Document:

Exhibit 10.1

 

 

IMPORTANT: PLEASE READ CAREFULLY
BEFORE SIGNING

SIGNIFICANT REPRESENTATIONS ARE CALLED
FOR HEREIN

 

 

NOTE EXCHANGE AGREEMENT AND LETTER
OF INVESTMENT INTENT

 

The undersigned hereby
tenders this Note Exchange Agreement and applies for the exchange of all of the principal and accrued interest outstanding (the
“Exchange Amount”) under the Promissory Note indicated on the signature page hereof (the “Note”)
for a new Convertible Promissory Note in the form attached hereto as Exhibit A with an original principal amount equal to
the Exchange Amount (the “New Note”) and a Warrant in the form attached hereto as Exhibit B for the purchase
of a certain number of shares of Common Stock of Cryoport, Inc. (the “Company”) at an exercise price of $0.50
per share (the “Warrant,” and collectively, the “Securities”), upon the terms and conditions
set forth below. The number of shares that will be issuable upon exercise of the Warrant will equal the Exchange Amount divided
by $2.00.

 

In connection with
the exchange of the Note, the undersigned hereby assigns, transfers, conveys, surrenders, and releases to the Note. Concurrently
with delivery of this Note Exchange Agreement, the undersigned shall deliver to the Company the original Note for cancellation,
which Note will be cancelled upon Company’s acceptance of this Note Exchange Agreement.

 

By execution below,
the undersigned acknowledges that the Company is relying upon the accuracy and completeness of the representations contained herein
in complying with its obligations under applicable securities laws.

 

		1.	Exchange.

 

		(a)	Subject to the terms and conditions of this Note Exchange Agreement, the undersigned hereby irrevocably
elects to exchange the Note for the New Note and the Warrant.

 

		(b)	THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS
OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.
THE ACQUISITION OF THE SECURITIES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK
OF THE LOSS OF THEIR ENTIRE INVESTMENT.

 

		2.	Representations. The undersigned acknowledges and represents as follows:

 

		(a)	The undersigned has received, and is familiar with the New Note, the Warrant, and the publicly
available filings by the Company with the Securities Exchange Commission (collectively the “Disclosure Documents”).

 

    	 

    	 

    

 

		(b)	The undersigned is in a financial position to hold the Securities for an indefinite period of time
and is able to bear the economic risk and withstand a complete loss of its investment in the Securities.

 

		(c)	The undersigned believes it, either alone or with the assistance of its professional advisor, has
such knowledge and experience in financial and business matters that it is capable of reading and interpreting the Disclosure Documents
and evaluating the merits and risks of the prospective investment in the Securities and has the net worth to undertake such risks.

 

		(d)	The undersigned has obtained, to the extent it deems necessary, professional advice with respect
to the risks inherent in the investment in the Securities, and the suitability of the investment in the Securities in light of
its financial condition and investment needs.

 

		(e)	The undersigned believes that the investment in the Securities is suitable for it based upon its
investment objectives and financial needs, and the undersigned has adequate means for providing for its current financial needs
and contingencies and has no need for liquidity of investment with respect to the Securities.

 

		(f)	The undersigned understands that no public market for the Securities exists, or is likely to develop,
and that it may not be possible to liquidate this investment readily, if at all, in the case of an emergency or for any other reason.

 

		(g)	The undersigned recognizes that an investment in the Securities involves a high degree of risk.

 

		(h)	The undersigned realizes that (1) the exchange of the Note for the Securities and the shares into
which they may be exchanged is a long-term investment, (2) the undersigned must bear the economic risk of investment for an indefinite
period of time because the Securities and any such shares that may be issued upon exercise of the Warrant will not have been registered
under the Securities Act of 1933 and, therefore, cannot be sold unless they are subsequently registered under said Act or an exemption
from such registration is available and (3) the transferability of the Securities and such shares is restricted pending effectiveness
of such a registration of qualification for an exemption.

