Document:

ex10-55.htm

Exhibit 10.55

 

KEY SERVICES AGREEMENT

 

THIS Key Service Agreement (“Agreement”) is entered by and between:

 

Collectors Universe (Shanghai) Co., Ltd. (上海品吉伟仕商务服务有限公司), a company duly incorporated and existing under the laws of the People’s Republic of China (“PRC” or “China”) with its registered address at Suite 7005B, 7006, No. 887 Huaihai Road (M.), Huangpu District, Shanghai, PRC (“Shanghai PCGS”); 

 

And

 

Guojin Gold Co., Ltd.(国金黄金股份有限公司), a company duly incorporated and existing under the laws of the PRC with its registered address at 20/F, Tower B, WanDa Plaza, No. 58 Xinhua West Street, Tongzhou District, Beijing, PRC (“Guojin”).

 

Shanghai PCGS and Guojin shall be referred to individually as “a Party”, and collectively as “both Parties”.

 

WHEREAS

 

	
1.
	
Shanghai PCGS, a wholly owned subsidiary of Collectors Universe (Hong Kong) Limited (“PCGS”) is ultimately owned by Collectors Universe, Inc. a Nasdaq listed company and the world leader in coin grading service;

 

	
2.
	
Guojin is a major Chinese enterprise with market leading capacities in precious metal research, design, manufacturing and sales;

 

Shanghai PCGS and Guojin intend to form the Key Service Relationship, and upon good faith negotiation, both Parties agree as follows:

 

Article 1     Definition of Key Service Relationship

 

	
1.1
	
Shanghai PCGS and Guojin shall form the Key Service Relationship subject to this Agreement.

 

	
1.2
	
The Key Service Relationship is based on good faith cooperation, close communication in designing and launching products tailored to the “Bank Channels”, volume submissions and preferred pricings. 

 

	
1.3
	
The coin grading service under this Agreement shall be limited to grading of coins by Shanghai PCGS in mainland China. 

 

	
1.4
	
Neither party shall represent the Key Service Relationship as a joint venture, and neither Party shall be an agent of the other Party. 

 

Article 2.     Non-compete Covenant and Exclusivity 

 

	
2.1
	
Guojin represents and warrants that Guojin, its affiliate or any director or officer of Guojin or its affiliate is not engaged in coin grading service at the time of signing this Agreement. For the avoidance of doubt, Guojin’s commercially engaging non-affiliate third party coin grading service providers is not deemed as breach of the restrictions in the preceding sentence. 

 

	
2.2
	
Guojin further agrees not to engage in any form of coin grading business within mainland China that may be reasonably perceived to be in competition with Shanghai PCGS while this Agreement is in force and for the two years after the expiration or termination of this Agreement. For the avoidance of doubt, Guojin’s commercially engaging non-affiliate third party coin grading service providers is not deemed as breach of the restrictions in the preceding sentence.

 

 

1

 

 

	
2.3
	
Shanghai PCGS represents and warrants that its sole shareholder Collectors Universe (Hong Kong) Limited is a wholly owned subsidiary of Collectors Universe, Inc., a California-based company listed on Nasdaq. (See Schedule A for copies of relevant company registration certificates.)

 

	
2.4
	
Shanghai PCGS acknowledges that Guojin distributes PCGS graded coins through Bank Channels in mainland China. Shanghai PCGS shall refrain from providing coin grading service to third parties which also use the same Bank Channels for wholesale distribution of custom designed and packaged coin products in direct competition with Guojin, provided that Guojin meets the Minimum Quantities of submission as detailed in Article 3 of this Agreement and Guojin is otherwise in good standing under this Agreement.

 

	
Article 3
	
Minimum Quantities and Preferred Pricings

 

	
3.1
	
Guojin shall be obligated to submit substantial amount of coins (hereinafter “Minimum Quantities” as detailed in Schedule B) on yearly basis in order to qualify for the Preferred Pricings at the rate of RMB[***] for each coin, medal or gold/silver bar graded and placed in the PCGS holder; RMB[***] for each coin, medal or gold/silver bar placed in the PCGS holder without grading service; RMB[***] for each coin, medal or gold/silver bar not placed in the PCGS holder after being subject to PCGS grading. For the avoidance of doubt, in order to qualify for being placed in the PCGS holder after being graded, the coin, medal or gold/silver bar must be MS65 or higher. Guojin acknowledges that from 2019 on, PCGS, with consultations from Guojin, shall be entitled to increase its pricings to account for inflation, RMB depreciation against USD and increased costs of business, provided that the increased price is only to offset the financial burden resulting from the said inflation, RMB depreciation against USD and increased costs of business. All pricings quoted above are VAT inclusive.

 

	
3.2.
	
In the event Guojin fails to submit the Minimum Quantities as required by Schedule B and is unable to cure the failure within 60 days of written notice from Shanghai PCGS, Shanghai PCGS shall have the right to terminate this Agreement with a 10-day written notice. Shanghai PCGS may in good faith choose not to exercise the aforementioned termination right, which shall not be deemed as waiver of the termination right.

 

	
Article 4
	
Product Development, Submission Protocol and Service 

 

	
4.1.
	
Guojin commits to obtain Shanghai PCGS’ advice and consent in designing and launching customized coin packages. Further, Shanghai PCGS is given a 60-day lead time for product development from the date of signing off the new product design by both Parties.

 

	
4.2
	
For multi-coin holders, Guojin shall provide a 30-day written notice to Shanghai PCGS in the event actual orders vary from forecast by 20% or more.

