Document:

EXHIBIT 10.31

 

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 _____________ by Cryoport,
Inc., a Nevada corporation (the “Company”), to ____________________
(together with its permitted successors and assigns, the “Holder”)
with an address of 2045 Maidstone Farm Road, Annapolis, MD 21409, pursuant to exemptions from registration under the Securities
Act of 1933, as amended. 

 

ARTICLE I.

 

Section 1.01 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 eight percent (8%) per annum, on a non-compounded basis. Provided, however, if at any time
and for any reason whatsoever, the interest rate payable on this Note exceeds the maximum rate of interest permitted to be charged
by the Holder to the Company under applicable law, that portion of each sum paid attributable to that portion of such interest
rate that exceeds the maximum permitted rate of interest shall be deemed a voluntary prepayment of principal.

 

Section 1.02 Maturity
Date. All unpaid principal and accrued interest hereunder shall be paid on December 31, 2013.

 

Section 1.03 Conversion
to Equity Options. The Company is currently in negotiations with prospective investors for the issuance by the Company
of equity securities. These securities may be common stock or preferred stock and may or may not involve the issuance of warrants
to purchase equity in the Company. The terms of such equity securities have yet to be established and there can be no assurance
that such equity securities will be issued. In the event, however, that the Company shall issue one or more types of equity securities
(a “Transaction”) before the maturity of this Note, the Company shall in each event notify the Holder
in writing within ten (10) days of such issuance of the terms of the Transaction and the Holder shall have the option until the
later of (a) ten (10) days after such notice or (b) December 15, 2013 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 on the same terms that the Company
issued said securities in such Transaction. 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. Any amount due under this Note that is converted into
such shares shall be deemed paid and satisfied.

 

    	 

    	 

    

 

Section 1.04 Issuance
of Warrants.  Concurrently with the issuance of this Note, the Company is also issuing to the Holder a warrant to purchase
a certain number of shares of common stock of the Company.

 

ARTICLE II.

 

No Prepayment.
This Note may not be prepaid by the Company without the express written consent of the Holder.

 

ARTICLE III.

 

Section 3.01 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.

 

Section 3.02 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

 

Section 3.03 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.

 

Section 3.04 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.

 

Section 3.05 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.

 

Section 3.06. 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.

 

    	 

    	 

    

 

Section 3.07 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.

 

Section 3.08 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:  	 
	 	 	 
	 		a duly authorized officerEXHIBIT 10.32

  

Letter of Tender for Exchange for

 

Cryoport, Inc.

20382 Barents Sea Circle

Lake Forest, California 92630

 

Ladies and Gentlemen:

 

As holder of the note or notes described
below (the “Note(s)”), I am tendering such note or notes in exchange for shares and warrants for shares of Cryoport,
Inc. (the “Company”) as described in the Company’s Exchange Offer Letter Dated September 11, 2013 (the
“Offer Letter”). Terms used herein have the meaning set forth in the Offer Letter

 

	Note(s) Tendered
	$	Note Dated 9/16/ 2013
	 	 
	$	Accrued Interest through  9/23/ 2013*
	 	 
	$	Total
	 	 
	 	*Interest accrued through 9/23/2013, the anticipated closing date of exchange

 

1. Representations
and Warranties. By signing below, the undersigned acknowledges and represents to the Company that:

 

I am the sole owner of
the Note(s) free and clear of any and all liens, charges, pledges, and encumbrances and I have not transferred or assigned the
Note(s).

 

I have received, and
are familiar with the terms of the offered exchange contained in the Offer Letter, and the publicly available filings by the Company
with the Securities Exchange Commission (collectively the “Disclosure Documents”) and have relied only on the
information contained therein;

 

I am in a financial position
to hold the Securities for an indefinite period of time and are able to bear the economic risk and withstand a complete loss of
its investment in the Securities;

 

I believe, either alone
or with the assistance of such professional advisor I may have engaged to advise me, that I have such knowledge and experience
in financial and business matters that I am capable of reading and interpreting the Disclosure Documents and evaluating the merits
and risks of investing in the Securities;

 

 

 

20382 Barents Sea
Circle Lake Forest California 92630 -- cryoport.com -- info@cryoport.com -- 949.470.2300

 

    	 

    	 

    

 

I have obtained, to the
extent I deem 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 my financial condition and investment needs;

 

I understand that there
is no assurance that any registration statement will be filed by the Company to permit me to resell the common stock of the Company
that will be issued at the closing or that may be issued upon exercise of the Warrant or that, if a registration statement is filed,
that it will become and remain effective or that there will be a market for such common stock when the undersigned may undertake
efforts to resell such common stock;

 

I realize that (1) the
purchase of the Securities should be considered a long-term investment, (2) I must bear the economic risk of investment for an
indefinite period of time because the Securities 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 absent an effective registration statement or qualification
for an exemption from registration;

 

I have been advised that
the offering and issuance of Securities has not been 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;

 

I am acquiring the Securities
for my own account and for investment and the Securities are being purchased by me in my name solely for my 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;

 

I understand that the
representations contained below are made for the purpose of qualifying me as an “accredited investor” as that term
is defined in Regulation D of the General Rules and Regulations under the Securities Act of 1933 and that the statement or statements
initialled below are true and correct in all respects;

 

I understand that certificates
evidencing the Securities may bear the following or any similar legend (in addition to any other legends that may be required):

 

“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.”

 

I did not acquire the
Notes as a result of any general solicitation or general advertising; and

 

    	 

    	 

    

 

Since the date on which
I first learned about the opportunity to acquire the Note(s), I have not engaged in any short sales involving the Company’s
securities. I 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. I will not use any of the Securities acquired
pursuant to this exchange to cover any short position in the Common Stock of the Company 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.

 

Accredited Investor
Status.

 

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 one million dollars. For purposes of this questionnaire, “net worth” excludes the equity in my or our primary residence.

 

Accredited partnerships,
corporations or other entities must initial one or more of the following statements:

 

	______ (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. (Subscribers attempting to qualify under this item may be required to provide additional information beyond the equity owner of the Subscriber.
	 	 
	______ (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(13) of the Act.
	 	 
	______ (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)  	This instrument 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.

 

    	 

    	 

    

 

I HEREBY REQUEST THE COMPANY TO EXCHANGE
THE NOTE(S) ON THE TERMS AND CONDITIONS DESCRIBED IN THE OFFER LETTER.

 

 

 

	 	 
	(Investor’s name as it appears on the Note)	 
	 	 
	 	 
	 	 
	 	 
	(Signature and title, if applicable)

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