Document:

cryoport_s1a3-ex0406.htm

     

      
        

      

    

    EXHIBIT
4.6

     

     

    
       

      WARRANT
AGREEMENT

       

      BETWEEN

       

      CRYOPORT,
INC.

       

      AND

       

      [TRANSFER
AGENT]

       

      DATED
AS OF _____________, 2010

       

        
          

        

      

       

      This
Agreement, dated as of __________, 2010, is between CryoPort, Inc., a Nevada
corporation (the “Company”), and [Transfer Agent], a
[                ]
corporation (the “Warrant Agent”).

       

      The
Company, at or about the time that it is entering into this Agreement, proposes
to issue and sell up to _______ shares of the Company’s common stock, $.001 par
value per share (“Common Stock”), and up to __________ warrants, each to
purchase one share of the Common Stock (“Warrant”) pursuant to an effective
registration statement, SEC File No. 333-162350.

       

      The
Company also proposes to issue to Rodman & Renshaw, LLC (the “Underwriter”)
warrants to purchase up to _______ additional shares of Common Stock and
_________ additional Warrants.

       

      The
Company wishes to retain the Warrant Agent to act on behalf of the Company, and
the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exercise, exchange and replacement of the Warrants and
the certificates evidencing the Warrants to be issued under this
Agreement;

       

      The
Company and the Warrant Agent wish to enter into this Agreement to set forth the
terms and conditions of the Warrants and the rights of the holders thereof
(“Warrantholders”) and to set forth the respective rights and obligations of the
Company and the Warrant Agent. Each Warrantholder is an intended beneficiary of
this Agreement with respect to the rights of Warrantholders herein.

       

      NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set
forth, the parties hereto agree as follows:

       

      
        SECTION 1.
Appointment of Warrant Agent

      

       

      The
Company appoints the Warrant Agent to act as agent for the Company in accordance
with the instructions in this Agreement and the Warrant Agent accepts such
appointment.

       

      
        SECTION 2.
Date, Denomination and Execution of Warrant Certificates

      

       

      The
Warrants shall be issuable in book-entry (“Book Entry Warrant Certificates”) or
in physical form (“Warrant Certificates”) (and the Form of Election to Purchase
and the Form of Assignment to be printed on the reverse thereof) and the Warrant
Certificates shall be substantially of the tenor and purport recited in EXHIBIT
A, and may have such letters, numbers or other marks of identification or
designation and such legends, summaries or endorsements printed, lithographed or
engraved thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
law, or with any rule or regulation made pursuant thereto, or with any rule or
regulation of the Depository Trust Company or any stock exchange on which the
Common Stock, or the Warrants may be listed, or to conform to usage. Each
Warrant Certificate shall entitle the registered holder thereof, subject to the
provisions of this Agreement and of the Warrant Certificate, to purchase, on or
before the close of business on [five years], 2015 (the “Expiration Date”), one
fully paid and non-assessable share of Common Stock for each Warrant evidenced
by such Warrant Certificate for $____. The exercise price of the Warrants (the
“Exercise Price”) is subject to adjustments as provided in Section 6
hereof. Each Warrant Certificate issued as described in the recitals, above,
shall be dated _______, 2010; each other Warrant Certificate shall be dated
the date on which the Warrant Agent receives valid issuance instructions from
the Company or a transferring holder of a Warrant Certificate or, if such
instructions specify another date, such other date. Wherever in this Warrant
Agreement, reference is made to delivery of a Warrant Certificate, such
reference shall also include delivery of notice from the Depository or a
Participant (as defined below) of the transfer or exercise of Warrant held in
Book Entry form.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      

      The
Warrant Agent shall maintain books (the “Warrant Register”) for the registration
of original issuance and the registration of transfer of the Warrants. Upon the
initial issuance of the Warrants, the Warrant Agent shall issue and register the
Warrants in the names of the respective holders thereof in such denominations
and otherwise in accordance with instructions delivered to the Warrant Agent by
the Company. All of the Warrants shall initially be represented by one or more
Book-Entry Warrant Certificates deposited with the Depository Trust Company (the
“Depository”) and registered in the name of [                    ], a nominee of the
Depository. Ownership of beneficial interests in the Warrants shall be shown on,
and the transfer of such ownership shall be effected through, records maintained
by (i) the Depository or its nominee for each Book-Entry Warrant
Certificate, or (ii) institutions that have accounts with the Depository
(such institution, with respect to a Warrant in its account, a
“Participant”).

      

      If the
Depository subsequently ceases to make its book-entry settlement system
available for the Warrants, the Company may instruct the Warrant Agent regarding
making other arrangements for book-entry settlement. In the event that the
Warrants are not eligible for, or it is no longer necessary to have the Warrants
available in, book-entry form, the Warrant Agent shall provide written
instructions to the Depository to deliver to the Warrant Agent for cancellation
each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant
Agent to deliver to the Depository definitive certificates representing the
Warrants in physical form evidencing such Warrants. Such definitive Warrant
Certificates shall be in the form annexed hereto as Exhibit A, with
appropriate insertions, modifications, and omissions, as provided
above.

       

      For
purposes of this Agreement, the term “close of business” on any given date shall
mean 5:00 p.m., Eastern time, on such date; provided, however, that if such date
is not a business day, it shall mean 5:00 p.m., Eastern time, on the next
succeeding business day. For purposes of this Agreement, the term “business day”
shall mean any day other than a Saturday, Sunday, or a day on which the New York
Stock Exchange (or banking institutions in the state in which the Warrant Agent
maintains the principal office in which it conducts business related to the
Warrants) are authorized or obligated by law to be closed.

       

      Each
Warrant Certificate shall be executed on behalf of the Company by its
Chairperson of the Board of Directors or Vice Chairperson of the Board of
Directors, or its President or a Vice President, and by its Treasurer or an
Assistant Treasurer, or its Secretary or an Assistant Secretary, either manually
or by facsimile signature printed thereon, and have affixed thereto the
Company’s seal or a facsimile thereof. Each Warrant Certificate shall be
manually or by facsimile signature printed thereon countersigned by the Warrant
Agent and shall not be valid for any purpose unless so countersigned. In case
any officer of the Company who shall have signed any Warrant Certificate shall
cease to be such officer of the Company before countersignature by the Warrant
Agent and issue and delivery thereof by the Company, such Warrant Certificate,
nevertheless, may be countersigned by the Warrant Agent, issued and delivered
with the same force and effect as though the person who signed such Warrant
Certificate had not ceased to be such officer of the Company.

