Document:

Exhibit 10.28

 

STOCK OPTION AGREEMENT

 

This Stock Option
Agreement (“Agreement”) is between CryoPort, Inc. (“Company”) and Jerrell Shelton (the “Optionee”),
and is effective as of the 5th day of November, 2012 (“Grant Date”).

 

RECITALS

 

A.         The
Company is granting the option to purchase shares of the Company’s Common Stock contained in this Agreement pursuant to
the terms of that certain Employment Agreement between Optionee and the Company dated November 5, 2012 (the “Employment
Agreement”).

 

B.         The
Employment Agreement and the grant of the option to purchase shares of the Company’s Common Stock contained in this Agreement
has been approved by the Board of Directors of the Company (the “Board”) and by the Compensation Committee of the
Board of Directors of the Company (the “Committee”) pursuant to the Unanimous Written Consent of the Board and Committee
dated November 5, 2012.

 

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:

 

2.         Grant
of Option. Subject to the terms of this Agreement, the Company grants to the Optionee the right and option to purchase
from the Company all or any part of an aggregate of 1,000,000 shares of the Common Stock of the Company (“Option”).
The Option granted under this Agreement is not intended to be an “incentive stock option” under Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”).

 

3.         Purchase
Price. The purchase price under this Agreement is $0.20 per share of Common Stock of the Company (“Stock”),
which is equal to the fair market value of a share of Stock on the Grant Date.

 

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

 

1/6 of the option vests on
the 5th of each month for six months beginning on 12/5/2012 and ending on 5/5/2013;

 

provided, that, pursuant to Section 12 below, such vesting
will be accelerated in the event of a Change of Control (as defined in Section 12).

 

5.         Exercise
of Option. This Option may be exercised, to the extent vested (under Section 4 above), in whole or in part at any time
before the Option expires by delivery of a written notice of exercise (under Section 7 below) and payment of the purchase price
in cash or such other method permitted by the Committee under Section 6 and communicated to the Optionee before the date the Optionee
exercises the Option.

 

    	 

    	 

    

 

6.         Payment.
The Committee may determine methods other than cash by which the exercise price of the Option may be paid, the form of payment,
including, without limitation, cash, promissory note, shares of Stock held for longer than six months (through actual tender or
by attestation), any net-issuance arrangement or other property acceptable to the Committee (including broker-assisted “cashless
exercise” arrangements), and the methods by which shares of Stock shall be delivered or deemed to be delivered to the Optionee.

 

7.         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.

 

8.         Term
of Option. The Option granted under this Agreement expires at the earlier of (a) 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, and (b)
five (5) years after the resignation and/or removal of the Optionee as Chief Executive Officer of the Company, through and including
the normal close of business of the Company on the fifth (5th) anniversary of such anniversary or removal.

 

8.          Tax
Withholding. Unless otherwise provided by the Committee prior to the vesting of Option, the Optionee shall satisfy any
federal, state, local or foreign employment or income taxes due upon the vesting of Option (or otherwise) by having the Company
withhold from those shares of Stock that the Optionee would otherwise be entitled to receive, a number of shares having a fair
market value equal to the minimum statutory amount necessary to satisfy the Company’s applicable federal, state, local and
foreign income and employment tax withholding obligations. Any such withholding shall be subject to the provisions of applicable
law and to any conditions the Committee may determine to be necessary to comply with Rule 16b-3 or its successors under the
Exchange Act. In lieu of, and subject to, the above, the Committee may also permit the Optionee to satisfy any federal, state,
local, or foreign employment or income taxes due upon the vesting of Option (or otherwise) by (i) personal check or other
cash equivalent acceptable to the Company, (ii) permitting the Optionee to execute a same day sale of Stock pursuant to procedures
approved by the Company, or (iii) such other method as approved by the Committee, all in accordance with applicable Company
policies and procedures and applicable law.

 

 

9.         Nontransferability.
The Option 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.

 

10.        Nonstatutory
Stock Option. The Option granted hereunder is a nonstatutory (non-qualified) stock option, and is not an “incentive
stock option” pursuant to the Code.

 

11.        Stock
Certificates. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any
certificates evidencing shares of Stock pursuant to the exercise of the Option, unless and until the Committee has determined,
with advice of counsel, that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations
of governmental authorities and, if applicable, the requirements of any exchange or quotation system on which the shares of Stock
are listed, quoted or traded. All Stock certificates delivered pursuant to this Agreement are subject to any stop-transfer orders
and other restrictions as the Committee deems necessary or advisable to comply with Federal, state, or foreign jurisdiction, securities
or other laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which
the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate to reference restrictions applicable
to the Stock. In addition to the terms and conditions provided herein, the Board may require that the Optionee make such reasonable
covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws,
regulations, or requirements.

