Document:

cryoport_8k-ex1022.htm

    Exhibit
10.22

    INCENTIVE
STOCK OPTION AWARD AGREEMENT

    UNDER
THE

    CRYOPORT,
INC.

    2009
STOCK INCENTIVE PLAN

    

    This
Incentive Stock Option Award Agreement (“Agreement”) is between CryoPort, Inc.
(“Company”) and ________________________ (the “Optionee”), and is effective as
of the ____ day of _____________, 20__ (“Grant Date”).

     

    RECITALS

     

    A. The Board
of Directors of the Company (“Board”) has adopted the Plan to promote the
interests and long-term success of the Company and its shareholders by providing
an incentive to attract, retain and reward persons performing services for the
Company and by motivating such person to contribute to the continued growth and
profitability of the Company.

     

    B. The
Compensation Committee (or any such committee designated by the Board) has
approved the granting of Incentive Stock Options to the Optionee pursuant to
Article 6 of the Plan.

     

    C. To the
extent not specifically defined in this Agreement, all capitalized terms used in
this Agreement shall have the meaning set forth in the Plan.

     

    AGREEMENT

     

    In
consideration of the mutual covenants and conditions hereinafter set forth and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Company and the Optionee agree as
follows:

     

    1. Grant of
Option.  Subject to the
terms of this Agreement and Article 6 of the Plan, the Company grants to the
Optionee the right and option to purchase from the Company all or any part of an
aggregate of _________ shares of Stock (“Option”).  The delivery of
any document evidencing the Option is subject to the provisions of Section
6.1(d) of the Plan.  The Option granted under this Agreement is intended to be an
“incentive stock option” (“ISO”) under Section 422 of the Internal Revenue Code
of 1986, as amended (the “Code”).

     

    2. Purchase
Price.  The purchase
price under this Agreement is $_________ per share of Stock, as determined by
the Committee, which shall not
be less than the Fair Market Value of a share of Stock on the Grant
Date.

     

    3. Vesting of
Option.  The Option shall
vest and be exercisable according to the following schedule:

     

    [INSERT
VESTING SCHEDULE HERE]

     

    4. Exercise of
Option.  This Option may
be exercised, to the extent vested (under Section 3 above), in whole or in part
at anytime before the Option expires by delivery of a written notice of exercise
(pursuant to Section 5 below) and payment of the purchase price.  The
purchase price may be paid in cash or such other method permitted by the
Committee under Section 6.1(c) of the Plan and communicated to the Optionee
before the date the Optionee exercises the Option.

     

    
      
         

      

      
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    5. Method of
Exercising Option.  Subject to the
terms of this Agreement, the Option may be exercised by timely delivery to the
Company of written notice, which notice shall be effective on the date received
by the Company.  The notice shall state the Optionee’s election to
exercise the Option and the number of underlying shares in respect of which an
election to exercise has been made.  Such notice shall be signed by
the Optionee, or if the Option is exercised by a person or persons other than
the Optionee because of the Optionee’s death, such notice must be signed by such
other person or persons and shall be accompanied by proof acceptable to the
Company of the legal right of such person or persons to exercise the
Option.

     

    6. Term of
Option.  The Option
granted under this Agreement expires, unless sooner terminated, ten (10) years
from the Grant Date, through and including the normal close of business of the
Company on the tenth (10th)
anniversary of the Grant Date (“Expiration Date”).

     

    7. Termination of
Employment.

     

    (a)           If
the Optionee Terminates Employment for any reason other than death or
Disability, the Optionee may at any time within the 90-day period after the date
of his or her Termination of Employment exercise the Option to the extent that
the Optionee was entitled to exercise the Option at the date of termination,
provided that in no event shall the Option be exercisable after the Expiration
Date.

     

    (b)           If
the Optionee Terminates Employment by reason of his death or Disability the
Option will lapse on the earlier of (i) the Option’s expiration date, or (ii)
one year after the date the Participant Terminates Employment on account of
Disability or death.

     

    8. Nontransferability.  The Incentive
Stock Options granted by this Agreement shall not be transferable by the
Optionee or any other person claiming through the Optionee, either voluntarily
or involuntarily, except by will or the laws of descent and distribution or as
otherwise provided by the Plan’s Committee (See Article 13 of the
Plan).

     

    9. Continuation of
Employment.  This Agreement shall not be construed to confer
upon the Optionee any right to continue employment with the Company and shall
not limit the right of the Company, in its sole and absolute discretion, to
terminate Optionee’s employment at any time.

     

    10. Administration.  This Agreement
shall at all times be subject to the terms and conditions of the Plan and the
Plan shall in all respects be administered by the Committee in accordance with
the terms of and as provided in the Plan.  The Committee shall have
the sole and complete discretion with respect to all matters reserved to it by
the Plan and decisions of the majority of the Committee with respect thereto and
to this Agreement shall be final and binding upon the Optionee and the Company.
In the event of any conflict between the terms and conditions of this Agreement
and the Plan, the provisions of the Plan shall control.