       

      SECTION 3.
Subsequent Issue of Warrant Certificates

       

      Subsequent
to their original issuance, no Warrant Certificates shall be reissued nor Book
entry Warrant Certificates registered for transfer except: (i) Warrant
Certificates issued upon transfer thereof in accordance with Section 4
hereof; (ii) Warrant Certificates issued upon any combination, split-up or
exchange of Warrant Certificates pursuant to Section 4 hereof;
(iii) Warrant Certificates issued in replacement of mutilated, destroyed,
lost or stolen Warrant Certificates pursuant to Section 5 hereof;
(iv) Warrant Certificates issued upon the partial exercise of Warrant
Certificates pursuant to Section 7 hereof; and (v) Warrant
Certificates issued to reflect any adjustment or change in the Exercise Price or
the number or kind of shares purchasable thereunder pursuant to Section 22
hereof. The Warrant Agent is hereby irrevocably authorized to countersign and
deliver, in accordance with the provisions of said Sections 4, 5, 7 and 22, the
new Warrant Certificates required for purposes thereof, and the Company,
whenever required by the Warrant Agent, will supply the Warrant Agent with
Warrant Certificates duly executed on behalf of the Company for such
purposes.

       

      
        SECTION 4.
Transfers and Exchanges of Warrant Certificates

      

       

      The
Warrant Agent will keep or cause to be kept books for registration of ownership
and transfer of the Warrant Certificates and Book Entry Warrant Certificates
issued hereunder. Such registers shall show the names and addresses of the
respective holders of the Warrant Certificates and Book Entry Warrant
Certificates and the kind and number of Warrants evidenced by each such Warrant
Certificate or Book Entry Warrant Certificate.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      The
Warrant Agent shall, from time to time, register the transfer of any outstanding
Warrants upon the books to be maintained by the Warrant Agent for that purpose,
upon surrender of the Warrant Certificate (or delivery of a duly completed Form
of Assignment with respect to Book Entry Warrant Certificates) evidencing such
Warrants, with the Form of Assignment duly filled in and executed with such
signature guaranteed by a financial institution that is a member of a Securities
Transfer Association approved medallion program, to the Warrant Agent at its
offices located in Las Vegas, Nevada, at any time on or before the Expiration
Date of such Warrant, and upon payment to the Warrant Agent for the account of
the Company of an amount equal to any applicable transfer tax. Payment of the
amount of such tax may be made in cash, or by certified or official bank check,
payable in lawful money of the United States of America to the order of the
Company.

       

      Upon
receipt of a Warrant Certificate, with the Form of Assignment duly filled in and
executed, accompanied by payment of an amount equal to any applicable transfer
tax, the Warrant Agent shall promptly cancel the surrendered Warrant Certificate
and countersign and deliver to the transferee a new Warrant Certificate for the
number of full Warrants transferred to such transferee; provided, however, that
in case the registered holder of any Warrant Certificate shall elect to transfer
fewer than all of the Warrants evidenced by such Warrant Certificate, the
Warrant Agent in addition shall promptly countersign and deliver to such
registered holder a new Warrant Certificate or Certificates for the number of
full Warrants not so transferred.

       

      Any
Warrant Certificate or Certificates may be exchanged at the option of the holder
thereof for another Warrant Certificate or Certificates of different
denominations, of like tenor and representing in the aggregate the same kind and
number of Warrants, upon surrender of such Warrant Certificate or Certificates,
with the Form of Assignment duly filled in and executed, to the Warrant Agent,
at any time or from time to time after the close of business on the date hereof
and prior to the close of business on the Expiration Date. The Warrant Agent
shall promptly cancel the surrendered Warrant Certificate and deliver the new
Warrant Certificate pursuant to the provisions of this Section.

       

      SECTION 5.
Mutilated, Destroyed, Lost or Stolen Warrant Certificates

       

      Upon
receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of any Warrant
Certificate, and in the case of loss, theft or destruction, Open Penalty Surety
Bond reasonably satisfactory to them, and reimbursement to them of all
reasonable expenses incidental thereto, and, in the case of mutilation, upon
surrender and cancellation of the Warrant Certificate, the Warrant Agent shall
countersign and deliver a new Warrant Certificate of like tenor for the same
kind and number of Warrants.

       

      
        SECTION 6.
Adjustments of Number and Kind of Shares Purchasable and Exercise
Price

      

       

      The
number and kind of securities or other property purchasable upon exercise of a
Warrant shall be subject to adjustment from time to time upon the occurrence,
after the date hereof, of any of the following events:

       

      A. In
case the Company shall (1) pay a dividend in, or make a distribution of,
shares of capital stock on its outstanding Common Stock, (2) subdivide its
outstanding shares of Common Stock into a greater number of such shares or
(3) combine its outstanding shares of Common Stock into a smaller number of
such shares, the total number of shares of Common Stock purchasable upon the
exercise of each Warrant outstanding immediately prior thereto shall be adjusted
so that the holder of any Warrant Certificate thereafter surrendered for
exercise shall be entitled to receive at the same aggregate Exercise Price the
number of shares of capital stock (of one or more classes) which such holder
would have owned or have been entitled to receive immediately following the
happening of any of the events described above had such Warrant been exercised
in full immediately prior to the record date with respect to such event. Any
adjustment made pursuant to this Subsection shall, in the case of a stock
dividend or distribution, become effective as of the record date therefor and,
in the case of a subdivision or combination, be made as of the effective date
thereof. If, as a result of an adjustment made pursuant to this Subsection, the
holder of any Warrant Certificate thereafter surrendered for exercise shall
become entitled to receive shares of two or more classes of capital stock of the
Company, the Board of Directors of the Company (whose determination shall be
conclusive and shall be evidenced by a Board resolution filed with the Warrant
Agent) shall determine the allocation of the adjusted Exercise Price between or
among shares of such classes of capital stock.

      
        
           

        

        
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      B. In the
event of a capital reorganization or a reclassification of the Common Stock
(except as provided in Subsection A. above or Subsection D. below), any
Warrantholder, upon exercise of Warrants, shall be entitled to receive, in
substitution for the Common Stock to which he would have become entitled upon
exercise immediately prior to such reorganization or reclassification, the
shares (of any class or classes) or other securities or property of the Company
(or cash) that he would have been entitled to receive at the same aggregate
Exercise Price upon such reorganization or reclassification if such Warrants had
been exercised immediately prior to the record date with respect to such event;
and in any such case, appropriate provision (as determined by the Board of
Directors of the Company, whose determination shall be conclusive and shall be
evidenced by a certified Board resolution filed with the Warrant Agent) shall be
made for the application of this Section 6 with respect to the rights and
interests thereafter of the Warrantholders (including but not limited to the
allocation of the Exercise Price between or among shares of classes of capital
stock), to the end that this Section 6 (including the adjustments of the
number of shares of Common Stock or other securities purchasable and the
Exercise Price thereof) shall thereafter be reflected, as nearly as reasonably
practicable, in all subsequent exercises of the Warrants for any shares or
securities or other property (or cash) thereafter deliverable upon the exercise
of the Warrants.