 

	
4.3
	
Shanghai PCGS commits to that it shall have the grading service capacity in accordance with the following schedule:

 

	
 
	
2016 (effective upon execution of this Agreement):
	
[***] coins/month

 

	 	2017: 	[***] coins/month

 

	 	2018: 	[***] coins/month

 

	 	2019:	[***] coins/month

 

	
 
	
2020:
	
[***] coins/month

  

 

2

 

     

 

	
4.4
	
Shanghai PCGS and Guojin agrees to the submission protocol as detailed in Schedule C.

 

	
4.5
	
Shanghai PCGS commits to the service quality and post-sales support as detailed in Schedule D. 

 

	
Article 5
	
Payment

 

	
5.1
	
PCGS will provide a detailed invoice for each shipment picked up by Guojin. 

 

	
5.2
	
PCGS will provide a monthly invoice statement to Guojin at the end of each month. Payment will be due by the 20th of the month following the statement, except when both parties fail to reach consensus on the invoice statement. In case Guojin disagrees with the invoice statement, Guojin shall issue Shanghai PCGS a written notice of disagreement within 5 business days of receiving the invoice statement and provide specific grounds for disagreements, otherwise Guojin shall be deemed to have consented to the invoice statement. In case of disputing the invoice statement, parties shall resolve the dispute and settle the payment within 15 days of issuance of the notice of disagreement. 

 

	
Article 6
	
Intellectual Property

 

	
6.1.
	
Each party reserves all rights to its intellectual property in trademarks, patents, copyrights and trade secrets not expressly granted in this Agreement. 

 

	
6.2.
	
Shanghai PCGS and Guojin provide or disclose to each other and affiliates certain documents and devices (including but not limited to PCGS logo, service documents, solutions, business and other documents) for the purpose of achieving the objectives of brand promotion and business development, the intellectual property of such documents and devices shall remain to be owned by the party who provides the same, and such provision shall be licensed use with the license revocable at any time by the provider.

 

	
6.3.
	
Guojin commits to strictly adhere to the guidelines set by Shanghai PCGS in using the PCGS trademark(s); to refrain from improperly using the PCGS trademark(s); to refrain from misleading the public in understanding the PCGS trademark’s ownership by expression or actions; to not register any trademark or domain name similar to that of PCGS’.

 

	
6.4
	
In order to facilitate Guojin’s compliance with Bank Channels’ requirement on non-infringement of Intellectual Property Rights, PCGS shall provide Guojin copies of trade mark licensing agreements evidencing its lawful right to use PCGS trademark. PCGS may further grant Guojin and the concerned Bank Channels’ licenses to use the PCGS trademark and other PCGS logos relevant to promotion of PCGS graded coins and medals. Such licenses shall be revoked upon termination or expiration of this Agreement without the need of any written notices to the relevant licensees. 

 

	
6.5
	
During the effective Term of this Agreement, Shanghai PCGS shall grant Guojin the exclusive right to use PCGS trademarks and relevant PCGS logos within Bank Channels for the purpose of commercial promotion and advertising. For the avoidance of doubt, during the term of this Agreement, Shanghai PCGS shall not grant licenses to any other third party to use PCGS trademarks or relevant PCGS logos within Bank Channels for the purpose of commercial promotion and advertising. Parties shall enter into a separate trademark licensing agreement within 30 days of executing this Agreement.

 

	
Article 7
	
Confidential Information

 

	
7.1.
	
“Confidential Information” means all of the trade secrets, product designs, business and financial information, methods, procedures, know-how and other confidential or proprietary information regarding the business of any party (including the terms of this Agreement).

  

 

3

 

 

	
7.2.
	
The party receiving Confidential Information (“Receiving Party”) from another party (“Disclosing Party”) will use Confidential Information of the Disclosing Party only to fulfill its obligations under this Agreement, and will disclose the Confidential Information of the Disclosing Party only to the employees or contractors of the Receiving Party who have a need to know such Confidential Information for purposes of this Agreement and who are bound by the confidentiality restrictions contained in this Agreement. The Receiving Party will protect the Disclosing Party’s Confidential Information from use, access or disclosure in the same manner as the Receiving Party protects its own information of a similar nature and with no less than reasonable care.

 

	
7.3.
	
Exceptions. The Receiving Party’s obligations under this Article 6 will not apply to any information to the extent the Receiving Party can show that such information: (a) was already lawfully known to the Receiving Party at the time of disclosure by the Disclosing Party (other than the terms of this Agreement); (b) is disclosed to the Receiving Party by a third party who had the right to make such disclosure without any confidentiality restrictions; (c) is, or through no fault of the Receiving Party has become, generally available to the public; or (d) is independently developed by the Receiving Party without access to, or use of, the Disclosing Party’s Confidential Information.

 

	
7.4.
	
Return of Confidential Information. The Receiving Party will return to the Disclosing Party or destroy all Confidential Information of the Disclosing Party in the Receiving Party’s possession or control promptly upon the written request of the Disclosing Party or the expiration or termination of this Agreement, whichever comes first. At the Disclosing Party’s request, the Receiving Party will certify in writing that it has fully complied with its obligations under this Article 7.

 

	
Article 8
	
Non Solicitation

 

During the Term of this Agreement and for the shorter of twenty four (24) months or the maximum period permitted by laws following the termination or expiration of this Agreement, neither Shanghai PCGS nor Guojin shall solicit, encourage or take any other action which is intended to induce or encourage, or could reasonably be expected to have the effect of inducing or encouraging, any employee of the other party or any of its affiliates to terminate his or her employment with his or her current employer.

