Document:

exv10w11

EXHIBIT 10.11

AMENDED AND RESTATED DEFERRED COMPENSATION AGREEMENT

     THIS AMENDED AND RESTATED AGREEMENT (the “Agreement’) is entered into on this 31st day of
December, 2008 by and between APOLLO GROUP, INC. (the “Company”) and JOHN G. SPERLING (“Sperling”).
This Agreement as so amended and restated shall be effective as of January 1, 2008.

     WHEREAS, Sperling is currently a party to a deferred compensation agreement with the Company
dated December 31, 1993 (the “Prior Agreement”).

     WHEREAS, the Company and Sperling desire to amend and restate the terms and conditions of the
Prior Agreement in order to bring those terms and conditions into documentary compliance with the
final Treasury Regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and continue the deferred compensation arrangement pursuant to those amended and restated
terms and conditions.

     NOW THEREFORE, the Company and Sperling, in consideration of the mutual promises set forth
herein, hereby agree as follows:

     1. PURPOSE. In recognition of Sperling’s long service with the Company, including
years in which Sperling agreed to accept a smaller current salary than would normally be paid to a
person of Sperling’s knowledge, expertise and experience and in consideration for Sperling’s
continued employment with the Company, the Company hereby agrees to pay Sperling certain amounts
following his termination from the Company’s employ.

     2. TERMINATION OF EMPLOYMENT.

          (a) TERMINATION BENEFIT. Following Sperling’s termination of employment, the Company
shall pay Sperling a monthly annuity for life in an amount equal to one-twelfth (1/12th) of his
“Highest Annual Base Pay.” Such lifetime annuity shall be hereinafter referred to as the “Monthly
Annuity,” and the present value of such annuity shall be divided into the following two components
for purposes of Section 409A of the Code:

     - The Grandfathered Component: This is the portion of the total Monthly Annuity that
has a present value on the annuity commencement date equal to the present value (subject to
re-calculation below) of the lifetime annuity to which Sperling would have been entitled
under the Prior Agreement had he voluntarily terminated employment with the Company on
December 31, 2004 and begun to receive a monthly annuity at that time in accordance with the
benefits available to him under that agreement, as determined pursuant to Treasury
Regulation section 1.409A-6(a)(3). The present value of such Grandfathered Component shall
be re-calculated as of the date on which payment of the Monthly Annuity actually commences
hereunder, with such recalculation to be based on the terms of the Agreement in effect on
October 3, 2004, without regard, however, for any service rendered by Sperling after
December 31, 2004 or any increases to his Highest

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Annual Base Pay that occurred after that date, and such recalculated present value shall
constitute the Grandfathered Component if greater than the initially calculated amount. For
all present value calculations under this Section 2(e)(ii), reasonable actuarial assumptions
and methods shall be used.

     - The Post-2004 Component. This is the portion of the present value of the total
Monthly Annuity on the annuity commencement date that is in excess of the Grandfathered
Component as calculated above.

          (b) COMMENCEMENT AND DURATION OF MONTHLY ANNUITY. Following Sperling’s termination of
employment with the Company, the Company shall pay Sperling the Monthly Annuity as follows:

     - To the extent each monthly payment is attributable to the Grandfathered Component of
the Monthly Annuity, the first such payment shall be made on the first business day of the
month following the month in which Sperling terminates employment with the Company and shall
not be subject to the hold-back provisions of Section (e) of this Agreement. Such monthly
payments shall continue to be made on the first business day of each succeeding month, with
the last such monthly payment to be made on the first business day of the month in which
Sperling’s death occurs

     - To the extent the monthly payment is attributable to the Post-2004 Component of the
Monthly Annuity, the first such payment shall be made on the first business day of the month
following the month in which Sperling’s Separation from Service occurs by reason of his
termination of employment. Such monthly payments shall continue to be made on the first
business day of each succeeding month, with the last such monthly payment to be made on the
first day of the month in which Sperling’s death occurs

     - In no event shall any monthly payment of the Monthly Annuity be made later than
thirty (30) calendar days after the due date, except for any required deferral under Section
2(e).

          (c) AVERAGE ANNUAL BASE PAY. For purposes of this Agreement, Sperling’s “Highest
Annual Base Pay” shall be equal to the highest base salary (exclusive of bonuses, incentive
compensation, fringe benefits and other extraordinary types of compensation) paid by the Company to
Sperling during any one of the three (3) calendar years preceding the calendar year in which
Sperling’s employment terminates.