       

      C.
Whenever the number of shares of Common Stock or other securities purchasable
upon exercise of a Warrant is adjusted as provided in this Section 6, the
Company will promptly file with the Warrant Agent a certificate signed by of its
Chief Executive Officer or its President or a Vice President of the Company and
by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant
Secretary of the Company setting forth the number and kind of securities or
other property purchasable upon exercise of a Warrant, as so adjusted, stating
that such adjustments in the number or kind of shares or other securities or
property conform to the requirements of this Section 6, and setting forth a
brief statement of the facts accounting for such adjustments. Promptly after
receipt of such certificate, the Company, or the Warrant Agent at the Company’s
request, will deliver, by first-class, postage prepaid mail, a brief summary
thereof (to be supplied by the Company) to the registered holders of the
outstanding Warrant Certificates; provided, however, that failure to file or to
give any notice required under this Subsection, or any defect therein, shall not
affect the legality or validity of any such adjustments under this
Section 6; and provided, further, that, where appropriate, such notice may
be given in advance and included as part of the notice required to be given
pursuant to Section 12 hereof.

       

      D. In
case of any consolidation of the Company with, or merger of the Company into,
another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Common Stock), or in case
of any sale or conveyance to another corporation of the assets or property of
the Company as an entirety or substantially as an entirety (each a “Fundamental
Transaction”), the
corporation formed by such consolidation or merger or the corporation which
shall have acquired such assets or property, as the case may be, shall execute
and deliver to the Warrant Agent a supplemental warrant agreement providing that
the holder of each Warrant then outstanding shall have the right thereafter
(until the expiration of such Warrant) to receive, upon exercise of such
Warrant, solely the kind and amount of shares of stock and other securities and
property (or cash) receivable upon such consolidation, merger, sale or transfer
by a holder of the number of shares of Common Stock of the Company for which
such Warrant might have been exercised immediately prior to such Fundamental
Transaction. Such supplemental warrant agreement shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments
provided in this Section. The above provision of this Subsection shall similarly
apply to successive Fundamental Transactions.

      
        
           

        

        
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      The
Warrant Agent shall not be under any responsibility to determine the correctness
of any provision contained in any such supplemental warrant agreement relating
to either the kind or amount of shares of stock or securities or property (or
cash) purchasable by holders of Warrant Certificates upon the exercise of their
Warrants after any such consolidation, merger, sale or transfer or of any
adjustment to be made with respect thereto, but subject to the provisions of
Section 20 hereof, may accept as conclusive evidence of the correctness of
any such provisions, and shall be protected in relying upon, a certificate of a
firm of independent certified public accountants (who may be the accountants
regularly employed by the Company) with respect thereto.

       

      E.
Irrespective of any adjustments in the number or kind of shares issuable upon
exercise of Warrants, Warrant Certificates theretofore or thereafter issued may
continue to express the same price and number and kind of shares as are stated
in the similar Warrant Certificates initially issuable pursuant to this Warrant
Agreement.

       

      F. The
Company may retain a firm of independent public accountants of recognized
standing, which may be the firm regularly retained by the Company, selected by
the Audit Committee of the Board of Directors of the Company, and not
disapproved by the Warrant Agent, to make any computation required under this
Section, and a certificate signed by such firm shall, in the absence of fraud or
gross negligence, be conclusive evidence of the correctness of any computation
made under this Section.

       

      G. For
the purpose of this Section, the term “Common Stock” shall mean: (i) the
common stock of the Company, $.001 par value; or (ii) any other class of
stock resulting from successive changes or reclassifications of such Common
Stock consisting solely of changes in par value, or from par value to no par
value, or from no par value to par value. In the event that at any time as a
result of an adjustment made pursuant to this Section, the holder of any Warrant
thereafter surrendered for exercise shall become entitled to receive any shares
of capital stock of the Company other than shares of Common Stock, thereafter
the number of such other shares so receivable upon exercise of any Warrant shall
be subject to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the Common Stock
contained in this Section, and all other provisions of this Agreement, with
respect to the Common Stock, shall apply on like terms to any such other
shares.

       

      H. The
Company may, from time to time and to the extent permitted by law, reduce the
Exercise Price of the Warrants by any amount for a period of not less than 60
days. If the Company so reduces the Exercise Price of such Warrants, it will
give not less than 60 days’ notice of such decrease, which notice may be in the
form of a press release, and shall take such other steps as may be required
under applicable law in connection with any offers or sales of securities at the
reduced price.

       

      SECTION 7.
Exercise of Warrants

       

      The
registered holder of any Warrant Certificate may exercise the Warrants evidenced
thereby, in whole at any time or in part from time to time at or prior to the
close of business, on the Expiration Date relating to such Warrant, subject to
the provisions of Section 9, at which time the Warrant Certificates shall
be and become wholly void and of no value. Warrants may be exercised by their
holders as follows:

       

      A.
Exercise of Warrants shall be accomplished upon surrender of the Warrant
Certificate (or Book Entry Warrant Certificate by a Participant) evidencing such
Warrants, with the Form of Election to Purchase on the reverse side thereof duly
filled in and executed, to the Warrant Agent at its stock transfer office
located in Las Vegas, Nevada or New York drop located in New York, NY, together
with payment to the Company of the Exercise Price (as of the date of such
surrender) of the Warrants then being exercised and an amount equal to any
applicable transfer tax and, if requested by the Company, any other taxes or
governmental charges which the Company may be required by law to collect in
respect of such exercise. Payment of the Exercise Price and other amounts may be
made by wire transfer of good funds, or by certified or bank cashier’s check,
payable in lawful money of the United States of America to the order of the
Company. No adjustment shall be made for any cash dividends, whether paid or
declared, on any securities issuable upon exercise of a Warrant. The Warrant
Agent shall deposit or invest any and all funds received in connection with the
exercise of the Warrants in federally insured, interest bearing accounts with a
financial institution or institutions designated by the Warrant Agent. The
Warrant Agent shall have no liability with respect to the performance of any
such investments other than, in the case of funds deposited in accounts
maintained by the Warrant Agent, the liability of the Warrant Agent to its
depositors in such accounts generally. The Company shall be entitled to the
interest, if any, on funds deposited with the Warrant Agent. At the request of
the Company, the Warrant Agent shall remit any funds held by it as a result of
the exercise of the Warrants to the Company.

      
        
           

        

        
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      B. Upon
receipt of a Warrant Certificate, with the Form of Election to Purchase duly
filled in and executed, accompanied by payment of the Exercise Price of the
Warrants being exercised (and of an amount equal to any applicable taxes or
government charges as aforesaid), the Warrant Agent shall promptly request from
the Transfer Agent (which shall initially be the Warrant Agent) with respect to
the securities to be issued and deliver to or upon the order of the registered
holder of such Warrant Certificate, in such name or names as such registered
holder may designate, within three (3) trading days of the date of such exercise
(the “Warrant Share Delivery Date”), via the DWAC system maintained by the
Depository Trust Company, the number of full shares of the securities to be
purchased, together with cash made available by the Company pursuant to
Section 8 hereof in respect of any fraction of a share of such securities
otherwise issuable upon such exercise. If the Warrant is then exercisable to
purchase property other than securities, the Warrant Agent shall take
appropriate steps to cause such property to be delivered to or upon the order of
the registered holder of such Warrant Certificate. In addition, the Warrant
Agent will deliver to each Warrantholder the then-current prospectus and the
Company agrees to supply Warrant Agent with a sufficient number of prospectuses
to effectuate that purpose.