 

    	 

    	 

    

 

12.         Change
in Control. Notwithstanding any other provision herein to the contrary, upon a Change in Control, the entire Option shall
automatically become immediately vested and/or exercisable and that all restrictions relating to the Option shall lapse.

 

a.           “Change
in Control” means any one or more of the following events:

 

(i)         The
date that any one person, or more than one person acting as a group (as determined in accordance with Treasury Regulation Section 1.409A-3(i)(5)),
acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50% of
the total fair market value or total voting power of the stock of the Company. If any one person or more than one person acting
as a group is considered to own more than 50% of the total fair market value or total voting power of the stock of the Company,
the acquisition of additional stock by the same person or persons will not be considered to be a “Change of Control.”
This paragraph (i) only applies when there is a transfer of stock of the Company (or issuance of stock of the Company) and
stock in the Company remains outstanding after the transaction;

 

(ii)         The
date that any one person, or more than one person acting as a group (as determined in accordance with Treasury Regulation Section 1.409A-3(i)(5)),
acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons)
assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value
of all of the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose, “gross fair
market value” means the value of the assets of the Company, or the value of the assets being disposed of, determined without
regard to any liabilities associated with such assets; or

 

(iii)         The
date that any person, or more than one person acting as a group (as determined in accordance with Treasury Regulation 1.409A-3(i)(5)),
acquires (or has acquired during the 12-month period ending on the most recent acquisition by such person or persons) ownership
of stock of Company possessing 30% or more of the total voting power of the stock of Company.

 

The transfer of stock
or assets of the Company in connection with a bankruptcy filing by or against the Company under Title 11 of the United States
Code will not be considered to be a Change of Control for purposes of this Agreement. Additionally, a transaction shall not constitute
a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before
such transaction.

 

13.         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.

 

14.         Adjustments.
In the event of any change in the outstanding shares of Stock by reason of a stock dividend or split, recapitalization, merger,
consolidation, combination, exchange of shares, or other similar corporate change, the aggregate number of shares of Stock subject
to the Option and its stated exercise price shall be adjusted appropriately by the Committee, whose determination shall be conclusive;
provided, however, that fractional shares shall be rounded to the nearest whole share. Moreover, in the event of such transaction
or event, the Committee, in its discretion, may provide in substitution for the Option such alternative consideration (including
cash) as it, in good faith, may determine to be equitable under the circumstances and may require in connection therewith the
surrender of the Option so replaced. Further, with respect to any Option that otherwise satisfies the requirements of the stock
rights exception to Section 409A of the Code, any adjustment pursuant to this Section 14 shall be made consistent with
the requirements of the final regulations promulgated pursuant to Section 409A of the Code.

 

    	 

    	 

    

 

15.         Requirements
of Law

 

a.         Securities
Act. The Company shall not be required to deliver any shares of Stock pursuant to the vesting of the Option 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. The granting of the Option and the issuance of shares and/or cash under this Agreement
shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required. The Company shall be under no obligation to register pursuant to the Securities Act of
1933, as amended, any of the shares of Stock paid pursuant to the Agreement. If the shares of Stock paid pursuant to the Agreement
may in certain circumstances be exempt from registration pursuant to the Securities Act of 1933, as amended, the Company may restrict
the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption.

 

b.         Securities
Law Compliance. If Optionee is obligated to file reports pursuant to Section 16 of the Exchange Act, transactions
pursuant to this Agreement are intended to comply with all applicable conditions of Rule 16b-3 or its successors pursuant
to the Securities Exchange Act of 1934. Notwithstanding any other provision herein, the Committee may impose such conditions on
the exercise of the Option as may be required to satisfy the requirements of Rule 16b-3 or its successors pursuant to the Securities
Exchange Act of 1934. To the extent any provision herein or action by the Committee fails to so comply, it shall be void to the
extent permitted by law and voidable as deemed advisable by the Committee.

 

c.         Restrictions.
The Committee shall impose such restrictions on the Option as it may deem advisable, including without limitation, restrictions
under applicable federal securities law, under the requirements of any Stock exchange upon which the Stock is then listed and
under any blue sky or state securities laws applicable to such Option.