     

    11. Waiver and
Modification.  The provisions of
this Agreement may not be waived or modified unless such waiver or modification
is in writing and signed by a representative of the Committee.

     

    12. Adjustments.  The number of
shares of Stock issued to Optionee pursuant to this Agreement shall be adjusted
by the Committee pursuant to Section 5.3 of the Plan, in its discretion, in the
event of a change in the Company’s capital structure.

     

    
      
         

      

      
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    13. Securities
Act.  The Company shall
not be required to deliver any shares of Stock pursuant to the vesting of
Options if, in the opinion of counsel for the Company, such issuance would
violate the Securities Act of 1933 or any other applicable federal or state
securities laws or regulations.

     

    14. Voting and Other
Shareholder Related Rights.  The Optionee will
have no voting rights or any other rights as a shareholder of the Company with
respect to any Incentive Stock Options until exercised by the
Optionee.

     

    15. Copy of
Plan.  By the execution
of this Agreement, the Optionee acknowledges receipt of a copy of the
Plan.

     

    16. Governing
Law.  This Agreement
shall be interpreted and administered under the laws of the State of
Nevada.

     

    17. Amendments.  This Agreement
may be amended only by a written agreement executed by the Company and the
Optionee.

     

    18. Tax upon
Disposition of Shares Subject to § 422 Restrictions. In the event that a
Participant shall dispose (whether by sale, exchange, gift, the use of a
qualified domestic relations order (as defined by the Code or Title I of ERISA)
in favor of a Spouse, or the rules thereunder, or any like transfer) of any
shares of Stock of the Company that are deemed to have been purchased by the
Participant pursuant to an incentive stock option and that the Participant
acquired within two (2) years of the Grant Date of the related Option or within
one (1) year after the acquisition of such shares of Stock, the Participant will
notify the secretary of the Company of such disposition no later than fifteen
(15) days following the date of the disposition.  Such notification
shall include the date or dates of the disposition, the number of shares of
Stock of which the Participant disposed, and the consideration received, if any,
for such shares of Stock.  If the Company so requests, the Participant
shall forward to the secretary of the Company any amount requested by the
Company for the purpose of satisfying its liability, if any, to withhold
federal, state or local income or earnings tax or any other applicable tax or
assessment (plus interest or penalties thereon, if any, caused by delay in
making such payment) incurred by reason of such disposition.

     

    MANY OF
THE PROVISION OF THIS AWARD AGREEMENT ARE SUMMARIES OF SIMILAR PERTINENT
PROVISIONS OF THE PLAN.  TO THE EXTENT THAT THIS AGREEMENT IS SILENT
ON AN ISSUE OR THERE IS A CONFLICT BETWEEN THE PLAN AND THIS AGREEMENT, THE PLAN
PROVISIONS SHALL CONTROL.

     

    IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its
duly authorized representative and Optionee has signed this Agreement, and this
Agreement shall be effective as of the day and year first written
above.

     

     

    
      
        	 
      	
                CryoPort,
      Inc.

              
	 
      	 
      
	 
      	
                By:
      __________________________

              
	 
      ________________________	
                Name:
      ________________________

              
	
                Date

              	
                Title:
      _________________________

              

      

    

     

     

     

    _____________________________________

    Optionee

     

     

     

    
      
         

      

      
        3Converted by EDGARwiz

MEMORANDUM OF UNDERSTANDING

The following parties hereby enter into this deal memorandum of understanding ("MOU") which memorializes the intent of the parties and the proposed terms under which they are contemplating the formation of a new business venture. The parties agree that they will enter into a formal business agreement at a later date, which will contain the MOU terms and shall be the final and controlling document binding upon all of the parties, as to such subject matter ("Agreement"). If any terms are not specifically defined in this MOU, the parties shall negotiate such, at a later date, and include the additional terms in the Agreement. 

1. Parties to Agreement: 

VIEW SYSTEMS INC. an Nevada Corporation, herein after referred to as "VIEW" or the "Company" with corporate offices at: 

Address: 1550 Caton Center Drive, Suite E, Baltimore, Maryland 21227. 

VISISYS PLC ("VlSISYS"), a UK Corporation with corporate offices at: 

Address: 45 West 34 Street, Suite 800, NYC, NY 10001 

2. Financial and Business Terms 

§

Subject to further due diligence and execution of the Agreement and other ancillary document, both parties will pursue a strategic partnerships for the development and sale of certain security products and technologies, including but not limited to the "MINI". 

§

Parties exchange 5,000,000 common shares of each other. VISISYS will assist in locating accredited investors, on a best efforts basis, to facilitate the development, manufacturing and marketing of security products specifically the "MINI". 

§

VISISYS shall receive in addition to 5,000,000 shares of stock, an option to acquire additional shares in VIEW. Terms are: 24 months, strike for 2.5mm@ US$0.03 plus one share of VISISYS and 2.5mm @ US$0.05 plus one share of VISISYS with piggyback registration rights. 