       

      C. In
case the registered holder of any Warrant Certificate shall exercise fewer than
all of the Warrants evidenced by such Warrant Certificate, the Warrant Agent
shall promptly countersign and deliver to the registered holder of such Warrant
Certificate, or to his duly authorized assigns, a new Warrant Certificate or
Certificates evidencing the number of Warrants that were not so
exercised.

       

      D. Each
person in whose name any certificate for securities is issued upon the exercise
of Warrants shall for all purposes be deemed to have become the holder of record
of the securities represented thereby as of, and such certificate shall be
dated, the date upon which the Warrant Certificate was duly surrendered in
proper form and payment of the Exercise Price (and of any applicable taxes or
other governmental charges) was made; provided, however, that if the date of
such surrender and payment is a date on which the stock transfer books of the
Company are closed, such person shall be deemed to have become the record holder
of such shares as of, and the certificate for such shares shall be dated, the
next succeeding business day on which the stock transfer books of the Company
are open (whether before, on or after the Expiration Date relating to such
Warrant) and the Warrant Agent shall be under no duty to deliver the certificate
for such shares until such date. The Company covenants and agrees that it shall
not cause its stock transfer books to be closed for a period of more than 2
consecutive business days except upon consolidation, merger, sale of all or
substantially all of its assets, dissolution or liquidation or as otherwise
provided by law.

      

      E.  In
addition to any other rights available to the Warrantholder, if the Company
fails to cause its Transfer Agent to transmit to the Warrantholder a certificate
or the certificates representing the Warrant Shares pursuant to an exercise on
or before the Warrant Share Delivery Date, and if after such date the
Warrantholder is required by its broker to purchase (in an open market
transaction or otherwise) or the Warrantholder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the
Warrantholder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the
Company shall (A) pay in cash to the Warrantholder the amount, if any, by which
(x) the Warrantholder’s total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount
obtained by multiplying (1) the number of Warrant Shares that the Company was
required to deliver to the Warrantholder in connection with the exercise at
issue times (2) the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Warrantholder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for
which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Warrantholder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder.  For example, if the Warrantholder
purchases Common Stock having a total purchase price of $11,000 to cover a
Buy-In with respect to an attempted exercise of shares of Common Stock with an
aggregate sale price giving rise to such purchase obligation of $10,000, under
clause (A) of the immediately preceding sentence the Company shall be required
to pay the Warrantholder $1,000. The Warrantholder shall provide the Warrant
Agent and the Company written notice indicating the amounts payable to the
Warrantholder in respect of the Buy-In and, upon request of the Company,
evidence of the amount of such loss.

      
        
           

        

        
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        SECTION 8.
Fractional Interests

      

       

      The
Company shall not issue any Warrant Certificate evidencing a fraction of a
Warrant, nor shall the Company issue any fractional share of securities upon
exercise of a Warrant. By accepting a Warrant Certificate, the holder thereof
expressly waives any right to receive a Warrant Certificate evidencing any
fraction of a Warrant or to receive any fractional share of securities upon
exercise of a Warrant.

       

      
        SECTION 9.
Reservation of Equity Securities

      

       

      The
Company covenants that it will at all times reserve and keep available, free
from any pre-emptive rights, out of its authorized and unissued equity
securities, solely for the purpose of issue upon exercise of the Warrants, such
number of shares of equity securities of the Company as shall then be issuable
upon the exercise of all outstanding Warrants (“Equity Securities”). The Company
covenants that all Equity Securities which shall be so issuable shall, upon such
issue, be duly authorized, validly issued, fully paid and
non-assessable.

       

      The
Company covenants that if any equity securities, required to be reserved for the
purpose of issue upon exercise of the Warrants hereunder, require registration
with or approval of any governmental authority under any federal or state law
before such shares may be issued upon exercise of Warrants, the Company will use
all commercially reasonable efforts to cause such securities to be duly
registered, or approved, as the case may be, and, to the extent practicable,
take all such action in anticipation of and prior to the exercise of the
Warrants, including, without limitation, filing any and all post-effective
amendments to the Company’s Registration Statement on Form S-1 necessary to
permit the issuance of the securities underlying the Warrants to the
Warrantholder at any and all times and to obtain any necessary Blue Sky
registrations or qualifications.

       

      If at the
time of exercise hereof there is no effective registration statement
registering, or the prospectus contained therein is not available for the
issuance of the Warrant Shares to the Warrantholder and all of the Warrant
Shares are not then registered for resale by the Warrantholder into the market
at market prices from time to time on an effective registration statement for
use on a continuous basis (or the prospectus contained therein is not available
for use), then this Warrant may also be exercised, in whole or in part, at such
time by means of a “cashless exercise” in which the Warrantholder shall be
entitled to receive a certificate for the number of Warrant Shares equal to the
quotient obtained by dividing [(A-B) (X)] by (A), where:

       

      
        
          
            	
                  	
                    (A)
      = 

                  	
                    the
      VWAP on the trading day immediately preceding the date on which Holder
      elects to exercise this Warrant by means of a “cashless exercise,” as set
      forth in the applicable Notice of
Exercise;

                  

          

        

      

       

      
        
          	
                	
                  (B)
      = 

                	
                  the
      Exercise Price of this Warrant, as adjusted hereunder;
  and

                

        

      

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      

       

      
        
          	
                	
                  (X)
      = 

                	
                  the
      number of Warrant Shares that would be issuable upon exercise of this
      Warrant in accordance with the terms of this Warrant if such exercise were
      by means of a cash exercise rather than a cashless
    exercise.

                

        

      

       

      “VWAP” means, for any
date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a national securities
exchange, the daily volume weighted average price of the Common Stock for such
date (or the nearest preceding date) on such exchange as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m.
(New York City time), (b) the volume weighted average price of the Common
Stock for such date (or the nearest preceding date) on the OTC Bulletin Board,
(c) if the Common Stock is not then listed or quoted for trading on the OTC
Bulletin Board and if prices for the Common Stock are then reported in the “Pink
Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per
share of the Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent
appraiser selected in good faith by the Holders of a majority in interest of the
Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

       

      
        SECTION 10.
Reduction of Exercise Price Below Par Value

      

       

      Before
taking any action that would cause an adjustment pursuant to Section 6
hereof reducing the portion of the Exercise Price required to purchase one share
of capital stock below the then par value (if any) of a share of such capital
stock, the Company will use its best efforts to take any corporate action which,
in the opinion of its counsel, may be necessary in order that the Company may
validly and legally issue fully paid and non-assessable shares of such capital
stock.