 

		(i)	The undersigned has been advised that the offering and issuance of Securities and any exchange
of the Securities will not be registered under the Securities Act of 1933 or the relevant state securities laws but are being offered
and issued pursuant to exemptions from such laws and that the Company’s reliance upon such exemptions is predicated in part
on the undersigned’s representations as contained herein. The undersigned represents and warrants that the Securities are
being acquired for the undersigned’s own account and for investment and without the intention of reselling or redistributing
the same, that it has made no agreement with others regarding any of such Securities and that its financial condition is such that
it is not likely that it will be necessary to dispose of any of the Securities in the foreseeable future.

 

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		(j)	The undersigned represents and warrants that it is a bona fide resident of, and is domiciled in
the state indicated on the signature page below under “Address”, and that the Securities are being acquired by it in
its name solely for its own beneficial interest and not as nominee for, or on behalf of, or for the beneficial interest of, or
with the intention to transfer to, any other person, trust or organization.

 

		(k)	The undersigned understands that the representations contained below are made for the purpose of
qualifying it is an “accredited investor” as that term is defined in Regulation D of the General Rules and Regulations
under the Securities Act of 1933 and for the purpose of inducing a sale of securities to it. The undersigned hereby represents
that the statement or statements initialled below are true and correct in all respects. The undersigned understands that a false
representation may constitute a violation of law, and that any person who suffers damage as a result of a false representation
may have a claim against the undersigned for damages.

 

		(l)	The undersigned understands that certificates evidencing the Securities may bear the following
or any similar legend (in addition to any other legends that may be required):

 

			(i) “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES OR AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

			(ii) If required by the authorities of any state in connection with the issuance of sale of the
Securities, the legend required by such state authority.

 

		(m)	The undersigned represents and warrants that it did not learn of the investment in the Securities
as a result of any general solicitation or general advertising.

 

		(n)	Since the date on which undersigned first learned about the investment opportunity, the undersigned
has not disclosed any information regarding such opportunity to any third parties (other than its affiliates and legal, accounting
and other advisors who are bound by agreements or duties of confidentiality) and has not engaged in any purchases or sales involving
the securities of the Company (including, without limitation, any short sales involving the Company’s securities). The undersigned
agrees that it will not engage in any purchases or sales involving the securities of the Company (including short sales) prior
to the time that the transactions contemplated by this Agreement are publicly disclosed. The undersigned agrees that it will not
use any of the Securities acquired pursuant to this Note Exchange Agreement to cover any short position in the Common Stock if
doing so would be in violation of applicable securities laws. For purposes hereof, “short sales” include, without limitation,
all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the 1934 Act, whether or
not against the box, and all types of direct and indirect stock pledges, forward sales contracts, options, puts, calls, short sales,
swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the 1934 Act) and similar arrangements (including
on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

 

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		(o)	The undersigned acknowledges that prior to acquiring the Securities, the undersigned has been provided
with financial and other written information about the Company and the terms and conditions of the offering. The undersigned has
been given the opportunity by the Company to obtain such information and ask such questions concerning the Company, the Securities
and the undersigned’s investment as the undersigned felt necessary, and to the extent the undersigned took such opportunity,
the undersigned received satisfactory information and answers. If the undersigned requested any additional information which the
Company possessed or could acquire without unreasonable effort or expense which was necessary to verify the accuracy of the financial
and other written information furnished to the undersigned by the Company, such additional information was provided to the undersigned
and was satisfactory.

 

3.Accredited Investor Status.
The undersigned is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act
of 1933, as amended (the “Act”). The specific category or categories of “accredited investor” applicable
to the undersigned are as follows:

 

		(a)	Accredited individual investors must initial either or both of the following
two statements:

 

		_____ (1)	I certify that I am an accredited investor because I
had individual income (exclusive of any income attributable to my spouse) of more than $200,000 in each of the most recent two
years or joint income with my spouse of more than $300,000 in each of such years and I reasonably expect to have an individual
income in excess of such amounts for the current year.