 

	
Article 9
	
Termination

 

	
9.1.
	
In case of any of the following situations, Shanghai PCGS shall have the right to terminate this Agreement at any time without incurring any liability to compensate Guojin:

 

	 	
a)
	
Guojin materially breaches the obligations provided in Article 5, 6 or 7.

 

	
9.2.
	
In case of any of the following situations, Guojin shall have the right to terminate this Agreement at any time without incurring any liability to compensate Shanghai PCGS:

 

	 	
a)
	
Shanghai PCGS is in breach of Article 2.1, 2.2, 2.3 or 2.4;

 

	 	
b)
	
Shanghai PCGS materially breaches the obligations provided in Article 5, 6 or 7.

 

	
Article 10
	
Compliance of Law

 

Each party shall be fully and solely responsible for maintaining its legal and regulatory compliance, including but not limited to proper payments of tax in the relevant jurisdictions and refraining from bribing officials or business associates or using deceptive, misleading, unethical practices.

 

	
Article 11
	
Assignment

 

The rights and obligations of either Party under this Agreement may not be assigned or transferred without the prior written consent of the other parties.

 

 

4

 

 

	
Article 12
	
Term and Extension

 

This Agreement shall have a Term of Five (5) years commencing on June 18th, 2016. Upon all parties’ written consent, the Term may be extended for another Three (3) years. Parties shall begin negotiation of extending the Term within 60 days before the expiration.

 

 

 

5

 

 

	
Article 13
	
Dispute Resolution

 

	
13.1.
	
The formation, termination, interpretation, performance of this Agreement and disputes arising from this Agreement shall be governed by the PRC laws and regulations.

 

	
13.2.
	
Disputes arising from this Agreement should be resolved by good faith discussions for settlement among parties concerned.

 

	
13.3.
	
In case parties fail to reach amicable resolutions within 90 days of one party’s written notification to other parties on existence of disputes and requesting settlement discussion, any party may submit the disputes to the Beijing Arbitration Commission in accordance with the rules applicable at the time. The arbitration shall take place in Beijing. The arbitration shall be conducted in Chinese with three arbitrators. Three arbitrators including one Presiding Arbitrator shall be jointly selected by all parties to the arbitration proceeding. The arbitration shall be final and binding. The losing party shall be responsible for the costs of arbitration including the attorney fees, unless the arbitration award stipulates otherwise.

 

	
13.4.
	
While the arbitration is pending, all parties shall continue to perform under this Agreement except for the clauses which are the subject of the arbitration.

 

	
Article 14
	
Notices

 

	
14.1.
	
Any notice permitted or required under this Agreement shall be in writing and shall be deemed given when delivered personally, by postal service or commercial courier addressed as follows, or to such other address as shall be duly given by notice meeting the requirements of this provision:

 

	
14.2.
	
Addresses of Parties

 

	
 
	
Shanghai PCGS:
	
Suite 7005B, 7006, No. 887 Huaihai Road (M.), Huangpu District, Shanghai, PRC 

 

	
 
	
Guojin:
	
20/F, Tower B, Wanda Plaza, No. 58 Xinhua West Street, Tongzhou District, Beijing, PRC

 

	
Article 15
	
Miscellaneous

 

	
15.1.
	
No Waiver. 

 

No failure by Shanghai PCGS to enforce strictly any provision of this Agreement shall constitute a waiver of its right to enforce any other provisions of this Agreement or otherwise or to enforce the provision in question on any subsequent occasion. The rights, remedies and benefits herein are cumulative and, except as expressly set forth herein, are not exclusive of any rights, remedies or benefits which the parties hereto may otherwise have.

 

	
15.2.
	
Headings. 

 

Headings to Sections herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

 

	
15.3.
	
Force Majeure. 

 

No party will be responsible for any failure to perform or delay attributable in whole or in material part to a Force Majeure Event. “Force Majeure Event” shall be a situation that cannot be forecast, or avoided or overcome and such situation impedes performance of obligations under this Agreement. If such failure or delay continues in any material respect for more than 90 days, a party, other than the party with such failure or delay, will have the right to terminate this Agreement upon 30 days’ written notice.

 

 

6

 

  

	
15.4.
	
Entire Agreement/Written Amendments. 

 

This Agreement represents the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements between Shanghai PCGS and Guojin relating to the service relationship. This Agreement may be modified only by written instrument signed by both parties hereto. No waiver of any right hereunder shall be effective unless it is given in a written document or instrument signed by the party waiving such right.

 

	
15.5.
	
Severability.

 

If one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect in any jurisdiction, and such invalidity, illegality or unenforceability shall not adversely affect the respective interests of the parties hereto under this Agreement, then such invalidity, illegality or unenforceability in such jurisdictions shall not, to the fullest extent permitted by law, invalidate or render illegal or unenforceable such provision in any other jurisdiction, nor shall it affect any of the other terms and provisions of this Agreement.

 

	
15.6.
	
Definitions. 

 

“Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such Person. For purposes of this definition, “control,” “controlled by” and “under common control with,” as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Bank Channels” means bank branches (including their official online business channels) that i) are licensed to operate as commercial banks in mainland China, ii) sells collectible coins and medals to the general public; and iii) maintains ongoing commercial relationship with Guojin from which custom designed and packaged collectible silver or gold coins and medals are supplied.

 

	
15.7.
	
Language and Execution. 