       

      
        SECTION 11.
Payment of Taxes

      

       

      The
Company covenants and agrees that it will pay when due and payable any and all
federal and state documentary, stamp and other original issue taxes which may be
payable in respect of the original issuance of the Warrant Certificates, or any
shares of Common Stock or other securities upon the exercise of Warrants. The
Company shall not, however, be required (i) to pay any tax which may be
payable in respect of any transfer involved in the transfer and delivery of
Warrant Certificates or the issuance or delivery of certificates for Common
Stock or other securities in a name other than that of the registered holder of
the Warrant Certificate surrendered for purchase or (ii) to issue or
deliver any certificate for shares of Common Stock or other securities upon the
exercise of any Warrant Certificate until any such tax shall have been paid, all
such tax being payable by the holder of such Warrant Certificate at the time of
surrender.

       

      
        SECTION 12.
Notice of Certain Corporate Action

      

       

      In case
the Company after the date hereof shall propose (i) to offer to the holders
of Common Stock, generally, rights to subscribe to or purchase any additional
shares of any class of its capital stock, any evidences of its indebtedness or
assets, or any other rights or options or (ii) to effect any
reclassification of Common Stock (other than a reclassification involving merely
the subdivision or combination of outstanding shares of Common Stock) or any
capital reorganization, or any consolidation or merger to which the Company is a
party and for which approval of any stockholders of the Company is required, or
any sale, transfer or other disposition of its property and assets substantially
as an entirety, or the liquidation, voluntary or involuntary dissolution or
winding-up of the Company, then, in each such case, the Company shall file with
the Warrant Agent and the Company, or the Warrant Agent on the Company’s behalf
and at the Company’s request, shall mail (by first-class, postage prepaid mail)
to all registered holders of the Warrant Certificates notice of such proposed
action, which notice shall specify the date on which the books of the Company
shall close or a record be taken for such offer of rights or options, or the
date on which such reclassification, reorganization, consolidation, merger,
sale, transfer, other disposition, liquidation, voluntary or involuntary
dissolution or winding-up shall take place or commence, as the case may be, and
which shall also specify any record date for determination of holders of Common
Stock entitled to vote thereon or participate therein and shall set forth such
facts with respect thereto as shall be reasonably necessary to indicate any
adjustments in the Exercise Price and the number or kind of shares or other
securities purchasable upon exercise of Warrants which will be required as a
result of such action. Such notice shall be filed and mailed in the case of any
action covered by clause (i) above, at least ten days prior to the record
date for determining holders of the Common Stock for purposes of such action or,
if a record is not to be taken, the date as of which the holders of shares of
Common Stock of record are to be entitled to such offering; and, in the case of
any action covered by clause (ii) above, at least 20 days prior to the
earlier of the date on which such reclassification, reorganization,
consolidation, merger, sale, transfer, other disposition, liquidation, voluntary
or involuntary dissolution or winding-up is expected to become effective and the
date on which it is expected that holders of shares of Common Stock of record on
such date shall be entitled to exchange their shares for securities or other
property deliverable upon such reclassification, reorganization, consolidation,
merger, sale, transfer, other disposition, liquidation, voluntary or involuntary
dissolution or winding-up.

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      

       

      Failure
to give any such notice or any defect therein shall not affect the legality or
validity of any transaction listed in this Section 12.

       

      
        SECTION 13.
Disposition of Proceeds on Exercise of Warrant Certificates,
etc.

      

       

      The
Warrant Agent shall account promptly to the Company with respect to Warrants
exercised and concurrently pay to the Company all monies received by the Warrant
Agent for the purchase of securities or other property through the exercise of
such Warrants.

       

      The
Warrant Agent shall keep copies of this Agreement available for inspection by
Warrantholders during normal business hours at its stock transfer office. Copies
of this Agreement may be obtained upon written request addressed to the Warrant
Agent at its stock transfer office located in ______________.

       

      
        SECTION 14.
Warrantholder Not Deemed a Stockholder

      

       

      No
Warrantholder, as such, shall be entitled to vote, receive dividends or be
deemed the holder of Common Stock or any other securities of the Company which
may at any time be issuable on the exercise of the Warrants represented thereby
for any purpose whatever, nor shall anything contained herein or in any Warrant
Certificate be construed to confer upon any Warrantholder, as such, any of the
rights of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par
value or change of stock to no par value, consolidation, merger, conveyance or
otherwise), or to receive notice of meetings or other actions affecting
stockholders (except as provided in Section 12 hereof), or to receive
dividend or subscription rights, or otherwise, until such Warrant Certificate
shall have been exercised in accordance with the provisions hereof and the
receipt of the Exercise Price and any other amounts payable upon such exercise
by the Warrant Agent.

      

      
        SECTION 15.
Right of Action

      

       

      All
rights of action in respect to this Agreement are vested in the respective
registered holders of the Warrant Certificates; and any registered holder of any
Warrant Certificate, without the consent of the Warrant Agent or of any other
holder of a Warrant Certificate, may, in his own behalf for his own benefit,
enforce, and may institute and maintain any suit, action or proceeding against
the Company suitable to enforce, or otherwise in respect of, his right to
exercise the Warrants evidenced by such Warrant Certificate, for the purchase of
shares of the Common Stock in the manner provided in the Warrant Certificate and
in this Agreement.

       

      
        SECTION 16.
Agreement of Holders of Warrant Certificates

      

       

      Every
holder of a Warrant Certificate by accepting the same consents and agrees with
the Company, the Warrant Agent and with every other holder of a Warrant
Certificate that:

       

      A. the
Warrant Certificates are transferable on the registry books of the Warrant Agent
only upon the terms and conditions set forth in this Agreement; and

       

      B. the
Company and the Warrant Agent may deem and treat the person in whose name the
Warrant Certificate is registered as the absolute owner of the Warrant
(notwithstanding any notation of ownership or other writing thereon made by
anyone other than the Company or the Warrant Agent) for all purposes whatever
and neither the Company nor the Warrant Agent shall be affected by any notice to
the contrary.

       

      
        SECTION 17.
Cancellation of Warrant Certificates

      

       

      The
Warrant Agent shall cancel any Warrant Certificate delivered to it for exercise,
in whole or in part, or delivered to it for transfer, split-up, combination or
exchange. Warrant Certificates so canceled shall be retained by the Warrant
Agent or disposed of in accordance with its customary business practices
relating to such matters; provided that the Warrant Agent shall give the Company
notice prior to its disposition or destruction of the Warrant
Certificates.

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      
        SECTION 18.
Concerning the Warrant Agent

      

       

      The
Company agrees to pay to the Warrant Agent from time to time, upon receipt of a
written demand of the Warrant Agent, reasonable compensation for all services
rendered by it hereunder and also its reasonable expenses, including counsel
fees, and other disbursements incurred in the administration and execution of
this Agreement and the exercise and performance of its duties hereunder. The
Warrant Agent agrees to use its best efforts to submit in advance a written
estimate of any costs in excess of $2,500 that it expects to incur in the
exercise and performance of its duties hereunder. The Company also agrees to
indemnify the Warrant Agent for, and to hold it harmless against, any loss,
liability or expense, incurred without gross negligence, bad faith or willful
misconduct on the part of the Warrant Agent, arising out of or in connection
with the acceptance and administration of this Agreement.