 

16.         Section 409A
of the Code.

 

a.         General
Compliance. If this Agreement is subject to Section 409A of the Code, the Company intends (but cannot and does not
guarantee) that this Agreement complies fully with and meets all of the requirements of Section 409A of the Code or an exception
thereto. To the extent necessary to comply with Section 409A of the Code, this Agreement may be modified, replaced or terminated
in the discretion of the Committee. Notwithstanding any provision of this Agreement to the contrary, in the event that the Committee
determines that this Agreement is or may become subject to Section 409A of the Code, the Company may adopt such amendments
to this Agreement, without the consent of Optionee, or adopt other policies and procedures (including amendments, policies and
procedures with retroactive effective dates), or take any other action that the Committee determines to be necessary or appropriate
to either comply with Section 409A of the Code or to exclude or exempt this Agreement from the requirements of Section 409A of
the Code.

 

b.         Delay
for Specified Employees. If, at the time of Optionee’s “separation of service” the Company has any Stock
which is publicly traded on an established securities market or otherwise, and if the Optionee is considered to be a “specified
employee” to the extent any payment or consideration under this Agreement is subject to the requirements of Section 409A
of the Code and is payable upon the Optionee’s “separation from service,” such payment shall not commence prior
to the first business day following the date which is six (6) months after the Optionee’s “separation from service”
(or if earlier than the end of the six (6) month period, the date of the Optionee’s death). Any amounts that would
have been distributed during such six (6) month period will be distributed on the day following the expiration of the six
(6) month period.

 

    	 

    	 

    

 

c.         Prohibition
on Acceleration or Deferral. Under no circumstances may the time or schedule of any payment for any amount under this
Agreement that is subject to the requirements of Section 409A of the Code be accelerated or subject to further deferral except
as otherwise permitted or required pursuant to regulations and other guidance issued pursuant to Section 409A of the Code.
If the Company fails to make any payment pursuant to the payment provisions applicable to this Agreement that is subject to Section 409A
of the Code, either intentionally or unintentionally, within the time period specified in such provisions, but the payment is
made within the same calendar year, such payment will be treated as made within the time period specified in the provisions. In
addition, in the event of a dispute with respect to any payment, such payment may be delayed in accordance with the regulations
and other guidance issued pursuant to Section 409A of the Code.

 

17.         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 Option until exercised by the Optionee.

 

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

 

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

 

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:	/s/ Robert Stefanovich
	 	November 5, 2012	 	Name:	Robert Stefanovich
	 	Date	 	Title:	Chief Financial Officer

 

	 	/s/ Jerrell W. Shelton
	 	OptioneePROMISSORY NOTE

 

	$50,000.00 	 	Richmond, Texas
	 	 	March 15, 2013

 

FOR VALUE RECEIVED,
the undersigned, InterCore Energy, Inc., a Delaware Corporation (the "Borrower"), hereby agrees and promises to pay to
the order of Fandeck Associates, Inc., a Texas Corporation (the "Lender"'), in lawful money of the United States of America,
in 'immediately available funds,’ at its offices in Richmond, TX (or such other place as Lender may direct) the principal
sum of FIFTY THOUSAND DOLLARS AND NO CENTS ($50,000.00), plus closing fees, financing fees, and additional negotiated fees and
incentives totaling TWENTY FIVE THOUSAND DOLLARS ($25,000.00). Principal and fees shall be due and payable on April 15, 2013 (the
"Maturity Date).

 

1.Use of Proceed.
Borrower agrees and commits that the funds received by it pursuant to this note shall be used first to pay costs incurred with
respect to the preparation and filing of the Borrower’s Form 10K for the calendar year 2012. Payment by Borrower of any obligations
or other items not directly related to, and required for, the preparation and filing of the 2012 Form 10K shall be an event of
default.

 

2.Interest.
Interest shall accrue on the unpaid principal balance of this Note at a rate of 18.00% per annum, compounded daily. Interest shall
be due and payable on the Maturity Date.

 

3.Full Recourse.
This Note shall be the personal obligation of the Borrower, and the Lender shall be entitled to full recourse against the Borrower
for performance and satisfaction of all obligations of the Borrower hereunder.

 

4.Additional
Compensation. The Borrower will also issue to the Lender a Warrant for twenty million (20,000,000) common shares of InterCore
Energy, Inc., (ICOR) at the exercise price of $0.01 per share. If the Company should execute any direct or reverse stock splits
during the lifetime of the Warrant, the Company will adjust the quantity and pricing of the warrants such that the total cost of
exercise and the ratio of warrant shares to total outstanding shares post-split shall remain the same as the total cost of exercise
and the ratio of warrant shares to total outstanding shares pre-split. The warrant shall be good for a period of five years.