 

This Agreement shall be written in both Chinese and English languages and executed in two original copies of equal force and validity. In case of discrepancy, the Chinese version shall prevail. This Agreement shall become effective upon signing by Parties’ authorized representatives and affixing company chops below.

 

 

7

 

 

 Signature Page:

 

Collectors Universe (Shanghai) Co., Ltd.

 

Company Seal:

 

Don Willis, President of PCGS. He signed as a Legal Representative of CU (Shanghai) Ltd as the agreement is with the China subsidiary.

 

/s/    DON WILLIS                               

 Legal Representative

 

Date: June 18, 2016

 

 

 

For Guojin Gold: Liao Feiming. Chairman

 

Guojin Gold Co., Ltd. (国金黄金股份有限公司)

 

Company Seal:

 

/s/   LIAO FEIMING                            

Legal Representative

 

Date: June 18, 2016

 

 

8

 

  

Schedule A

 

 

 

Company Registration Documents

 

 

A-1

 

 

 

Schedule B

 

	
Minimum Submissions*

	  	 	 
	
Period
	Total number of coins placed in the holders
	  	 	 
	
2016 (6 months)
	[***]	 
	  	 	 
	
2017 (12 months
	[***]	 
	
 
	 	 
	
2018 (12 months)
	[***]	 
	  	 	 
	
2019 (12 months)
	[***]	 
	  	 	 
	
2020 (12 months)
	[***]	 

 

*Both parties acknowledge that the numbers listed above refer to the numbers of coins that are graded and placed in the PCGS holders.

 

 

B-1

 

 

Schedule C

 

	
1)
	
Shanghai PCGS undertakes that it shall strictly fulfill its obligations under this Agreement with Guojin; and Shanghai PCGS shall ensure its staff to carefully conduct grading services for Guojin except being prevented from so doing due to Force Majeure.

 

	
2)
	
In products shipment and delivery, a full counting shall be effected by both Parties, with receipts and statements saved for record.

 

	
3)
	
Time and quantity shall be notified one day in advance of taking delivery, with logistics service ready for taking the delivery in all aspects; 

 

	
4)
	
As to products to be replaced, greatest efforts shall be made to complete such replacement on the same day; failing which, such replacement shall be made within 3 days; 

 

	
5)
	
For product delivery, the bill of lading shall be in Chinese;

 

	
6)
	
PCGS shall implement a set of strict and well developed operating procedures in respect of and throughout the grading service and delivery, and designate contact persons in charge of such services. 

  

 

C-1

 

 

Schedule D

 

	
A)
	
Warranty:

 

In the event of appearance of red spot in gold coins after they are sealed and packed, Shanghai PCGS may provide a cleaning and holder changing service free of charge. In the event of appearance of white spot in silver coins, Guojin shall provide new coins while Shanghai PCGS shall provide the holder changing service free of charge. 

 

	
B)
	
Service and Support Requirements for coins in the holders or medals of 70 points

 

	 	
(1)
	
They should be of perfect production, with no loophole / curled selvedge at their shaped edges, no dark dot, no bright spot, no scratch, no oxidation stain, no white patch, no red patch, no dirty spot, no burr, no breakage, no shrinkage, and no flow mark and welding wire trace, no scratch, no bubble, and gold coins shall remain clean on surface and with no fingerprint, etc. In the event of any of the aforesaid conditions after they are sealed and packed, Guojin shall provide replacement coins and PCGS shall replace the same free of charge. 

 

	 	
(2)
	
No product with apparent flaw shall be placed in a holder, no matter how many grading points it has been given. 

 

	 	
(3)
	
In the event of appearance of red spot in gold coins after they are sealed and packed, PCGS may provide a cleaning and holder changing service free of charge. In the event of appearance of white spot in silver coins, Guojin shall provide a new coin while PCGS shall provide the holder changing service free of charge. 

 

	 	
(4)
	
Shanghai PCGS needs to provide lead time for development of customized holders or packaging. 

 

	 	
(5)
	
The holders provided by PCGS are of quadruple anti-counterfeiting specifications (for example: with ultrafine anti-counterfeiting security, QR code scanning and identifying functions), as well as anti-counterfeiting technology not disclosed. Guojin may choose to add further new anti-counterfeiting technology and to create its own exclusive label. 

 

	 	
(6)
	
Holders and Quality (a) Holders shall be heat sealed, with buckles correctly positioned, no blackening or color changing or being dislocated; (b) At the back of holders, color labels are edged neatly, with no breakage, no scratch, no water stain or dirty spot, etc.; (c) Inside holders, marks of PCGS are clear and legible, edged neatly and properly fixed and lined, with no skewed display; (d) Coins shall be placed in holders in a neat and proper way, with no skewed display. (e) No alien items are allowed inside the holders. The inside of the holder shall be neat and clean. 

 

	 	
(7)
	
Before launching each project, Guojin and Shanghai PCGS shall jointly determine the components and specifications of the holder to be used as the standards and references for acceptance of the delivery. 

 

 D-1Exhibit 4.20

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF OR EXERCISED
UNLESS (I) A REGISTRATION STATEMENT REGISTERING SUCH SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS SHALL
HAVE BECOME EFFECTIVE, OR (II) AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND OR QUALIFICATION UNDER APPLICABLE STATE
SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER.

 

AN INVESTMENT IN THESE SECURITIES INVOLVES
A HIGH DEGREE OF RISK. HOLDERS MUST RELY ON THEIR OWN ANALYSIS OF THE INVESTMENT AND ASSESSMENT OF THE RISKS INVOLVED.