       

      
        SECTION 19.
Merger or Consolidation or Change of Name of Warrant Agent

      

       

      Any
corporation into which the Warrant Agent may be merged or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to
which the Warrant Agent shall be a party, or any corporation succeeding to the
corporate trust business of the Warrant Agent, shall be the successor to the
Warrant Agent hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto, provided that such
corporation would be eligible for appointment as a successor warrant agent under
the provisions of Section 21 hereof. In case at the time such successor to
the Warrant Agent shall succeed to the agency created by this Agreement, any of
the Warrant Certificates shall have been countersigned but not delivered, any
such successor to the Warrant Agent may adopt the countersignature of the
original Warrant Agent and deliver such Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates shall not have been
countersigned, any successor to the Warrant Agent may countersign such Warrant
Certificates either in the name of the predecessor Warrant Agent or in the name
of the successor Warrant Agent; and in all such cases such Warrant Certificates
shall have the full force provided in the Warrant Certificates and in this
Agreement.

       

      In case
at any time the name of the Warrant Agent shall be changed and at such time any
of the Warrant Certificates shall have been countersigned but not delivered, the
Warrant Agent may adopt the countersignature under its prior name and deliver
Warrant Certificates so countersigned; and in case at that time any of the
Warrant Certificates shall not have been countersigned, the Warrant Agent may
countersign such Warrant Certificates either in its prior name or in its changed
name; and in all such cases such Warrant Certificates shall have the full force
provided in the Warrant Certificates and in this Agreement.

       

      
        SECTION 20.
Duties of Warrant Agent

      

       

      The
Warrant Agent undertakes the duties and obligations imposed by this Agreement
upon the following terms and conditions, by all of which the Company and the
holders of Warrant Certificates, by their acceptance thereof, shall be
bound:

       

      A. The
Warrant Agent may consult with counsel satisfactory to it (who may be counsel
for the Company), and the opinion of such counsel shall be full and complete
authorization and protection to the Warrant Agent as to any action taken,
suffered or omitted by it in good faith and in accordance with such opinion;
provided, however, that the Warrant Agent shall have exercised reasonable care
in the selection of such counsel. Fees and expenses of such counsel, to the
extent reasonable, shall be paid by the Company, and subject to the provisions
of Section 18 hereof.

       

      B.
Whenever in the performance of its duties under this Agreement, the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved or
established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and established
by a certificate signed by a Chairperson or co-Chairperson of the Board or the
President or a Vice President or the Secretary of the Company and delivered to
the Warrant Agent; and such certificate shall be full authorization to the
Warrant Agent for any action taken or suffered in good faith by it under the
provisions of this Agreement in reliance upon such certificate.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      C. The
Warrant Agent shall be liable hereunder only for its own gross negligence, bad
faith or willful misconduct.

       

      D. The
Warrant Agent shall not be liable for or by reason of any of the statements of
fact or recitals contained in this Agreement or in the Warrant Certificates
(except its countersignature on the Warrant Certificates and such statements or
recitals as describe the Warrant Agent or action taken or to be taken by it) or
be required to verify the same, but all such statements and recitals are and
shall be deemed to have been made by the Company only.

       

      E. The
Warrant Agent shall not be under any responsibility in respect of the validity
of this Agreement or the execution and delivery hereof (except the due execution
hereof by the Warrant Agent) or in respect of the validity or execution of any
Warrant Certificate (except its countersignature thereof); nor shall it be
responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Warrant Certificate; nor shall it be responsible for
the making of any change in the number of shares of Common Stock for which a
Warrant is exercisable required under the provisions of Section 6 or
responsible for the manner, method or amount of any such change or the
ascertaining of the existence of facts that would require any such adjustment or
change (except with respect to the exercise of Warrant Certificates after actual
notice of any adjustment of the Exercise Price); nor shall it by any act
hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any shares of Common Stock to be issued pursuant
to this Agreement or any Warrant Certificate or as to whether any shares of
Common Stock will, when issued, be validly issued, fully paid and
non-assessable.

       

      F. The
Warrant Agent shall be under no obligation to institute any action, suit or
legal proceeding or take any other action likely to involve expense unless the
Company or one or more registered holders of Warrant Certificates shall furnish
the Warrant Agent with reasonable security and indemnity for any costs and
expenses which may be incurred. All rights of action under this Agreement or
under any of the Warrants may be enforced by the Warrant Agent without the
possession of any of the Warrants or the production thereof at any trial or
other proceeding relative thereto, and any such action, suit or proceeding
instituted by the Warrant Agent shall be brought in its name as Warrant Agent,
and any recovery of judgment shall be for the ratable benefit of the registered
holders of the Warrant Certificates, as their respective rights or interests may
appear.

       

      G. The
Warrant Agent and any stockholder, director, officer or employee of the Warrant
Agent may buy, sell or deal in any of the Warrants or other securities of the
Company or become pecuniarily interested in any transaction in which the Company
may be interested, or contract with or lend money to or otherwise act as fully
and freely as though it were not Warrant Agent under this Agreement. Nothing
herein shall preclude the Warrant Agent from acting in any other capacity for
the Company or for any other legal entity.

       

      H. The
Warrant Agent is hereby authorized and directed to accept instructions with
respect to the performance of its duties hereunder from a Chairman or
co-Chairman of the Board or President or a Vice President or the Secretary or
the Controller of the Company, and to apply to such officers for advice or
instructions in connection with the Warrant Agent’s duties, and it shall not be
liable for any action taken or suffered or omitted by it in good faith in
accordance with instructions of any such officer.

       

      I. The
Warrant Agent will not be responsible for any failure of the Company to comply
with any of the covenants contained in this Agreement or in the Warrant
Certificates to be complied with by the Company.

       

      J. The
Warrant Agent may execute and exercise any of the rights or powers hereby vested
in it or perform any duty hereunder either itself or by or through its
attorneys, agents or employees and the Warrant Agent shall not be answerable or
accountable for any act, default, neglect or misconduct of any such attorneys,
agents or employees or for any loss to the Company resulting from such neglect
or misconduct; provided, however, that reasonable care shall have been exercised
in the selection and continued employment of such attorneys, agents and
employees.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

       

      K. The
Warrant Agent will not incur any liability or responsibility to the Company or
to any holder of any Warrant Certificate for any action taken, or any failure to
take action, in reliance on any notice, resolution, waiver, consent, order,
certificate, or other paper, document or instrument reasonably believed by the
Warrant Agent to be genuine and to have been signed, sent or presented by the
proper party or parties.

       

      L. The
Warrant Agent will act hereunder solely as agent of the Company in a ministerial
capacity, and its duties will be determined solely by the provisions hereof. The
Warrant Agent will not be liable for anything which it may do or refrain from
doing in connection with this Agreement except for its own gross negligence, bad
faith or willful conduct.