 

		_____ (2)	I certify that I am an accredited investor because I
have an individual net worth, or my spouse and I have a combined individual net worth, in excess of $1,000,000. For purposes of
this questionnaire, “net worth” excludes the equity in my or our primary residence.

 

		(b)	Accredited partnerships, corporations or other entities must initial one or more
of the following statements, and must initial the last statement:

 

		______ (1)	The undersigned hereby certifies that all of the beneficial
equity owners of the undersigned qualify as accredited individual investors under items (a)(1) or (a)(2) above. (Those attempting
to qualify under this item may be required to provide additional information beyond the equity owner of the entity.)

 

		______ (2)	The undersigned is a bank or savings and loan association
as defined in Sections 3(a)(2) and 3(a)(5)(A), respectively, of the Act acting either in its individual or fiduciary capacity.

 

		______ (3)	The undersigned is an insurance company as defined in
Section 2(a)(13) of the Act.

 

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		______ (4)	The undersigned is an investment company registered under
the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that act.

 

		______ (5)	The undersigned is a trust with total assets in excess
of $5,000,000, not formed for the specific purpose of acquiring the Securities, and the undersigned is directed by a sophisticated
person as described in Rule 506(b)(2)(ii) of the Act.

 

		______ (6)	The undersigned is a private business development company
as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

		______ (7)	This Agreement has been duly authorized by all necessary
action on the part of the undersigned, has been duly executed by an authorized officer or representative of the undersigned, and
is a legal, valid and binding obligation of the undersigned enforceable in accordance with its terms.

 

[The remainder of this page has been intentionally
left blank.]

 

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The undersigned is exchanging the following
note:

 

Convertible Promissory Note dated as
of _______________, ____, with an original principal amount of $______________.

 

Manner in which title to the New Note and Warrants are to
be held (please initial one):

 

	_____ Individual 	_____ Joint tenants with Right of Survivorship 
	 	 
	_____ Community Property 	_____ Tenants-in-Common 
	 	 
	_____ Corporation	_____ Trust
	 	 
	_____ IRA	_____ Qualified Retirement Plans
	 	 
	_____ SEP/SIMPLE	_____ LLC
	 	 
	_____ Partnership	_____ Other

 

 

IN WITNESS WHEREOF, the undersigned has executed this Note
Exchange Agreement this ________ ___, 2015

 

 

	 	 	 	 	 
	Name: 	 	 	Name: 	 

 

  

 

* * * * * * * *

 

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PLEASE PRINT BELOW THE REGISTRATION

INFORMATION OF EACH INDIVIDUAL OR ENTITY
EXCHANGING

 

 

	INDIVIDUAL and JOINT	 	ENTITY
	(Please type or print name[s] exactly as it should appear on the Certificate)	 	(Please type or print name[s] exactly as it should appear on the Certificate)
	 	 	 
	 	 	 
	Name(s) Typed or Printed	 	Name Typed or Printed
	 	 	 
	 	 	 
	Daytime Phone	 	Business Phone
	 	 	 
	 	 	 
	Email Address	 	Email Address
	 	 	 
	 	 	 
	Address to Which Correspondence Should be Directed:	 	Address to Which Correspondence Should be Directed:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Name Person to Contact
	Social Security Number	 	 
	 	 	 
	 	 	Entity’s Taxpayer Identification Number

 

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EXHIBIT A

 

NEW PROMISSORY NOTE

 

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EXHIBIT B

 

WARRANT

 

    	9Exhibit 10.2

 

