Document:

Exhibit 10.3

 

SEVERANCE AGREEMENT AND GENERAL RELEASE

 

This
Severance Agreement and General Release (this “Agreement”) is made as of June 1, 2016 (the “Separation
Date”) by and between Dr. Elma Hawkins, an individual (“Executive”), and Lion Biotechnologies, Inc.,
a Nevada corporation (“Lion”), with reference to the following facts:

 

RECITALS

 

A.           Lion
currently employs Executive pursuant to the Executive Employment Agreement entered into effective August 21, 2014 between Executive
and Lion (as amended, the “Employment Agreement”).

 

B.           Lion
and Executive desire that an amicable separation occur and therefore that Executive’s employment under the Employment Agreement
conclude on the Separation Date

 

C.           Executive
has waived the 30-day advance notice of termination requirement in Section 6.2 of the Employment Agreement, and Lion has agreed
to compensate Executive as if she remained employed by Lion through June 5, 2016.

 

D.           Executive
and Lion further desire to enter into this Agreement to provide for certain severance benefits to Executive as provided herein
and the release by Executive of any claims related to Executive’s employment, or the termination of her employment.

 

NOW, THEREFORE, in consideration
for the mutual promises contained in this Agreement, Lion and Executive agree as follows:

 

AGREEMENT

 

1.          Termination
Date. Executive and Lion agree that Executive’s employment under the Employment Agreement shall terminate effective as
of the Separation Date.

 

2.          Payment
of Salary, Incentive Compensation and Related. On the Separation Date, Lion shall pay Executive a sum of $188,462 (less customary
withholdings, including social security, federal and state income taxes, and all other employment taxes and authorized payroll
deductions), which amount represents all salary, accrued and unused and unpaid vacation, a pro rated portion of her annual Incentive
Compensation (as defined in Section 6.2 of the Employment Agreement) due to her pursuant to the Employment Agreement, or otherwise,
for all services rendered in 2016 to Lion up to and including June 5, 2016, and other payments owing to Executive under the Agreement.
Except as specifically provided in this Agreement, no further salary or other benefits will accrue to Executive pursuant to the
Employment Agreement, or otherwise. Executive acknowledges that execution of this Agreement is not a condition to her receipt of
all salary and other benefits payable to Executive pursuant to the Employment Agreement.

 

3.          Severance
Payment. Pursuant to Section 6.2 of the Employment Agreement, on January 6, 2017 or the date of Executive’s death (if
such event occurs earlier than January 6, 2017), Lion shall pay Executive the sum of $500,000 (less customary withholdings, including
social security, federal and state income taxes, and all other employment taxes and authorized payroll deductions).

 

     

     

    

 

4.          COBRA
Benefits. Executive acknowledges that Lion has notified Executive of her rights to continuation of medical insurance coverage
in Lion’s health benefit plans (which include vision, health and dental coverage) after the Separation Date under the provisions
of the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”). Subject to Executive’s compliance
with Section 7, Lion shall be responsible for, and shall pay, the cost of Executive’s continued coverage in Lion’s
health benefit plans in accordance with the provisions of COBRA from the Separation Date until the period ending May 31, 2017,
after which time Executive shall be solely responsible for such cost.

 

5.          Acceleration
of Vesting; Extension of Exercise Period; Grant of Replacement Options.

 

(a)        In
order to clarify certain option grants made to Executive in 2014, Lion and Executive hereby agree that the options to purchase
225,000 shares listed on Exhibit A have been cancelled. In order to replace the foregoing options to purchase 225,000 shares, Executive
and Lion hereby confirm that Lion has granted to Executive new options to purchase 216,061 shares (the “Replacement Options”),
all as set forth on Exhibit A. The exercise period of the Replacement Options shall continue until June 1, 2018. Executive has
agreed to return and cancel 8,939 of her previously granted options in consideration for a cash payment of $38,000, which shall
also be paid to her on the Separation Date.