       

      
        SECTION 21.
Change of Warrant Agent

      

       

      The
Warrant Agent may resign and be discharged from its duties under this Agreement
upon 30 days’ prior notice in writing mailed, by registered or certified mail,
to the Company. The Company may remove the Warrant Agent or any successor
warrant agent upon 30 days’ prior notice in writing, mailed to the Warrant Agent
or successor warrant agent, as the case may be, by registered or certified mail.
If the Warrant Agent shall resign or be removed or shall otherwise become
incapable of acting, the Company shall appoint a successor to the Warrant Agent
and shall, within 15 days following such appointment, give notice thereof in
writing to each registered holder of the Warrant Certificates. If the Company
shall fail to make such appointment within a period of 15 days after giving
notice of such removal or after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated Warrant Agent, then
the Company agrees to perform the duties of the Warrant Agent hereunder until a
successor Warrant Agent is appointed. After appointment and execution of a copy
of this Agreement in effect at that time, the successor Warrant Agent shall be
vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Warrant Agent without further act or deed; but the
former Warrant Agent shall deliver and transfer to the successor Warrant Agent,
within a reasonable time, any property at the time held by it hereunder, and
execute and deliver any further assurance, conveyance, act or deed necessary for
the purpose. Failure to give any notice provided for in this Section, however,
or any defect therein shall not affect the legality or validity of the
resignation or removal of the Warrant Agent or the appointment of the successor
warrant agent, as the case may be.

       

      
        SECTION 22.
Issuance of New Warrant Certificates

      

       

      Notwithstanding
any of the provisions of this Agreement or the several Warrant Certificates to
the contrary, the Company may, at its option, issue new Warrant Certificates in
such form as may be approved by its Board of Directors to reflect any adjustment
or change in the Exercise Price or the number or kind of shares purchasable
under the several Warrant Certificates made in accordance with the provisions of
this Agreement, or to make all Warrant Certificates Book Entry
Certificates.

       

      
        SECTION 23.
Notices

      

       

      Notice or
demand pursuant to this Agreement to be given or made on the Company by the
Warrant Agent or by the registered holder of any Warrant Certificate shall be
sufficiently given or made if sent by first class mail, postage prepaid,
addressed (until another address is filed in writing by the Company with the
Warrant Agent) as follows:

       

      CryoPort,
Inc.

      20382
Barents Sea Circle

      Lake
Forest, CA 92630

      Attention:
Larry G. Stambaugh, Chairman and CEO

       

      Subject
to the provisions of Section 21, any notice pursuant to this Agreement to
be given or made by the Company or by the holder of any Warrant Certificate to
or on the Warrant Agent shall be sufficiently given or made if sent by
first-class or registered mail, postage prepaid, addressed (until another
address is filed in writing by the Warrant Agent with the Company) as
follows:

       

      

      

      

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      Any
notice or demand authorized to be given or made to the registered holder of any
Warrant Certificate under this Agreement shall be sufficiently given or made if
sent by first-class or registered mail, postage prepaid, to the last address of
such holder as it shall appear on the registers maintained by the Warrant
Agent.

      

      
        SECTION 24.
Modification of Agreement

      

       

      The
Warrant Agent may, without the consent or concurrence of the Warrantholders, by
supplemental agreement or otherwise, concur with the Company in making any
changes or corrections in this Agreement that the Warrant Agent shall have been
advised by counsel (who may be counsel for the Company) are necessary or
desirable to cure any ambiguity or to correct any defective or inconsistent
provision or clerical omission or mistake or manifest error herein contained, or
to make any other provisions in regard to matters or questions arising hereunder
and which shall not be inconsistent with the provisions of the Warrant
Certificates and which shall not adversely affect the interests of the
Warrantholders. As of the date hereof, this Agreement contains the entire and
only agreement, understanding, representation, condition, warranty or covenant
between the parties hereto with respect to the matters herein, supersedes any
and all other agreements between the parties hereto relating to such matters,
and may be modified or amended only by a written agreement signed by both
parties hereto pursuant to the authority granted by the first sentence of this
Section.

       

      
        SECTION 25.
Successors

      

       

      All the
covenants and provisions of this Agreement by or for the benefit of the Company
or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns hereunder.

       

      
         SECTION 26.
Nevada Contract

      

       

      This
Agreement and each Warrant Certificate issued hereunder shall be deemed to be a
contract made under the laws of the State of Nevada and for all purposes shall
be construed in accordance with the laws of said State.

       

      
        SECTION 27.
Termination

      

       

      This
Agreement shall terminate as of the close of business on the Expiration Date, or
such earlier date upon which all Warrants shall have been exercised or redeemed,
except that the Warrant Agent shall account to the Company as to all Warrants
outstanding and all cash held by it as of the close of business on the
Expiration Date.

       

      
         SECTION 28.
Benefits of this Agreement

      

       

      Nothing
in this Agreement or in the Warrant Certificates shall be construed to give to
any person or corporation other than the Company, the Warrant Agent, and their
respective successors and assigns hereunder and the registered holders of the
Warrant Certificates any legal or equitable right, remedy or claim under this
Agreement; but this Agreement shall be for the sole and exclusive benefit of the
Company, the Warrant Agent, their respective successors and assigns hereunder
and the registered holders of the Warrant Certificates.

       

      
        SECTION 29.
Descriptive Headings

      

       

      The
descriptive headings of the several Sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof.

       

      
        SECTION 30.
Counterparts

      

       

      This
Agreement may be executed in any number of counterparts, each of which shall be
an original, but such counterparts shall together constitute one and the same
instrument.

       

      (Remainder
of page intentionally left blank; signature page follows)

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed, all as of the day and year first above written.

      

      
        	 
      	
                CRYOPORT,
      INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By___________________________________

              
	 
      	
                     Name:

              
	 
      	
                     Title:

              
	 
      	 
      
	 
      	
                [TRANSFER
      AGENT]

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                By:___________________________________

              
	 
      	
                     Name:

              
	 
      	
                     Title:

              
	 
      	 
      

      

      

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      

       

      

      EXHIBIT
A

       

      VOID
AFTER 5:00 P.M. EASTERN TIME ON _______, 2015

       

      WARRANTS
TO PURCHASE COMMON STOCK

       

      
        	 
      	 
      	 
      
	
                No.
      W-                    

              	 
      	
                                    
      Warrants

              

      

       

      CRYOPORT,
INC.