THE ISSUANCE OF THIS PROMISSORY NOTE, AND
THE SECURITIES INTO WHICH IT IS CONVERTIBLE (COLLECTIVELY, THE “SECURITIES”), HAVE NOT BEEN REGISTERED WITH
THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THE SECURITIES ARE BEING OFFERED
PURSUANT TO CLAIMED EXEMPTIONS FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”). THE SECURITIES ARE “RESTRICTED SECURITIES” AND MAY NOT BE OFFERED OR RESOLD UNLESS
THE SECURITIES ARE REGISTERED UNDER THE ACT, OR ELIGIBLE TO BE OFFERED OR SOLD PURSUANT TO AN APPLICABLE EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS. THE COMPANY MAY REQUIRE THAT IT BE PROVIDED WITH OPINION OF COUNSEL OR OTHER SUCH INFORMATION AS IT MAY REASONABLY
REQUIRE TO CONFIRM THAT SUCH EXEMPTIONS ARE AVAILABLE. FURTHER, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE MADE EXCEPT
IN COMPLIANCE WITH THE ACT.

 

CRYOPORT,
INC.

 

US $_________ 

 

This Promissory Note
(the “Note”) is issued as of February 20, 2015 by Cryoport,
Inc., a Nevada corporation (the “Company”), to ____________.
(together with its permitted successors and assigns, the “Holder”) with an address of _________ pursuant to exemptions from registration under the Securities Act of 1933, as amended. 

 

ARTICLE 1

 

1.1             
Principal and Interest. The Company hereby promises to pay the principal sum of US $___________ pursuant
to the terms hereof and to pay interest to the Holder on such principal balance from the date hereof. From the date hereof through
the date of payment, interest shall accrue at the rate of six percent (6%) per annum.

 

1.2             
Maturity Date. All unpaid principal and accrued interest hereunder shall be paid on March 1, 2016 (the
“Maturity Date”).

 

1.3             
Payments. The Company shall (a) make payments of accrued interest on a calendar quarterly basis, with the
first such payment due June 30, 2015, and thereafter on the last day of each calendar quarter during the term of the Note, and
(b) repay all outstanding principal and accrued interest on the Maturity Date.

 

1.4             
Conversion.

 

1.4.1       
Qualified Offering. This Note is convertible into certain capital stock of the Company in accordance with the conversion
rights specified herein. In the event of a public offering by the Company pursuant to an effective registration statement under
the Securities Act of 1933, as amended, resulting in at least $5,000,000 of gross cash proceeds to the Company that is for the
sale of shares of common stock or includes the sale of shares of common stock among the sale of other securities (a “Qualified
Offering”), the Company shall in such event notify the Holder in writing within thirty (30) days of such Qualified
Offering of the terms of such Qualified Offering, and the Holder shall have the option until thirty (30) days after such notice
to elect in writing to convert all or a portion of the principal and accrued interest under this Note into the equity securities
that were issued by the Company in such Qualified Offering at the Qualified Offering Conversion Rate. The “Qualified
Offering Conversion Rate” shall be determined by dividing the principal and accrued interest the Holder elects to
convert by the Qualified Offering Conversion Price. The “Qualified Offering Conversion Price” shall mean
eighty percent (80%) of the price per share (or unit, if applicable) of the securities issued by the Company in such Qualified
Offering (i.e., a twenty percent (20%) discount). The Company shall not issue fractional shares upon a conversion. If the application
of the Conversion price shall contemplate issuance of less than a half share, such fractional share shall not be issued and no
payment shall be made to the converting Holder and should such application result in the issuance of a half or greater fractional
share, such fractional share shall be rounded up to the next full share.

 

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1.4.2       
Mechanics and Effect of Conversion. Upon a conversion of this Note, the Holder shall surrender this Note, duly endorsed,
at the principal office of the Company and (if applicable) shall execute such documents as are required to be executed in connection
with any financing (including without limitation, any Qualified Financing). Upon conversion of this Note in full, this Note shall
be cancelled, and no further amounts shall be due hereunder. Upon a partial conversion of this Note, this Note shall be cancelled,
and the Company shall issue a new Note for the remaining outstanding principal balance.