          (d) SEPARATION FROM SERVICE. For purposes of this Agreement, “Separation from Service”
shall mean Sperling’s cessation of Employee status and shall be deemed to occur at such time as the
level of the bona fide services Sperling is to perform in Employee status (or as a consultant or
other independent contractor) permanently decreases to a level that is not more than twenty percent
(20%) of the average level of services Sperling rendered in Employee status during the immediately
preceding thirty-six (36) months. Any such determination as to Separation from Service, however,
shall be made in accordance with the applicable standards of the Treasury Regulations issued under
Section 409A of the Code. For

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purposes of determining whether Sperling has incurred a Separation from Service, Sperling will
be deemed to continue in “Employee” status for so long as he remains in the employ of one or more
members of the Employer Group, subject to the control and direction of the employer entity as to
both the work to be performed and the manner and method of performance. “Employer Group” means the
Company and any other corporation or business controlled by, controlling or under common control
with, the Company as determined in accordance with Sections 414(b) and (c) of the Code and the
Treasury Regulations thereunder, except that in applying Sections 1563(1), (2) and (3) for purposes
of determining the controlled group of corporations under Section 414(b), the phrase “at least 50
percent” shall be used instead of “at least 80 percent” each place the latter phrase appears in
such sections, and in applying Section 1.414(c)-2 of the Treasury Regulations for purposes of
determining trades or businesses that are under common control for purposes of Section 414(c), the
phrase “at least 50 percent” shall be used instead of “at least 80 percent” each place the latter
phrase appears in Section 1.414(c)-2 of the Treasury Regulations.

          (e) SECTION 409A HOLD-BACK

               (i) Notwithstanding any provision to the contrary in this Agreement, no monthly payment of the
portion of the Monthly Annuity attributable to the Post-2004 Component shall be made or paid to
Sperling prior to the earlier of (i) the first business day of the seventh month following the date
of Sperling’s Separation from Service or (ii) the date of Sperling’s death, if Sperling is deemed
at the time of such Separation from Service a “specified employee” within the meaning of that term
under Section 409A of the Code and such delayed commencement is otherwise required in order to
avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the
applicable deferral period, all payments deferred pursuant to this Section 2(e)(i) shall be paid in
a lump sum to Sperling, and any remaining payments due under this letter shall be paid in
accordance with the normal payment dates specified for them herein.

               (ii) The six month holdback set forth in Section 2(e)(i) above shall not be applicable to the
monthly payment of the portion of the Monthly Annuity attributable to the Grandfathered Component.

     3. DEATH BENEFITS.

          (a) GENERAL. At Sperling’s death, regardless of whether he is then employed by the
Company, the Company agrees to pay Sperling’s beneficiary an amount equal to three (3) times
Sperling’s Highest Annual Base Pay, as calculated pursuant to Section 2(c). The death benefit
shall be paid in thirty-six (36) successive equal monthly installments on the first business day of
each month, with the first such installment to be paid on the first business day of the month
following the month in which Sperling’s death occurs.

          (b) BENEFICIARY DESIGNATIONS. Sperling shall designate a beneficiary in a written
instrument filed with the Company. A beneficiary designation may be modified or revoked by
Sperling at any time without the consent of the previously designated beneficiary. If Sperling’s
beneficiary predeceases him or dies prior to the receipt of all payments due hereunder,

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the payments shall be made to Sperling’s contingent beneficiary. If Sperling fails to
designate a beneficiary or contingent beneficiary, or if the designated beneficiary predeceases
him, or if the contingent beneficiary predeceases the beneficiary, the payments shall be made to
Sperling’s surviving descendants per stirpes, or if none of Sperling’s descendants are then living,
to Sperling’s estate.

     4. CLAIMS PROCEDURES.

          (a) CLAIMS FOR BENEFITS. Claims for benefits under the Agreement shall be filed with
the Company. Written notice of the disposition of a claim shall be furnished the claimant within
sixty (60) days after the application therefor is filed. In the event the claim is denied, the
reasons for the denial shall be specifically set forth. Pertinent provisions of the Agreement
shall be cited. In addition, the written notice shall describe any additional material or
information necessary for the claimant to perfect the claim (along with an explanation of why such
material or information is needed), and the written notice will fully describe the claim review
procedures of Section 4(b), below.