 

(b)        Set
forth on Exhibit B hereto is a list of all unvested stock options currently held by Executive (in addition to the replacement options
listed in Exhibit A) and all unvested shares of restricted stock that vest with the passage of time. In accordance with Section
6.2 of the Employment Agreement, as of the Separation Date, all of the unvested stock options and unvested shares of restricted
stock that vest with the passage of time shall immediately become fully vested. Executive acknowledges that Executive must satisfy
her tax withholding obligations upon the vesting of the restricted stock before such shares can be released to her. Lion hereby
grants Executive the option of satisfying the tax withholding obligation due at vesting by either delivering to Lion a cash payment
or by authorizing Lion to withhold (and cancel) a number of shares of restricted stock having a value (as of the Separation Date)
equal to the amounts required to be withheld. The shares of restricted stock that become vested pursuant to this Section 5(a) will
be issued without any restrictive legend, other than the standard SEC legend confirming that the shares of stock have not been
registered with the SEC and, therefore, are subject to the re-sale restriction imposed by securities law.

 

(c)         Notwithstanding
Section 6.2 of the Employment Agreement, Lion hereby agrees that the exercise period of any and all stock options held by Executive
(including the Replacement Options and the stock options listed on Exhibit B that will vest on the Separation Date) may be exercised
by Executive at any time prior to June 1, 2018.

 

    - 2 - 

     

    

 

6.          Other
Agreements. Lion and Executive hereby further agree as follows:

 

(a)          On
the Separation Date, Lion and Executive shall enter into that certain Advisory Agreement, the form of which is attached hereto
as Exhibit C (the “Advisory Agreement”).

 

(b)          Executive
has previously entered into an Indemnification Agreement with Lion pursuant to which Lion agreed to indemnify Executive in her
capacity as a director and officer of Lion. Lion hereby agrees the pending proceedings before the Securities and Exchange Commission
in the investigation known as “In the Matter of Certain Stock Promotions,” shall be deemed to be a Proceeding
(as defined in the Indemnification Agreement and to which such Indemnification Agreement shall apply) and that the Indemnification
Agreement shall continue and remain in effect during the term set forth in Section 13 of the Indemnity Agreement. Such Indemnification
Agreement shall apply to the subject matter of the May 24, 2016 correspondence directed to Lion by the law firm of Purcell Julie
& Lefkowitz concerning Lion’s prior issuance of stock options to Executive, including any Proceeding or resolution that
might result from such correspondence.

 

(c)        Lion
shall reimburse Executive for the legal fees incurred by her in connection with the negotiation and preparation of this Agreement
and the Advisory Agreement, provided that Lion shall not be responsible for any legal fees in excess of $5,000.

 

7.          General
Release. For and in consideration of the payments and benefits set out in this Agreement, concurrently with the execution of
this Agreement, Executive has executed and is hereby delivering to Lion the Release and Waiver of Claims, the form of which is
attached hereto as Exhibit D. The Release and Waiver of Claims form is intended to be complete and final and to cover not only
claims, demands, liabilities, damages, actions and causes of action which are known, but also claims, demands, liabilities, damages,
actions and causes of action which are unknown or which Executive does not suspect to exist in her favor which, if known at the
time of executing this Agreement might have affected her actions, and therefore she expressly waives the benefit of the provisions
of Section 1542 of the California Civil Code, which provides:

 

“A general release does not extend
to claims which the creditor does not know or suspect to exist in her favor at the time of executing the release, which if known
by her must have materially affected her settlement with the debtor.”

 

8.          Non-Solicitation.
Executive agrees that she will not, for a period of one year immediately following the Separation Date, either directly or indirectly,
solicit away or attempt to solicit away actual or prospective employees of Lion from employment with the company.

 

9.          Mutual
Non-Disparagement. Neither party shall make, publish or communicate to any person or entity in any public forum any comments
or statements (written or oral) that intentionally seek to denigrate or disparage, or are detrimental to, the reputation or stature
of the other party or its businesses, or any of its employees, directors and officers.