§

View shall be granted warrants to acquire additional shares in VISYSIS, pari passu options exercised by VISYSIS and/or Boris Goldstein. 

A.

Responsibilities of VISISYS: VISISYS shall assist VIEW in the final design, production and marketing of the MINI. 

?

Monitor services shall be handled by VlSlSYS or its designee, on commercial terms to be negotiated between VIEW and VISISYS. 

?

VlSISYS shall grant VIEW perpetual licenses to market VISISYS products current or future. 

?

Sales and Marketing of the full range of VIEW products. 

B. Responsibilities of VIEW 

§

VIEW shall complete development and manufacturing of the "MINI"'. 

§

VIEW shall provide infrastructure and support to facilitate Boris Goldstein'~ sales and marketing activities. 

3.Terms and Conditions of the Agreement  Consummation of this MOU and entering to the Agreement will be subject to the following additional terms and conditions: 

§

The parties shall agree to the terms of an Agreement that shall contain terms, conditions, representations, warranties, and covenants normal and appropriate for a transaction of the type contemplated, including, without limitation, those included in this MOU 

§

The contemplated transaction to be completed within 3 months from the date of execution of this MOU. 

4. General Provisions 

The parties agree that said MOU; is preliminary and that said MOU may be assigned to other parties or corporations to be formed or designated by the parties, upon written consent of the parties.  All benefits of said MOU shall be binding upon the permissable parties and assigns. Further all parties agree to execute all necessary documents to consummate the terms and intent of this MOU. 

Whenever notice is required to be given under this MOU, it shall he deemed to 

be good and sufficient notice if in writing, signed by an officer or an authorized agent of 

the party seeking such notice and sent by telegram, fax, or mailed by registered or 

certified mail, to the other party at the address stated above unless notification of a change of address is given in writing. For purposes of notice provided, the date received shall be three (3) days after mailing and two (2) days after telegram or fax. 

This MOU contains the entire understanding of the parties with respect to the subject matter hereof. There are no representations, warranties, promises, covenants or understandings other than those herein contained. The parties agree that this MOU contains the intent of the parties and that the parties must agree upon additional terms in the Agreement. 

This MOU shall be governed by and construed in accordance with the laws of the State of Maryland without regard to the conflict of laws provisions thereof. 

Both parties acknowledge and consent that any controversy or claim arising out of or relating to this MOU, or the breach thereof, sha11 be settled by submitting such controversy to mediation by a neutral mediator to be agreed upon by the parties. If such controversy cannot be settled by mediation then they shall submit to binding arbitration in accordance with the Rules of the American Arbitration Association to be conducted in the State of New York. The prevailing party in any such arbitration shall be entitled to recover its reasonable attorneys fees and costs from the other party .. 

Each party shall pay for its own legal and accounting fees related to this MOU. 

The parties acknowledge that they have entered into mutual non-disclosure and confidentiality agreements preventing the parties from disclosing and requiring the parties to maintain the confidentiality of proprietary business and technical information relating to the other party. The parties agree not to disclose any information concerning the MOU or the Agreement to anyone other than their legal counsel, financial advisors, and other professionals working on the MOU or Agreement without the consent of the other parties, which consent will not be withheld unreasonably 

The parties agree to cooperate with respect to the conduct of reasonable due diligence for the transactions contemplated by this MOU. The parties agree to conduct their due diligence in a manner that does not unreasonably disrupt the business of another party. The closing of the Agreement shall be conditioned upon the successful completion of due diligence as determined by the parties. 

The Parties and their agents, attorneys, and representatives shall have full and free access to their respective counterpart for due diligence purposes (the confidentiality of which the Parties agrees to retain in accordance with a Nondisclosure and Confidentiality Agreement executed on April 2009. The Parties’ obligations to complete the transaction, shall be subject to the satisfactory results of their respective due diligence investigations. The Parties' and their agents, attorneys, and representatives shall have full and free access to the properties, books, and records of their respective counterparty (the confidentiality of which the Parties agree to retain) for purposes of conducting investigations of the business.

This MOU constitutes the entire agreement and understanding of the parties hereto with respect to the matters and transactions contemplated hereby and supersedes all prior agreements and understandings whatsoever relating to such matters and transactions between the parties. Neither this MOU nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. 

The parties acknowledge and agree that this MOU shall be binding on the parties. The parties acknowledge their intention to enter in the Agreement that shall include the terms of this MOU and such other terms and conditions as are agreed upon by the parties. 

IN WITNESS WHEREOF, the parties hereto have signed by their duly authorized officers as of the day and year first above written. 

VISISYS 

By: s/ Boris Goldstein

04/29/08

Signature

Date 

Name/Title:  Boris Goldstein CEO 

VIEW

By: s/ Gunther Than

4/30/09

Signature

Date 

Name/Title:  Gunther Than CEO

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