regulations, the Company may take such action as it deems appropriate to insure
that, if necessary, all applicable federal, state or other taxes are withheld or collected from the Optionee. This Agreement is
not subject to, and the Stock Option is not granted under, the Company’s 2013 Incentive Compensation Plan.

 

2.           Exercisability Schedule. No portion of the Stock Option may be exercised until such portion shall have become exercisable.
Except as set forth below, and subject to the discretion of the Company’s Board of Directors or a duly authorized committee
thereof (in either case, the “Board”) to accelerate the exercisability schedule hereunder, the Stock Option
shall be exercisable with respect to the following number of Option Shares on the dates indicated:

 

    	 

    	 

    

 

	
        Incremental Number of

        Option Shares Exercisable
	 	
         

        Exercisability Date

	150,000	 	March 30, 2016
	150,000	 	March 30, 2017
	150,000	 	March 30, 2018

 

 

Once exercisable, the
Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date (as defined
below). Notwithstanding anything herein to the contrary, in the event of a Change of Control, the Stock Option shall become fully
exercisable as of the effective time of the Change of Control. For purposes of this Agreement, the term “Change of Control”
shall have the same meaning given to that term in the Company’s 2013 Incentive Compensation Plan.

 

3.            Manner of Exercise.

 

(a)               The Optionee
may exercise the Stock Option only in the following manner:

 

From time to time on
or prior to the Expiration Date (as defined below), the Optionee may give written notice to the Company of his election to purchase
some or all of the Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares
to be purchased.

 

Payment of the purchase
price for the Option Shares may be made by one or more of the following methods: (i) in cash or its equivalent (e.g., by personal
check) at the time the Stock Option is exercised; (ii) in Shares having a Fair Market Value equal to the aggregate Option Exercise
Price Per Share for the Option Shares being purchased and satisfying such other requirements as may be imposed by the Board; provided,
that such Shares have been held by the Optionee for no less than six months (or such other period as established from time to time
by the Board in order to avoid adverse accounting treatment applying generally accepted accounting principles); (iii) partly in
cash and partly in Shares (as described in the preceding clause (ii)); (iv) if there is a public market for the Shares at such
time, through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Stock Option
and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate Option Exercise Price
Per Share for the Option Shares being purchased, provided that in the event the Optionee chooses to pay the Option Exercise Price
Per Share as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity
and other agreements as the Board shall prescribe as a condition of such payment procedure; or (v) through “net settlement”
in Shares. In the case of a “net settlement” of the Stock Option, the Company will not require a cash payment of the
Option Exercise Price Per Share for the Option Shares being purchased, but will reduce the number of Shares issued upon the exercise
by the largest number of whole Shares that have a Fair Market Value that does not exceed the aggregate Option Exercise Price Per
Share for the Option Shares set forth in this Agreement. With respect to any remaining balance of the aggregate Option Exercise
Price Per Share for the Option Shares, the Company shall accept a cash payment. Payment instruments will be received subject to
collection.

 

    2

     

    

 

The transfer to the
Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the Company’s
receipt from the Optionee of the full purchase price for such Option Shares, as set forth above, (ii) the fulfillment of any other
requirements contained herein or in any other applicable agreement or applicable laws and regulations, and (iii) the receipt by
the Company of any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of the
Shares pursuant to the exercise of the Stock Option and any subsequent resale of such Shares will be in compliance with applicable
laws and regulations.

 

(b)               The Shares
purchased upon exercise of the Stock Option shall be transferred to the Optionee on the records of the Company or of the transfer
agent upon compliance to the satisfaction of the Board with all requirements under applicable laws or regulations in connection
with such transfer and with the requirements hereof. The determination of the Board as to such compliance shall be final and binding
on the Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to,
any Shares subject to the Stock Option unless and until the Stock Option shall have been exercised pursuant to the terms hereof,
the Company or the transfer agent shall have transferred the Shares to the Optionee, and the Optionee’s name shall have been
entered as the stockholder of record on the books of the Company.