 

5.Acceleration.
The Lender will have the right to accelerate the principal and interest due under this Note upon the occurrence of the following
events: (i) there is a default under, or a breach of, any covenant, representation, or warranty of the Borrower under this Note
or the Pledge Documents, (ii) the Borrower applies for or consents to the appointment of a receiver, trustee, custodian, or liquidator
of any of his property, admits in writing his inability to pay his debts as they mature, makes a general assignment as a bankrupt
or insolvent or is the subject of an order for relief under Chapter 13 of the United States Bankruptcy Code or files a voluntary
petition in bankruptcy or a petition or answer seeking an arrangement with creditors or to take advantage of any bankruptcy, insolvency,
readjustment or debt or liquidation law or statute, or an answer admitting the material allegations of a petition filed against
him in any proceeding under any such law, or (iii) an order, judgment or decree is entered by any court of competent jurisdiction,
without the application, approval, or consent of the Borrower, approving a petition appointing a receiver, trustee, custodian,
or liquidator of all or a substantial part of the assets of the Borrower and such order, judgment or decree continues unstayed
and in effect for a period of thirty (30) days; provided that if an event specified in (ii) or (iii) above shall occur,
all principal and interest outstanding under this Note shall become automatically due and payable.

 

    	1

    	 

    

 

 

6.Notices.
All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have
been duly given if delivered personally or sent by certified mail, return receipt requested, first-class postage prepaid to the
below listed parties at the following addresses:

 

If to the Lender, to:

 

Fandeck Associates, Inc.

5834 Bridlewood Drive

Richmond, TX 77469

 

If to the Borrower,
at the address set forth at the end of this Note, or to such other address as either party shall have last designated by notice
to the other party. All such notices and communications shall be deemed to have been received on the earlier of the date of receipt
and the 3rd business day after the date of mailing thereof.

 

7.Convertibility.
At any time after March 21, 2013 or an event of default, the Lender may choose to convert the balance due from this Note into shares
of InterCore Energy, Inc., (ICOR) Series C Convertible Preferred Stock, at the price of $0.01 per share, and, by doing so, accept
the payment of shares as payment in full for the outstanding balance.

 

8.Amendments.
No amendment of this Note shall be effective unless in writing and signed by the Borrower and the Lender.

 

9.Waiver.
The Borrower, for himself and his legal representatives and successors, hereby expressly waives presentment, demand, notice, protest,
and all other demands or notices in connection with the delivery, acceptance, endorsement, performance, default, or enforcement
of this Note.

 

10.No Set-Off.
This Note is not subject to set-off by the Borrower for any amounts for any reason. All payments in respect of this Note shall
be made unconditionally in full without any deduction, set-off, counterclaim or other defense.

 

11.Effect
of Delay or Omission. No delay or omission of the Lender in exercising any right or remedy hereunder shall constitute a waiver
of any such right or remedy.

 

12.Costs of
Collection. The Borrower will pay on demand all costs and expenses of collection, including reasonable attorneys' fees, incurred
or paid by the Lender in connection with (a) enforcing this Note or the obligations hereby evidenced, (b) any amendments, modifications
or waivers of the terms hereof or of the Pledge Documents; (c) maintaining and perfecting liens in favor of the Lender, including
filing and recording fees, expenses; and (c) any out-of ·court workout or other refinancing or restructuring or in any bankruptcy
case, including, without limitation, any and all losses, costs and expenses sustained by the Lender as a result of any failure
by the Borrower to perform or observe is obligation contained herein or in the Pledge Documents.

 

    	2

    	 

    

 

 

13.Governing
Law. This Note shall be construed and enforced in accordance with the laws of the State of Texas, without regard to any conflict
of laws rules.

 

14.Headings.
The section and paragraph headings hereof are for convenience of reference only and shall not be deemed to construe or affect the
meaning of any of the provisions hereof.

 

15.Transfer
of Note. The Borrower may not assign, transfer, hypothecate, or otherwise convey its rights, benefits, obligations or duties
hereunder without consent of the Lender.

 

16.Remedies
Note Exclusive. No remedy herein conferred upon the Lender is intended to be exclusive of any other remedy, and each and every
such remedy shall be cumulative and shall be in addition to every right or other remedy now or hereafter existing at law or in
equity or by statute or otherwise.

 

IN
WITNESS WHEREOF, the Borrower has executed this Note as of the date first above written, and by such execution acknowledges each
of the provisions of this Note.

 

 

InterCore Energy, Inc.

By: Claude Brun

Its Chief Executive Officer

 

By:/s/ Claude Brun

Name: Claude Brun

Title: Chief Executive Officer

 

Address:___________________

__________________________

 

    	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]