 

	Warrant to Purchase	 
	 ___________ shares	Warrant Number  ____

 

Warrant to Purchase Common Stock

of

CRYOPORT, INC.

 

THIS CERTIFIES that ____________ or any
subsequent holder hereof (“Holder”) has the right to purchase from Cryoport, Inc., a Nevada corporation, (the “Company”),
________ (______) fully paid and nonassessable shares of the Company’s common stock, $0.001 par value per share (“Common
Stock”), subject to adjustment as provided herein, at a price equal to the Exercise Price as defined in Section 1 below at
any time during the Exercise Period (as defined below).

 

Holder agrees with the Company that this
Warrant to Purchase Common Stock of the Company (this “Warrant” or this “Agreement”) is issued and all
rights hereunder shall be held subject to all of the conditions, limitations and provisions set forth herein.

 

1.   Exercise Price,
Term and Restriction on Exercise.

 

The Exercise Price (“Exercise Price”)
shall initially be $2.81 per share, subject to adjustment pursuant to the terms hereof, including but not limited to Section 5
below. The rights under this Warrant may be exercised during the period commencing on _____ [DATE THAT IS ONE HUNDRED EIGHTY
DAYS AFTER THE EFFECTIVE DATE OF THE OFFERING] and expiring at 5:00 p.m., Pacific Time, on ________, 2021 [DATE THAT IS
FIVE YEARS AFTER THE EFFECTIVE DATE OF THE OFFERING] (such period of exercise is referred to herein as the “Exercise
Period”).

 

Notwithstanding anything herein to the
contrary, the Company shall not issue to the Holder, and the Holder may not acquire, a number of shares of Common Stock upon exercise
of this Warrant to the extent that, upon such exercise, the number of shares of Common Stock then beneficially owned by the Holder
and its Affiliates and any other persons or entities whose beneficial ownership of Common Stock would be aggregated with the Holder’s
for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (including
shares held by any “group” of which the Holder is a member, but excluding shares beneficially owned by virtue of the
ownership of securities or rights to acquire securities that have limitations on the right to convert, exercise or purchase similar
to the limitation set forth herein) would exceed 9.98% of the total number of shares of Common Stock then issued and outstanding
(the “9.98% Cap”), provided that the 9.98% Cap shall only apply to the extent that the Common Stock is deemed to constitute
an “equity security” pursuant to Rule 13d-1(i) promulgated under the Exchange Act. For purposes hereof, “group”
has the meaning set forth in Section 13(d) of the Exchange Act and applicable regulations of the Securities and Exchange Commission
(the “SEC”), and the percentage held by the Holder shall be determined in a manner consistent with the provisions of
Section 13(d) of the Exchange Act. Upon the written request of the Holder, the Company shall, within two (2) Trading Days,
confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.

 

    	 	1	 

     

    

 

“Affiliate” means any person
or entity that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a person or entity, as such terms are used in and construed under Rule 144 under the Securities Act of 1933, as amended (the
“Securities Act”). With respect to a Holder of Warrants, any investment fund or managed account that is managed on
a discretionary basis by the same investment manager as such Holder will be deemed to be an Affiliate of such Holder.

 

2.   Exercise.

 

(a) Manner of Exercise.
During the Exercise Period, this Warrant may be Exercised as to all or any lesser number of whole shares of Common Stock covered
hereby (the “Warrant Shares” or the “Shares”) upon surrender of this Warrant, with the Exercise Form attached
hereto as Exhibit A (the “Exercise Form”) duly completed and executed, together with the full Exercise
Price (as defined below, which may be satisfied by a Cash Exercise or a Cashless Exercise, each as defined below) for each share
of Common Stock as to which this Warrant is Exercised, at the office of the Company, Cryoport, Inc., 17305 Daimler Street, Irvine,
CA 92614, with an electronic copy (for informational purposes only, and not constituting delivery hereunder) to: stockadministrator@cryoport.com,
or at such other office or agency as the Company may designate in writing, by overnight mail (such surrender and payment of the
Exercise Price hereinafter called the “Exercise” of this Warrant).

 

(b) Date of Exercise.
If any portion of the Exercise Price is satisfied by a Cash Exercise (as defined below), the “Date of Exercise” of
the Warrant shall be defined as the later of (A) the date that the Exercise Form attached hereto as Exhibit A, completed
and executed is received by the Company and (B) the date that the Exercise Price is received by the Company. If no portion of the
Exercise Price is satisfied by a Cash Exercise, the “Date of Exercise” of the Warrant shall be defined as the date
the original Exercise Form is received by the Company.

 

(c) Delivery of Common
Stock Upon Exercise. The Company shall issue and deliver (or cause its Transfer Agent to issue and deliver) in accordance with
the terms hereof to or upon the order of the Holder that number of shares of Common Stock (“Exercise Shares”) for the
portion of this Warrant exercised as shall be determined in accordance herewith. Upon the Exercise of this Warrant or any part
hereof, the Company shall, at its own cost and expense, take all necessary action, including obtaining and delivering an opinion
of counsel, to assure that the Transfer Agent shall issue stock certificates in the name of Holder (or its nominee) or such other
persons as designated by Holder and in such denominations to be specified at Exercise representing the number of shares of Common
Stock issuable upon such Exercise.