 

10.         Termination.
This Agreement and all of either parties’ benefits and obligations hereunder shall automatically and immediately terminate
if Executive revokes this Agreement within seven days following the execution of the Release and Waiver of Claims form, which termination
shall occur on the date of such revocation.

 

    - 3 - 

     

    

 

11.         Tax
Consequences. Lion makes no representation or warranty with respect to the tax consequences of any payment to Executive under
the terms of this Agreement or otherwise.

 

12.         Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California.

 

13.         Entire
Agreement. This Agreement, the Advisory Agreement, and the Release and Waiver of Claims constitute the entire agreements between
Executive and Lion, and supersede any and all prior or contemporaneous understandings and agreements between the parties. No other
promise or inducement has been offered for this Agreement. Any amendments to this Agreement must be in writing, signed by Executive
and a duly authorized representative of Lion, and must state that the parties intend thereby to amend this Agreement.

 

14.         Knowing
and Voluntary Execution of Agreement. Executive represents that she has carefully read this Agreement and that she knows and
understands its contents. Executive voluntarily accepts the provisions of this Agreement for the purpose of making a full and final
settlement of all claims herein described. Executive has had the opportunity to receive independent legal advice from attorneys
of her choice and has consulted with such attorneys with respect to the preparation, review and advisability of executing this
Agreement. Executive further represents and acknowledges that she has freely and voluntarily executed this Agreement after independent
investigation and without fraud, duress, or undue influence, with a full understanding of the legal and binding effect of this
Agreement and with the approval of her legal counsel.

 

IN WITNESS WHEREOF, the
parties have entered this Agreement as of the date first above written.

 

	 	/s/ Elma Hawkins
	 	Elma Hawkins
	 	 
	 	LION BIOTECHNOLOGIES, INC.
	 	 
	 	By:	/s/ Molly Henderson
	 	 	Name:	Molly Henderson
	 	 	Title:	Chief Financial Officer 

 

    - 4 - 

     

    

 

Exhibit A

 

Cancelled Options:

 

The cancelled stock options consist of options to purchase 225,000
shares, as follows: (i) 100,000 shares of Executive’s February 21, 2014 stock options relating to 200,000 Lion shares, which
options had an exercise price of $5.60, and (ii) all 125,000 shares of Executive’s August 21, 2014 stock options to purchase
125,000 shares, which options had an exercise price of $6.70.

 

Replacement Options:

 

The Company has granted Executive (i) a stock option to purchase
125,000 shares of Lion stock at an exercise price of $6.70, and (ii) and a stock option to purchase 91,061 shares of Lion stock
at an exercise price of $5.87 a share, the closing price of Lion’s common stock on The Nasdaq Global Market on the Separation
Date.

 

    - 5 - 

     

    

 

Exhibit B

 

Unvested Options:

 

100,000 options at $5.60

275,000 options at $6.15

58,939 options at $7.58

275,000 options at $5.05

 

Unvested Shares of Restricted Stock:

 

100,000 shares.

 

    - 6 - 

     

    

 

Exhibit D

 

Form of Release and Waiver of Claims

 

In consideration for the severance payments and other benefits provided
for in the Severance Agreement and General Release, effective as of June 1, 2016 (the “Agreement”), I, Elma
Hawkins, 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 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, a 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 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.

 

    - 7 - 

     

    

 

This Release and Waiver, including the Confidentiality Agreement,
and the 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.

 

	 	 
	Dr. Elma Hawkins	 
	 	 
	Dated: June __, 2016 	 

 

    - 8 -Exhibit 10.4

 

BOARD ADVISER AGREEMENT

 

This Board Adviser Agreement (the "Agreement")
is made effective as of June 1, 2016 (the “Effective Date”) by Lion Biotechnologies, Inc., a Nevada corporation (the
"Company"), and Dr. Elma Hawkins (the "Adviser").