 

(c)               The minimum
number of Shares with respect to which the Stock Option may be exercised at any one time shall be 100 Shares, unless the number
of Shares with respect to which the Stock Option is being exercised is the total number of Shares subject to exercise under the
Stock Option at the time.

 

(d)               Notwithstanding any other provision
hereof, no portion of the Stock Option shall be exercisable after the Expiration Date hereof.

 

4.            Termination
of Employment. If the Optionee’s employment by the Company (or any affiliate of the Company) is terminated, the period
within which to exercise the Stock Option may be subject to earlier termination as set forth below.

 

(a)               Termination
Due to Death. If the Optionee’s employment terminates by reason of the Optionee’s death, any portion of the Stock
Option outstanding on such date may be exercised, to the extent exercisable on the date of Optionee’s death, by the Optionee’s
legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier. Any
portion of the Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force
or effect.

 

(b)               Termination Due to Disability.
If the Optionee’s employment terminates by reason of the Optionee’s Disability, any portion of the Stock Option outstanding
on such date may be exercised, to the extent exercisable on the date of Disability, by the Optionee, or the Optionee’s legal
representative or guardian, as applicable, for a period of 12 months from the date of Disability or until the Expiration Date,
if earlier. Any portion of the Stock Option that is not exercisable on the date of Disability shall terminate immediately and be
of no further force or effect.

    3

     

    

 

(c)               Termination
for Cause; Voluntary Resignation. If the Optionee’s employment with the Company (or any affiliate thereof) terminates
for Cause or if the Optionee voluntarily terminates his employment, any portion of the Stock Option outstanding on such date shall
terminate immediately and be of no further force or effect. For purposes of this Agreement, “Cause” shall mean:
(i) gross negligence or willful misconduct by the Optionee in the performance of the Optionee’s duties to the Company where
such gross negligence or willful misconduct has resulted or is likely to result in substantial and material damage to the Company;
(ii) any breach by the Optionee of any non-compete agreement or similar agreement between the Optionee and the Company; (iii) any
material breach by the Optionee of any confidentiality agreement or similar agreement between the Optionee and the Company; (iv)
a material violation by the Optionee of any federal or state law or regulation or the Company’s compliance program in the
performance of the Optionee’s duties; (v) commission by the Optionee of any act of fraud with respect to the Company; (vi)
the Optionee’s conviction of, or the Optionee’s entry of a guilty plea or plea of nolo contendere with respect to,
a felony; (vii) the Optionee’s failure to perform duties consistent with the Optionee’s position or to follow or comply
with the reasonable directives of the Board or the Optionee’s supervisor(s), provided that (A) the Optionee shall have received
written notice that specifically identifies the manner in which the Company believes that the Optionee has engaged in such failure
and (B) the Optionee shall not have cured such failure within thirty (30) days following receipt of such notice, provided further
that such opportunity to cure a failure shall not apply if the Optionee has received more than one notice with respect to the same
or similar conduct pursuant to this clause (vii) during any twelve (12) consecutive month period; or (viii) any act or omission
that would constitute “cause” under any employment agreement or similar agreement between the Optionee and the Company
(or any affiliate thereof).

 

(d)               Other Termination.
If the Optionee’s employment terminates for any reason other than the Optionee’s voluntary termination, the Optionee’s
death, the Optionee’s Disability or for Cause, and unless otherwise determined by the Board, any portion of the Stock Option
outstanding on such date may be exercised, to the extent exercisable on the date of termination, for a period of three months from
the date of termination or until the Expiration Date, if earlier. Any portion of the Stock Option that is not exercisable on the
date of termination shall terminate immediately and be of no further force or effect.

 

The Board’s determination
of the reason for termination of the Optionee’s employment shall be conclusive and binding on the Optionee and his representatives
or legatees.

 

5.            Termination
of Option. The Option will expire as of 5:00 pm (Central time) on March 30, 2025 (the “Expiration Date”)
with respect to any then unexercised portion thereof, unless terminated earlier as set forth herein.