 

(d) Restrictive Legend.
The Holder understands that the Exercise Shares will be issued pursuant to a claimed exemption from registration under the Securities
Act and thus the certificate for the Exercise Shares will bear a restrictive legend in substantially the following form (and a
stop-transfer order will be placed against transfer of the certificates for such securities):

 

“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 INCLUDING,
WITHOUT LIMITATION, PURSUANT TO RULES 144 OR 144A UNDER SAID ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER APPLICABLE FORMAL
OR INFORMAL SEC INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED “4(1) AND A HALF” SALE.”

 

(e) Cancellation of
Warrant. This Warrant shall be canceled upon the full Exercise of this Warrant and if this Warrant is not Exercised in full,
Holder shall be entitled to receive a new Warrant (containing terms identical to this Warrant) representing any unexercised portion
of this Warrant in addition to such Common Stock.

 

    	 	2	 

     

    

 

(f) Holder of Record.
Each person in whose name any Warrant for shares of Common Stock is issued shall, for all purposes, be deemed to be the Holder
of record of such shares on the Date of Exercise of this Warrant, irrespective of the date of delivery of the Common Stock purchased
upon the Exercise of this Warrant.

 

3.   Payment of Warrant
Exercise Price for Cash Exercise or Cashless Exercise.

 

(a) Payment Exercise
Price. Payment of the Exercise Price may be made by either of the following, or combination thereof, at the election of Holder:

 

(i) Cash Exercise: The Holder may exercise
this Warrant in cash, bank or cashier’s check or wire transfer; or

 

(ii) Cashless Exercise:
The Holder may exercise this Warrant in a cashless exercise transaction. In order to effect a Cashless Exercise, the Holder shall
surrender this Warrant at the principal office of the Company together with the Exercise Form attached hereto as Exhibit A indicating
that the Holder is exercising the Warrant pursuant to a cashless election, in which event the Company shall issue Holder a number
of shares of Common Stock computed using the following formula (a “Cashless Exercise”):

 

X = Y (A-B)/A

 

where:    X = the number of shares of Common Stock
to be issued to Holder.

 

Y = the number of shares of Common Stock for which
this Warrant is being Exercised.

 

A = the Market Price of one (1) share of Common Stock
(for purposes of this Section 3(a)(ii), where “Market Price,” as of any date, means the Volume Weighted Average
Price (as defined herein) of the Company’s Common Stock during the ten (10) consecutive Trading Day period immediately preceding
the date in question.

 

B = the Exercise Price.

 

As used herein, the “Volume
Weighted Average Price” for any security as of any date means the volume weighted average sale price on The NASDAQ Global
Market (“NASDAQ”) as reported by, or based upon data reported by, Bloomberg Financial Markets or an equivalent, reliable
reporting service mutually acceptable to and hereafter designated by holders of a majority in interest of the Warrants and the
Company (“Bloomberg”) or, if NASDAQ is not the principal trading market for such security, the volume weighted average
sale price of such security on the principal securities exchange or trading market where such security is listed or traded as reported
by Bloomberg, or, if no volume weighted average sale price is reported for such security, then the last closing trade price of
such security as reported by Bloomberg, or, if no last closing trade price is reported for such security by Bloomberg, the average
of the bid prices of any market makers for such security that are listed in the over the counter market by the Financial Industry
Regulatory Authority, Inc. or in the “pink sheets” by the Pink OTC Market, Inc, or in the Over-The-Counter Bulletin
Board (“OTCBB”). If the Volume Weighted Average Price cannot be calculated for such security on such date in the manner
provided above, the volume weighted average price shall be the fair market value as mutually determined by the Company and the
Holders of a majority in interest of the Warrants being Exercised for which the calculation of the volume weighted average price
is required in order to determine the Exercise Price of such Warrants. “Trading Day” shall
mean any day on which the Common Stock is traded for any period on the OTCBB, NASDAQ, or on the principal securities exchange or
other securities market on which the Common Stock is then being traded. 

 

For purposes of Rule 144, it is intended,
understood and acknowledged that the Common Stock issuable upon Exercise of this Warrant in a Cashless Exercise transaction shall
be deemed to have been acquired at the time this Warrant was issued. Moreover, it is intended, understood and acknowledged that
the holding period for the Common Stock issuable upon Exercise of this Warrant in a Cashless Exercise transaction shall be deemed
to have commenced on the date this Warrant was issued.

 

    	 	3	 

     

    

 

(b)
Dispute Resolution. In the case of a dispute as to the determination of the closing price or the Volume Weighted
Average Price of the Company’s Common Stock or the arithmetic calculation of the Exercise Price or Market Price, the Company
shall submit the disputed determinations or arithmetic calculations via facsimile within two (2) business days of receipt, or deemed
receipt, of the Exercise Notice, or other event giving rise to such dispute, as the case may be, to the Holder. If the Holder and
the Company are unable to agree upon such determination or calculation within two (2) business days of such disputed determination
or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) business days submit via facsimile
(i) the disputed determination of the closing price or the Volume Weighted Average Price of the Company’s Common Stock
to an independent, reputable investment bank selected by the Company and approved by the Holder, which approval shall not be unreasonably
withheld or (ii) the disputed arithmetic calculation of the Exercise Price or Market Price to the Company’s independent,
outside accountant. The Company shall cause the investment bank or the accountant, as the case may be, to perform the determinations
or calculations and notify the Company and the Holder of the results no later than five (5) business days from the time such investment
bank or accountant, as the case may be, receives the disputed determinations or calculations. Such investment bank’s or accountant’s
determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.