          (b) APPEALS. Any claimant who has been denied a benefit shall be entitled, upon
request to the Company, to receive a written notice of such action, together with a full and clear
statement of the reasons for the action. The claimant may also review this Agreement if he or she
so chooses. If the claimant wishes further consideration of his or her position, he or she may
request a hearing. The request, together with a written statement of the claimant’s position,
shall be filed with an officer of the Company no later than sixty (60) days after receipt of the
written notification provided for above. The Company shall schedule an opportunity for a full and
fair hearing of the issue within the next sixty (60) days. The date of the hearing shall be
communicated in writing to the claimant. If the claimant requests, the hearing may be waived, in
which case the Company’s decision shall be made within sixty (60) days from the date on which the
hearing is waived and shall be communicated in writing to the claimant.

     5. MISCELLANEOUS.

          (a) PROHIBITION AGAINST ALIENATION. Neither Sperling nor his beneficiary may
anticipate, encumber, alienate or assign (either at law or in equity) any of their right, claim or
interest under this Agreement, and the payments, benefits, or rights arising by reason of this
Agreement shall not in any way be subject to their debts, contracts or engagements and shall not be
subject to attachment, garnishment, levy, execution or other legal or equitable process, except as
otherwise required under applicable law.

          (b) DISTRIBUTION TO MINORS. Distributions to minors or persons under legal disability
may be made by the Company, in its discretion, either (A) directly to said persons, (B) to the
guardian or custodian of said persons, or (C) by expending the same for the education and
maintenance of said persons. Except as to (C), the Company shall not be required to see to the
application of any distributions so made.

          (c) INTEGRATION. This Agreement shall supersede and replace the Prior Agreement, and
the Prior Agreement shall no longer be of any force or effect.

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          (d) BINDING NATURE OF AGREEMENT. This Agreement shall be binding upon the heirs,
executors, administrators, successors and assigns of any and all interested parties, present and
future.

     IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the day and year first
above written.

	 	 	 	 	 	 	 
	 	 	APOLLO GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Title:
	 	/s/ P. Robert Moya
 

EVP, GENERAL COUNSEL & SECRETARY 

	 	 
	 
	 	 	 	 	 	 
	 
	 

	 	 	 	/s/ John G. Sperling	 	 
	 	 	 	 	 
	 

	 	 	 	JOHN G. SPERLING	 	 

5crypoport_8k-ex1015.htm

    Exhibit 10.15

     

    CryoPort,
Inc. Board of Directors Agreement

    
      

      THIS CRYOPORT, INC. BOARD OF
DIRECTORS AGREEMENT (“Agreement”) is entered into this 10th day of
December, 2008 by and between CryoPort, Inc. (“The
Company”), and Larry G.
Stambaugh (“Larry Stambaugh”)

      

      RECITALS

      

      A.           Larry
Stambaugh has considerable experience in and related to public companies, their
boards of directors, corporate governance, corporate strategic planning, raising
capital, and the biotech industry in general; and

      

      B.           The
Company desires to obtain the corporate governance and other board experiences
of Larry Stambaugh, and Larry Stambaugh is willing to provide such assistance,
with respect to the serving on the Company’s Board of Directors as its Chairman:
and

      

      NOW, THEREFORE, in
consideration of the mutual covenants and promises contained herein, the
sufficiency of which is hereby acknowledged by each of the
parties.  The Company and Larry Stambaugh hereby agree as
follows:

      

      1.           Appointment
as Larry Stambaugh the Company Board of Directors and Election as
Chairman:  The Company Board of Directors agrees too and has
appointed Larry Stambaugh to the Company Board of Directors and elected him
Chairman by Unanimous Consent of Action on December 5, 2008 in accordance with
the provisions of NRS 87.315 of the General Corporation Law of the State of
Nevada, an unsigned copy of which is attached hereto.

      

      2.           Independent
Director: Larry Stambaugh shall act in the capacity of an independent
director as such is defined by the NASDAQ so long as such definition
applies..

      

      3.           Time
Devoted to Company.  Larry Stambaugh shall spend approximately
sixty (60) hours a month on Company business in his capacity as
Chairman.

      

      4.           Term of
Agreement: Further this Agreement shall continue in force and effect,
from time to time, until Larry Stambaugh is replaced either by a vote of the
shareholders at any annual or special meeting as allowed under the Company
By-Laws, or by a majority vote of the Company Board of Directors as allowed
under the Company By-Laws.

      

      5.           Compensation
as Chairman:  As compensation for Larry  Stambaugh’s
services as Chairman of the Company’s Board of Directors shall be as
follows:

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                 
      

              	
                a)

              	
                $12,000
      per month Board of Directors fee. First fee due and payable beginning for
      December 2008.