 

WHEREAS, the Adviser has previously
served as the Company's President and Chief Executive Officer and as a member of the Company’s Board of Directors (the "Board");
and

 

WHEREAS, the Board desires to obtain
the advice and counsel of the Adviser regarding the Company's business, technology and products; and

 

WHEREAS, the Board would like to engage
the Adviser to act as an adviser to the Board, and the Adviser is willing to provide advice and services to the Board on the terms
and conditions of this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.     Service
as an Adviser. The Adviser shall serve as an adviser to the members of the Board and senior management on a non-exclusive basis
for the term of this Agreement. The Adviser shall perform services hereunder as an independent contractor and not as an employee,
agent, joint venturer or partner of the Company. The Adviser shall have no power or authority to act for, represent or bind the
Company or its affiliates in any manner whatsoever, except as may be expressly agreed on each occasion, in writing, by the Company
and the Adviser. The Adviser agrees to take no action that expresses that the Adviser has such power or authority, and the Adviser
shall use reasonable efforts to not take any action that would imply to a reasonable observer that the Adviser has such power or
authority.

 

2.    Duties.
During the term of this Agreement, the Adviser will use its commercially reasonable efforts to provide advice and counsel to the
members of the Board as may be reasonably requested from time to time, including by rendering the services described on Schedule
1 to this Agreement to the Board. The Adviser will report directly to the Board or the Company’s chief executive officer
in the course of performing the Adviser's duties, unless otherwise expressly directed by the Board.

 

     

     

    

 

3.    Term.
This Agreement shall have a term of 90 days. This Agreement may be terminated by (i) the Adviser at any time, with or without reason,
by written notice to the Company, and (ii) the Company with written notice any time only if the Adviser (a) terminates or breaches
that certain Severance Agreement and General Release entered into by the Company and Adviser immediately prior to the execution
of this Agreement, (b) fails to timely provide the services required hereunder within a commercially reasonable time or otherwise
materially breaches this Agreement, or (c) provides any services, as an employee, officer, director, consultant or otherwise, to
any company or entity that competes directly with the Company; provided further that in each such case the provisions of Section
6, and Section 7 shall survive any termination or expiration of this Agreement. In the event this Agreement is terminated
by either party, the Company shall pay pro rata fees and unpaid expenses through the termination date to the Adviser promptly thereafter.

 

4.    Fees.
As compensation for the Adviser's services under this Agreement, the Company shall pay to the Adviser $10,000, in arrears, for
each 30-day period, commencing on the Effective Date, during which this Agreement is in effect. The Company shall not be responsible
for withholding or paying any income, payroll, Social Security or other federal, state or local taxes, making any insurance contributions,
including unemployment or disability, or obtaining worker's compensation insurance on the Adviser's behalf. The Adviser is solely
responsible for the payment of all taxes and contributions on the Adviser's behalf.

 

5.    Expenses.
The Company agrees to promptly reimburse the Adviser for reasonable out-of-pocket expenses incurred in connection with the Adviser's
services, provided that any single expense item in excess of $500 or aggregate monthly expenses in excess of $1,000 shall be pre-approved
by the Company, and the Adviser shall provide appropriate documentation of all expenses.

 

6.    Indemnification.
In the performance of services, the Adviser shall be obligated to act only in good faith, and shall not be liable to the Company
for errors in judgment that are not the result of intentional misconduct. The Company agrees to indemnify and hold harmless the
Adviser from and against any and all losses, claims, expenses, damages or liabilities, joint or several, (including the costs of
any investigation and all reasonable attorneys' fees and costs) to which the Adviser may become subject or incurred by the Adviser,
to the fullest extent lawful, in connection with any pending or threatened litigation, legal claim or proceeding arising out of
or in connection with the services rendered by the Adviser under this Agreement; provided, however, that the foregoing indemnity
shall not apply to any such losses, claims, related expenses, damages or liabilities arising out of the Adviser's intentional misconduct,
fraud, or material breach this Agreement. The terms and provisions of this Section 6 shall survive termination or expiration
of this Agreement.