 

4.   Transfer Rights.
Subject to the provisions of Section 8 of this Warrant, this Warrant may be transferred on the books of the Company, in whole
or in part, in person or by attorney, upon surrender of this Warrant properly completed and endorsed. This Warrant shall be canceled
upon such surrender and, as soon as practicable thereafter, the person to whom such transfer is made shall be entitled to receive
a new Warrant or Warrants as to the portion of this Warrant transferred, and Holder shall be entitled to receive a new Warrant
as to the portion hereof retained.

 

5.   Adjustments Upon
Certain Events.

 

(a) Participation.
The Holder, as the holder of this Warrant, shall be entitled to receive such dividends paid and distributions of any kind made
to the holders of Common Stock of the Company to the same extent as if the Holder had Exercised this Warrant into Common Stock
(without regard to any limitations on exercise herein or elsewhere and without regard to whether or not a sufficient number of
shares are authorized and reserved to effect any such exercise and issuance) and had held such shares of Common Stock on the record
date for such dividends and distributions. Payments under the preceding sentence shall be made concurrently with the dividend or
distribution to the holders of Common Stock.

 

(b) Recapitalization
or Reclassification. If the Company shall at any time effect a stock split, payment of stock dividend, recapitalization, reclassification
or other similar transaction of such character that the shares of Common Stock shall be changed into or become exchangeable for
a larger or smaller number of shares, then upon the effective date thereof, the number of shares of Common Stock which Holder shall
be entitled to purchase upon Exercise of this Warrant shall be increased or decreased, as the case may be, in direct proportion
to the increase or decrease in the number of shares of Common Stock by reason of such stock split, payment of stock dividend, recapitalization,
reclassification or similar transaction, and the Exercise Price shall be, in the case of an increase in the number of shares, proportionally
decreased and, in the case of decrease in the number of shares, proportionally increased. The Company shall give Holder the same
notice it provides to holders of Common Stock of any transaction described in this Section 5(b).

 

(c) Exercise Price
Adjusted. As used in this Warrant, the term “Exercise Price” shall mean the purchase price per share specified
in Section 1 of this Warrant, until the occurrence of an event stated in this Section 5 or otherwise set forth in this
Warrant, and thereafter shall mean said price as adjusted from time to time in accordance with the provisions of said subsection.
No adjustment made pursuant to any provision of this Section 5 shall have the net effect of increasing the aggregate Exercise
Price in relation to the split adjusted and distribution adjusted price of the Common Stock.

 

(d) Adjustments: Additional
Shares, Securities or Assets. In the event that at any time, as a result of an adjustment made pursuant to this Section 5
or otherwise, Holder shall, upon Exercise of this Warrant, become entitled to receive shares and/or other securities or assets
(other than Common Stock) then, wherever appropriate, all references herein to shares of Common Stock shall be deemed to refer
to and include such shares and/or other securities or assets; and thereafter the number of such shares and/or other securities
or assets shall be subject to adjustment from time to time in a manner and upon terms as nearly equivalent as practicable to the
provisions of this Section 5.

 

    	 	4	 

     

    

 

(e) Notice of Adjustments.
Whenever the Exercise Price is adjusted pursuant to the terms of this Warrant, the Company shall promptly mail to the Holder a
notice (an “Exercise Price Adjustment Notice”) setting forth the Exercise Price after such adjustment and setting forth
a statement of the facts requiring such adjustment. The Company shall, upon the written request at any time of the Holder, furnish
to such Holder a like Warrant setting forth (i) such adjustment or readjustment, (ii) the Exercise Price at the time
in effect and (iii) the number of shares of Common Stock and the amount, if any, of other securities or property which at
the time would be received upon Exercise of the Warrant. For purposes of clarification, whether or not the Company provides an
Exercise Price Adjustment Notice pursuant to this Section 5(e), upon the occurrence of any event that leads to an adjustment
of the Exercise Price, the Holder would be entitled to receive a number of Exercise Shares based upon the new Exercise Price, as
adjusted, for exercises occurring on or after the date of such adjustment, regardless of whether the Holder accurately refers to
the adjusted Exercise Price in the Exercise Form.

 

6.   Fractional Interests.

 

No fractional shares or scrip representing
fractional shares shall be issuable upon the Exercise of this Warrant, but on Exercise of this Warrant, Holder may purchase only
a whole number of shares of Common Stock. If, on Exercise of this Warrant, Holder would be entitled to a fractional share of Common
Stock or a right to acquire a fractional share of Common Stock, such fractional share shall be disregarded and the number of shares
of Common Stock issuable upon Exercise shall be the next higher whole number of shares.

 

7.   Reservation of
Shares.

 

From and after the date hereof, the Company
shall at all times reserve for issuance such number of authorized and unissued shares of Common Stock (or other securities substituted
therefor as herein above provided) as shall be sufficient for the Exercise of this Warrant.

 

8.   Restrictions on
Transfer.

 

(a) Registration or
Exemption Required. This Warrant has been issued in a transaction exempt from the registration requirements of the Securities
Act by virtue of Regulation D and exempt from state registration or qualification under applicable state laws. None of the Warrant
or the Exercise Shares may be pledged, transferred, sold, assigned, hypothecated or otherwise disposed of except pursuant to an
effective registration statement or an exemption to the registration requirements of the Securities Act and applicable state laws
including, without limitation, a so-called “4(1) and a half” transaction.