              

      

      

      
        	
                 
      

              	
                b)

              	
                500,000
      cashless Company warrants at a strike price of $0.84. Said warrants shall
      vest over three (3) years in equal proportion, i.e. one third each of the
      three (3) years. Further, all warrants shall vest immediately with a
      change of control of the Company as defined in the warrant
      agreement.

              

      

      

      6.           Representations
and Warrants of the L Stambaugh:  Larry Stambaugh hereby
represents and warrants as of the date hereof each of the following: (a) Larry
Stambaugh has the power and authority to enter this agreement and to carry out
its obligations hereunder.  The execution and delivery of this
agreement by the Larry Stambaugh and the consummation by the Company of the
transactions contemplated hereby have been duly authorized by Larry Stambaugh,
and no other action on the part of the Larry Stambaugh is necessary to authorize
this agreement and such transaction.

      

      7.           Representations
and warranties of the Company:  Company hereby represents and
warrants as of the date hereof each of the following: (a) The Company has the
requisite corporate power and authority to enter into the agreement and to carry
out its obligations hereunder.  The execution and delivery of this
agreement by the Company and the consummation by Company of the transactions
contemplated hereby have been duly authorized by the Company, and no other
corporate proceedings on the part of the Company are necessary to authorize this
agreement and such transaction.

      

      8.           Notices:
Any notice of communication to be given under the terms of this agreement
shall be in writing and delivered in person or deposited certified or
registered, in the United States mail, postage prepaid, addressed as
follows:

      

      

      If to
Larry Stambaugh:

      

      Larry G.
Stambaugh

      Apercu
Consulting

      645 Front
Street, #314

      San
Diego, CA 92101

      

      If to
Company:

      

      CryoPort,
Inc.

      20382
Barents Sea Circle

      Lake
Forest, CA 92630

      

      9.           Entire
Agreement:  This agreement constitutes and embodies the full
and complete understanding and agreement of the Parties hereto with respect to
the subject matter hereof and supersedes all prior understandings whether oral
or in writing and may not be modified except by writing signed by the Parties
hereto.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      10.           
Successors
and Assigns. The
rights and benefits of the direct and indirect successor(s), assignor(s), and
transferee(s) of both parties shall have no right to assign, transfer or
otherwise dispose of his, hers, its, right, title and interest in and to any
part of this Agreement or to assign of delegate the burdens hereof without prior
written consent of the other party. Representative's obligations hereunder shall
survive any termination of this Agreement.

      

      11.           Modifications. Any modifications of this
Agreement will be effective only if it is in writing and signed by the party to
be charged.

      

      12.           Partial
Invalidity. If
any provision in this Agreement is held by a court of competent jurisdiction to
be invalid, void, or unenforceable, the remaining provisions shall nevertheless
continue in full force and effect without being impaired or invalidated in any
way.

      

      13.           Governing
Law and Jurisdiction. This Agreement shall be
interpreted under and governed by the laws of the State of California, without
regard to its conflicts of law principles.

      

      14.           Arbitration:  The
parties shall resolve any disputes arising hereunder before a panel of three
arbitrators selected to pursuant to and run in accordance with the rules of the
American Arbitration Association.  The arbitration shall be held in
Orange County.  Each party shall bear their own attorney’s fees and
costs of such arbitration. The successful party in the arbitration proceedings
shall be entitled to seek an award of reasonable attorney’s fees from the
Arbitrators.

      

      15.           Headings. The captions set forth in
this Agreement are for convenience only and shall not be considered as part of
this Agreement or in any way limiting or amplifying the terms and provisions
hereof.

      

      16.           No Rights
in Third Parties.
Nothing herein expressed or implied is intended to or shall be construed to
confer upon or give to any person, firm or other entity, other than the parties
hereof and their respective successors and assigns or personal representatives,
any rights or remedies under or by reason of this Agreement.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, This
CryoPort, Inc. Board of Directors Agreement has been executed as of the day and
year first written above.

      

      CryoPort, Inc.:

      

      

      By:  
/s/ Peter
Berry________________                                                                                                           

      

             
Peter
Berry___________________

                                  Name

             
CEO,
President________________

                                   Title

      

      Larry G,
Stambaugh:

      

      

        /s/ Larry G.
Stambaugh____________

      

      
 

       

       

       

       

      4

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