 

1.4.3       
Restricted Securities. Holder understands that the shares to be issued upon a conversion pursuant to this Section
1.4 will be issued pursuant to a claimed exemption from registration under the Act and thus the certificate for such shares
will bear a restrictive legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SAID ACT.”

 

ARTICLE 2

 

2.1             
Prepayment. This Note may be prepaid at any time without penalty by the Company without the consent of the
Holder.

 

ARTICLE 3

 

3.1             
Events of Default. The occurrence or existence of any one or more of the following constitutes an “Event
of Default” under this Note:

 

3.1.1       
The Company fails to pay any amount of principal or interest under this Note when due if such failure is not cured by the
Company within thirty (30) days following written notice by Holder to the Company of such failure.

 

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3.1.2       
The Company becomes subject to any bankruptcy or other voluntary or involuntary proceeding in or out of court for the adjustment
of debtor-creditor relationships.

 

3.1.3       
The Company makes an assignment for the benefit of its creditors.

 

If an Event of Default
occurs or is continuing, all sums of principal and interest under this Note shall automatically become immediately due and payable
without notice of default, presentment, or demand for payment, protest, or notice of nonpayment or dishonor, or other notices or
demands of any kind or character.

 

3.2             
Maximum Interest. Notwithstanding any other provision of this Note or any other agreement between the Company
and Holder, nothing herein shall require the Company to pay, or the Holder to accept, interest in any amount which subjects the
holder to any penalty or forfeiture under applicable law, and in no event shall the total of all charges payable hereunder (whether
of interest or of such other charges which may or might be characterized as interest) exceed the maximum rate permitted to be charged
under applicable law.

 

ARTICLE 4

 

4.1             
Re-issuance of Note. Should the Holder elect to convert a part, but not all, of the unpaid principal amount
then owing to the Holder under this Note, then the Company shall reissue a new Note in the same form as this Note to reflect the
new principal amount and the accrued unpaid interest which was not converted.

 

4.2             
Notices. Notices regarding this Note shall be sent to the parties at the following addresses, unless a party
notifies the other parties, in writing, of a change of address:

 

	If to the Holder, to:	 	 
	 	 	 
	 	 	 

 

	If to the Company:	Cryoport, Inc.	 
	 	20382 Barents Sea Circle	 
	 	Lake Forest, CA 92101	 

  

4.3             
Governing Law. This Note shall be deemed to be made under and shall be construed in accordance with the laws
of the State of Nevada without giving effect to the principals of conflict of laws thereof.

 

4.4             
Severability. The invalidity of any of the provisions of this Note shall not invalidate or otherwise affect
any of the other provisions of this Note, which shall remain in full force and effect.

 

4.5             
Entire Agreement and Amendments. This Note represents the entire agreement between the parties hereto with
respect to the subject matter hereof and there are no representations, warranties or commitments, except as set forth herein. This
Note may be amended only by an instrument in writing executed by the parties hereto.

 

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4.6             
No Waiver, Cumulative Remedies. No failure to exercise and no delay in exercising, on the part any party,
any right, remedy, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

 

4.7             
Waiver of Trial by Jury. To the extent permitted by applicable Law, each of the parties irrevocably waives
all right of trial by jury in any action, proceeding or counterclaim arising out of or in connection with this Note or any matter
arising hereunder.

 

4.8             
Legal Holidays. In any case where the date on which any payment is due to any Holder shall not be a business
day, then any such payment need not be made on such date, but may be made on the next succeeding business day with the same force
and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal
date.

 

 

IN
WITNESS WHEREOF, with the intent to be legally bound hereby, the Company as executed this Note as of the date first written
above.

 

	 	CRYOPORT, INC.
	 	 	 
	 	By:   	 
	 	Name: Robert S. Stefanovich
	 	Its: Chief Financial Officer

  

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