 

    2 

     

    

 

7.     Confidential
Information; Developments.

 

7.1       As
used in this Agreement, "Confidential Information" means any and all confidential or proprietary technical, trade
and business information furnished, in any medium, or disclosed in any form or method, including orally, by the Company to the
Adviser during Adviser’s employment with the Company or during the term of this Agreement, or discovered by the Adviser through
any means, including observation, including, but not limited to, information about the Company's employees, officers, directors,
suppliers, customers, affiliates, businesses and business relationships; manufacturing processes and methods, operating technique,
practice, plan or strategy, sources of supply, financial data and know-how, financial projections, business plans, research data,
capabilities, inventions, methods and trade secrets, scientific and technical data, inventions, processes, formulae, and other
trade secrets, and such other information normally understood to be confidential or otherwise designated as such in writing by
the Company, as well as information discerned from, based on or relating to any of the foregoing which may be prepared or created
by the Adviser. Confidential Information shall not include:

 

(i)      information
that is publicly available as of the date of this Agreement; or

 

(ii)    
information that subsequently becomes publicly available or generally known in the industry through no fault of the Adviser, provided
that such information shall be deemed Confidential Information until such time as it becomes publicly available or generally known.

 

7.2      The
Adviser shall retain all Confidential Information in confidence and shall comply with any and all procedures adopted from time
to time to protect and preserve the confidentiality of any Confidential Information. The Adviser shall not at any time, during
or after the term of this Agreement, directly or indirectly, divulge, use or permit the use of any Confidential Information, except
as required by the Adviser's services under this Agreement. Adviser agrees to employ reasonable steps to protect Confidential Information
from unauthorized or inadvertent disclosure, but at a minimum to the same extent as the Adviser protects the Adviser's own confidential
information of similar value. Upon expiration or termination of this Agreement and upon the Company's request during the term of
this Agreement, the Adviser shall promptly destroy, or return at the Company’s option and expense, any and all tangible Confidential
Information (whether written or electronic) to the Company, including all copies, abstracts or derivatives thereof.

 

    3 

     

    

 

7.3      The
Company shall own all right, title and interest relating to all inventions, improvements, discoveries, methods, developments, software,
and works of authorship, whether patentable or not, which are created, made, conceived or reduced to practice by the Adviser or
jointly with others in the course of the Adviser's performance of services under this Agreement or using the Company's Confidential
Information (collectively, "Developments"). The Adviser agrees to make full and prompt disclosure to the Company
of all Developments and provide all Developments to the Company. Adviser hereby assigns to the Company or its designee all of the
Adviser's right, title and interest in and to any and all Developments. The Adviser agrees to cooperate fully with the Company,
both during and after the term of this Agreement, with respect to the procurement, maintenance and enforcement of intellectual
property rights (both in the United States and foreign countries) relating to any Developments. The Adviser shall sign all documents
which may be reasonably necessary or desirable in order to protect the Company's rights in and to any Development, and the Adviser
hereby irrevocably designates and appoints each officer of the Company as the Adviser's agent and attorney-in- fact to execute
any such documents on the Adviser's behalf, and to take any and all actions reasonably necessary or desirable in order to protect
its rights and interests in any Development. Notwithstanding anything to the contrary above, this Section 7.3 does not apply
to an invention for which no equipment, supplies, facility or trade secret information of the Company was used and which was developed
entirely on the Adviser's own time, unless the invention results from any work performed by the Adviser for the Company under this
Agreement.