 

(b) Assignment.
Should the Holder desire to sell, transfer, assign, pledge, hypothecate or otherwise dispose of this Warrant, in whole or in part;
the Holder shall deliver a written notice to Company, substantially in the form of the Assignment attached hereto as Exhibit B,
indicating the person or persons to whom the Warrant is requested to be assigned and the respective number of Warrant Shares to
be assigned to each assignee. The Company may permit the assignment upon such reasonable conditions as the Company may require,
including the delivery to the Company of an acceptable opinion of counsel as to the assignment’s qualification for an exemption
from registration. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors
and permitted assigns of the Holder.

 

(c) Representations
of the Holder. The right to acquire Common Stock or the Common Stock issuable upon exercise of the Holder’s rights contained
herein will be acquired for investment and not with a view to the sale or distribution of any part thereof, and the Holder has
no present intention of selling, transferring, assigning, pledging, hypothecating or otherwise disposing of this Warrant in any
public distribution of the same except pursuant to a registration or exemption. Holder is an “accredited investor”
within the meaning of the Securities and Exchange Commission’s Rule 501 of Regulation D, as presently in effect. The Holder
understands (i) that the Common Stock issuable upon exercise of the Holder’s rights contained herein is not registered under
the Securities Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant
will be exempt from the registration and qualifications requirements thereof and (ii) that the Company’s reliance on such
exemption is predicated on the representations set forth in this Section 8(c). The Holder has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of its investment and has the ability to bear
the economic risks of its investment.

 

    	 	5	 

     

    

 

9.   Benefits of this
Warrant.

 

Nothing in this Warrant shall be construed
to confer upon any person other than the Company and Holder any legal or equitable right, remedy or claim under this Warrant and
this Warrant shall be for the sole and exclusive benefit of the Company and Holder.

 

10. Governing Law.

 

All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the
internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof. Each party agrees that all
legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in Nevada. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in such city for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. The parties
hereby waive all rights to a trial by jury. If either party shall commence an action or proceeding to enforce any provisions of
this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action
or proceeding.

 

11. Loss of Warrant.

 

Upon receipt by the Company of evidence
of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of indemnity or
security reasonably satisfactory to the Company, and upon surrender and cancellation of this Warrant, if mutilated, the Company
shall execute and deliver a new Warrant of like tenor and date.

 

12. Notice or Demands.

 

Notices or demands pursuant to this Warrant
to be given or made by Holder to or on the Company shall be sufficiently given or made if sent by certified or registered mail,
return receipt requested, postage prepaid, and addressed, until another address is designated in writing by the Company, to the
address set forth in Section 2(a) above. Notices or demands pursuant to this Warrant to be given or made by the Company to
or on Holder shall be sufficiently given or made if sent by certified or registered mail, return receipt requested, postage prepaid,
and addressed, to the address of Holder set forth in the Company’s records, until another address is designated in writing
by Holder.

 

IN WITNESS WHEREOF, the undersigned has
executed this Warrant as of the _____ day of ______, 2016.

 

	 	 	CRYOPORT, INC.

 

	 	 	By:	 
	 	 	 	Title:

 

    	 	6	 

     

    

 

EXHIBIT A

 

EXERCISE FORM FOR WARRANT

 

TO: [                                    ]

 

CHECK
THE APPLICABLE BOX:

 

The
undersigned hereby irrevocably exercises the attached warrant (the “Warrant”) with respect to _________shares of Common
Stock (the “Common Stock”) of Cryoport, Inc., a Nevada corporation (the “Company”). Payment shall take
the form of (check applicable box):

 

 ̈
in lawful money of the United States by certified check made payable to the Company or by wire transfer of immediately available
funds to an account designated by the Company; or

 

 ̈
the cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section
3(a)(ii), to exercise the Warrants with respect to the maximum number of shares of Common Stock purchasable pursuant to the cashless
exercise procedure set forth in Section 3(a)(ii).

 

1.   The undersigned requests that any stock
certificates for such shares be issued and, if applicable, a warrant representing any unexercised portion hereof be issued, pursuant
to the Warrant in the name of the undersigned and delivered to the undersigned at the address set forth below.

 

2.   Capitalized
terms used but not otherwise defined in this Exercise Form shall have the meaning ascribed thereto in the Warrant.

 

	Dated:	 	 	 

 

	 
	Signature
	 
	 
	Print Name
	 
	 
	Address

 

NOTICE

 

The signature to the foregoing Exercise Form must correspond
to the name as written upon the face of the attached Warrant in every particular, without alteration or enlargement or any change
whatsoever.

 

    	 	7	 

     

    

 

EXHIBIT B

 

ASSIGNMENT

 

(To be executed by the registered holder

desiring to transfer the Warrant)

 

FOR VALUE RECEIVED, the undersigned holder of the attached warrant
(the “Warrant”) hereby sells, assigns and transfers unto the person or persons below named the right to purchase __________
shares of the Common Stock of Cryoport, Inc., a Nevada corporation, evidenced by the attached Warrant and does hereby irrevocably
constitute and appoint __________ attorney to transfer the said Warrant on the books of the Company, with full power of substitution
in the premises.

 

	Dated:	 	 	 
	 	 	 	Signature

 

Fill in for new registration of Warrant:

 

	 	 	 
	Name	 	 
	 	 	 
	 	 	 
	Address	 	 
	 	 	 
	 	 	 
	Please print name and address of assignee	 	 
	(including zip code number)	 	 

 

NOTICE

 

The signature to the foregoing Assignment must correspond to
the name as written upon the face of the attached Warrant in every particular, without alteration or enlargement or any change
whatsoever.

 

    	 	8

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