 

6.            Adjustments.
In the event that any unusual or non-recurring transactions, including an unusual or non-recurring dividend or other distribution
(whether in the form of an extraordinary cash dividend, dividend of Shares, other securities or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination or other similar corporate
transaction or event affects the Shares, then the Company shall, depending on the particular circumstances, in an equitable and
proportionate manner (and, as applicable, in such equitable and proportionate manner as is consistent with Section 409A of
the Code and the regulations thereunder) either: (a) adjust any or all of (i) the number of Shares or other securities of the Company
(or number and kind of other securities or property) subject to the Stock Option, provided that the number of Shares subject to
the Stock Option shall always be a whole number; and (ii) the Option Exercise Price Per Share with respect to the Stock Option;
(b) provide for an equivalent award in respect of securities of the surviving entity of any merger, consolidation or other transaction
or event having a similar effect; or (c) make provision for a cash payment to the Optionee in lieu of the Stock Option.

 

    4

     

    

 

7.            No Obligation
to Continue Employment. Neither the Company nor any of its affiliates is obligated by or as a result of this Agreement to continue
the Optionee in employment and this Agreement shall not interfere in any way with the right of the Company or any of its affiliates
to terminate the employment of the Optionee at any time.

 

8.            Amendments
to Stock Option. The Company may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue,
cancel or terminate, the Stock Option, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension,
discontinuance, cancellation or termination that would adversely affect the rights of the Optionee or any holder or beneficiary
of the Option shall not to that extent be effective without the consent of the Optionee, holder or beneficiary affected.

 

9.            Limited Transferability.
Unless otherwise approved by the Board, this Agreement is personal to the Optionee, is non-assignable and is not transferable in
any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. Except as provided in
Section 4(b) of this Agreement, the Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee,
and thereafter, only by the Optionee’s legal representative or legatee.

 

10.          Reservation
of Shares. At all times during the term of the Stock Option, the Company shall use its best efforts to reserve and keep available
such number of Shares as shall be sufficient to satisfy the requirements of this Agreement.

 

11.          Severability.
If any provision of this Agreement is, or becomes, or is deemed to be, invalid, illegal, or unenforceable in any jurisdiction or
to either party, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed
or deemed amended without, in the determination of the Board, materially altering the intent of this Agreement, such provision
shall be stricken as to such jurisdiction or party, and the remainder of this Agreement shall remain in full force and effect.

 

12.          Tax Withholding.
The Optionee shall, not later than the date as of which the exercise of the Stock Option becomes a taxable event for federal income
tax purposes, pay to the Company or make arrangements satisfactory to the Committee for payment of any federal, state, and local
taxes required by law to be withheld on account of such taxable event. The minimum required tax withholding obligation may be satisfied,
in whole or in part, by the Company withholding from the Option Shares to be issued a number of Shares with an aggregate Fair Market
Value that would satisfy the withholding amount due.

 

13.          Notices.
Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered
to the Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently
furnish to the other party in writing.

 

14.          Certain
Defined Terms. Although the Stock Option is not granted under the Company’s 2013 Incentive Compensation Plan, for purposes
of this Agreement, the terms “Change of Control,” “Disability” and “Fair Market Value” shall
have the same meanings given to those terms in such 2013 Incentive Compensation Plan.

 

    5

     

    

 

15.          Governing
Law. The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the State of
Delaware without giving effect to conflicts of laws principles.

 

16.          Successors
in Interest. This Agreement shall inure to the benefit of and be binding upon any successor to the Company. This Agreement
shall inure to the benefit of the Optionee’s administrators, executors, heirs and legal representatives. All obligations
imposed upon the Optionee and all rights granted to the Company under this Agreement shall be binding upon the Optionee’s
administrators, executors, heirs and legal representatives.

 

 

 

[The next page is the
signature page]

 

 

 

    6

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Non-Qualified Stock Option Agreement to be effective as of the day and year first above written.

 

	 	 	 
	 	MRI INTERVENTIONS, INC.
	 	 	 
	 	By:	/s/ Francis P. Grillo
	 	 	Francis P. Grillo
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	 	/s/ Harold A. Hurwitz
	 	 	Harold A. Hurwitz

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