 

7.4      The
Adviser acknowledges that the Company competes with other businesses that are or could be located anywhere; that the provisions
of this Agreement are reasonable and necessary to protect and preserve the Company's business interests; and that the unauthorized
disclosure, use or disposition of any Confidential Information in breach of this Agreement may cause irreparable harm and significant
injury for which there is no adequate remedy at law. Accordingly, the parties agree the Company shall have the right to seek immediate
injunctive relief in the event of any breach or threatened breach of the obligations in this Section 7, without security
or bond, in addition to any other remedies that may be available to the Company at law or in equity. The terms and provisions of
this Section 7 shall survive termination or expiration of this Agreement.

 

8.     Publicity.
The Company shall, with prior written approval by the Adviser, have the right to use the name, biography and picture of the Adviser
on the Company's website, marketing and advertising materials during the term of this Agreement.

 

9.     Other
Relationships. The Company acknowledges that the Adviser may provide business and financial consulting services and advice
of the type contemplated by this Agreement to others. During the term of this Agreement, the Adviser shall provide the Company
with prior written notice if the Adviser intends to provide any services, as an employee, officer, director, consultant or otherwise,
to any company or entity that competes directly with the Company, which written notice shall include the name of the competitor.

 

    4 

     

    

 

10.      No
Conflicts. The Adviser represents and warrants to the Company that the Adviser is free to enter into this Agreement and the
services to be provided pursuant to this Agreement are not in conflict with any other contractual or other obligation to which
the Adviser is bound.

 

11.     Notices.
Notices are to be delivered in writing, in the case of the Company, to 112 West 34th Street, 18th Floor, New York, New York 10120,
Attention: Chief Executive Officer, and in the case of the Adviser, to 84 Fox Hollow Lane, Southampton, New York 11968, or to such
other address as may be given by each party from time to time in under this Section. Notices shall be deemed properly given upon
personal delivery, the day of delivery by overnight carrier, or three (3) days after deposit in the U.S. mail.

 

12.      Parties
in Interest. This Agreement is made solely for the benefit of the Adviser and the Company. No other person shall acquire or
have any right under or by virtue of this Agreement.

 

13.     Entire
Agreement; Amendments; Severability; Counterparts. This Agreement constitutes the entire agreement and understanding of the
parties, and supersedes any and all previous agreements and understandings, whether oral or written, between the parties with respect
to the matters set forth in this Agreement. No provision of this Agreement may be amended, modified or waived, except in a writing
signed by the parties. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision, and if any restriction in this Agreement is found by a court to be unreasonable or unenforceable, then
such court may amend or modify the restriction so it can be enforced to the fullest extent permitted by law. The section headings
in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement. This Agreement
may be executed by electronic signature in any number of counterparts, each of which together shall constitute one and the same
instrument.

 

14.     Applicable
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of New York, without giving
effect to conflict of law principles. Any action arising out of this agreement shall be brought exclusively in a court of competent
jurisdiction located in New York, New York.

 

15.     Authority.
This Agreement has been duly authorized, executed and delivered by and on behalf of the Company and the Adviser.

    5 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

 

	 	LION BIOTECHNOLOGIES, INC.
	 	 
	 	By:	/s/ Molly Henderson
	 	Name:	Molly Henderson
	 	Title:	Chief Financial Officer

 

	 	ELMA HAWKINS
	 	 
	 	/s/ Elma Hawkins	 

  

    6 

     

    

  

Schedule
1

 

Duties

 

As a Board Adviser, you shall:

 

		·	Attend and participate in up to three meetings of the Board. Your attendance at Board meetings shall be at the Board's invitation
only. If you are invited to attend a Board meeting, your status will be as an observer, without any right to vote on matters submitted
to a vote of the Board.

 

		·	Participate in up to six advisory calls with members of the Board which shall last no one than one (1) hour each.

 

		·	Be available upon reasonable advance notice to provide telephonic guidance and consultation to members of the Board and/or
the Company's Chief Executive Officer on as as-needed basis.

 

The total number of hours that
Adviser shall be required to provide services under this Agreement shall not exceed twenty (20) hours in each of the three 30-day
periods of this Agreement.

 

    7

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