       

      
        	
                 
      

              	
                THIS
      CERTIFIES THAT

              

      

       

      or
registered assigns, is the registered holder of the number of Warrants
(“WARRANTS”) set forth above. Each Warrant, unless and until redeemed by the
Company as provided in the Warrant Agreement, hereinafter more fully described
(the “WARRANT AGREEMENT”), entitles the holder thereof to purchase from
CryoPort, Inc., a corporation incorporated under the laws of the State of Nevada
(the “COMPANY”), subject to the terms and conditions set forth hereinafter and
in the Warrant Agreement before the close of business on ________, 2015
(“EXPIRATION DATE”), one fully paid and non-assessable share of Common Stock,
$.001 par value per share, of the Company (“COMMON STOCK”) upon presentation and
surrender of this Warrant Certificate, with the instructions for the
registration and delivery of Common Stock filled in, at the stock transfer
office of [] located in [, Warrant Agent of the Company (“WARRANT AGENT”) or of
its successor warrant agent or, if there be no successor warrant agent, at the
corporate offices of the Company, and upon payment of the Exercise Price (as
defined in the Warrant Agreement) and any applicable taxes paid either in cash,
or by certified or official bank check, payable in lawful money of the United
States of America to the order of the Company. Each Warrant initially entitles
the holder to purchase one share of Common Stock for $______. The number and
kind of securities or other property for which the Warrants are exercisable are
subject to adjustment in certain events, such as mergers, splits, stock
dividends, reverse splits and the like, to prevent dilution.

       

      This
Warrant Certificate is subject to all of the terms, provisions and conditions of
the Warrant Agreement, dated as of ________, 2010, between the Company and the
Warrant Agent, to all of which terms, provisions and conditions the registered
holder of this Warrant Certificate consents by acceptance hereof. The Warrant
Agreement is incorporated herein by reference and made a part hereof and
reference is made to the Warrant Agreement for a full description of the rights,
limitations of rights, obligations, duties and immunities of the Warrant Agent,
the Company and the holders of the Warrant Certificates. Copies of the Warrant
Agreement are available for inspection at the stock transfer office of the
Warrant Agent or may be obtained upon written request addressed to the Company
at CryoPort, Inc., 20382 Barents Sea Circle, Lake Forest, CA 92630, Attention:
Chief Financial Officer.

       

      The
Company shall not be required upon the exercise of the Warrants evidenced by
this Warrant Certificate to issue fractions of Warrants, Common Stock or other
securities, but shall make adjustment therefor in cash on the basis of the
current market value of any fractional interest as provided in the Warrant
Agreement.

       

      In
certain cases, the sale of securities by the Company upon exercise of Warrants
may violate the securities laws of the United States, certain states thereof or
other jurisdictions. The Company has agreed to use all commercially reasonable
efforts to cause a registration statement to continue to be effective during the
term of the Warrants with respect to such sales under the Securities Act of
1933, and to take such action under the laws of various states as may be
required to cause the sale of securities upon exercise to be lawful. However,
the Company will not be required to honor the exercise of Warrants if, in the
opinion of the Board of Directors, upon advice of counsel, the sale of
securities upon such exercise would be unlawful. In any such case, the holder
shall have the right of cashless, or net exercise, as set forth in Section 9 of
the Warrant Agreement.

       

      This
Warrant Certificate, with or without other Certificates, upon surrender to the
Warrant Agent, any successor warrant agent or, in the absence of any successor
warrant agent, at the corporate offices of the Company, may be exchanged for
another Warrant Certificate or Certificates evidencing in the aggregate the same
number of Warrants as the Warrant Certificate or Certificates so surrendered. If
the Warrants evidenced by this Warrant Certificate shall be exercised in part,
the holder hereof shall be entitled to receive upon surrender hereof another
Warrant Certificate or Certificates evidencing the number of Warrants not so
exercised.

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

       

      No holder
of this Warrant Certificate, as such, shall be entitled to vote, receive
dividends or be deemed the holder of Common Stock or any other securities of the
Company which may at any time be issuable on the exercise hereof for any purpose
whatsoever, nor shall anything contained in the Warrant Agreement or herein be
construed to confer upon the holder of this Warrant Certificate, as such, any of
the rights of a stockholder of the Company or any right to vote for the election
of directors or upon any matter submitted to stockholders at any meeting thereof
or give or withhold consent to any corporate action (whether upon any matter
submitted to stockholders at any meeting thereof, or give or withhold consent to
any merger, recapitalization, issuance of stock, reclassification of stock,
change of par value or change of stock to no par value, consolidation,
conveyance or otherwise) or to receive notice of meetings or other actions
affecting stockholders (except as provided in the Warrant Agreement) or to
receive dividends or subscription rights or otherwise until the Warrants
evidenced by this Warrant Certificate shall have been exercised and the Common
Stock purchasable upon the exercise thereof shall have become deliverable as
provided in the Warrant Agreement.

       

      If this
Warrant Certificate shall be surrendered for exercise within any period during
which the transfer books for the Company’s Common Stock or other class of stock
purchasable upon the exercise of the Warrants evidenced by this Warrant
Certificate are closed for any purpose, the Company shall not be required to
make delivery of certificates for shares purchasable upon such transfer until
the date of the reopening of said transfer books.

       

      Every
holder of this Warrant Certificate by accepting the same consents and agrees
with the Company, the Warrant Agent, and with every other holder of a Warrant
Certificate that:

       

      (a) this
Warrant Certificate is transferable on the registry books of the Warrant Agent
only upon the terms and conditions set forth in the Warrant Agreement,
and

       

      (b) the
Company and the Warrant Agent may deem and treat the person in whose name this
Warrant Certificate is registered as the absolute owner hereof (notwithstanding
any notation of ownership or other writing thereon made by anyone other than the
Company or the Warrant Agent) for all purposes whatsoever and neither the
Company nor the Warrant Agent shall be affected by any notice to the contrary.
The Company shall not be required to issue or deliver any certificate for shares
of Common Stock or other securities upon the exercise of Warrants evidenced by
this Warrant Certificate until any tax which may be payable in respect thereof
by the holder of this Warrant Certificate pursuant to the Warrant Agreement
shall have been paid, such tax being payable by the holder of this Warrant
Certificate at the time of surrender.

       

      This
Warrant Certificate shall not be valid or obligatory for any purpose until it
shall have been countersigned by the Warrant Agent.

       

      WITNESS
the facsimile signatures of the proper officers of the Company and its corporate
seal.

       

      Dated:

       

      
        	 
      	 
      	 
      	 
      	 
      
	
                CRYOPORT,
      INC.

              
	 
      
	
                CORPORATE

              
	 
      	 
      	 
      
	
                [             ]

              	SEAL	
                  

              	
                Larry
      M. Stambaugh

              
	 
      	 
      	 
      
	 
      	NEVADA	
                  

              	 
      
	 
      	 
      	 
      
	
                SECRETARY

              	
                  

              	
                  

              	
                PRESIDENT

              

      

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      

      
        	 
      	 
      	 
      
	
                Countersigned:

              
	 
      
	
                [                                ]

                WARRANT
      AGENT

              
	 
      	 
      
	
                By:

              	 
      	 
      
	 
      	 
      	
                Authorized
      Officer

              

      

       

      

      The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations.

       

      
        	 
      	 
      	 
      	 
      	 
      
	
                TEN
      COM

              	 
      	
                —

              	
                  

              	
                as
      tenants in common

              
	
                TEN
      ENT

              	 
      	
                —

              	
                  

              	
                as
      tenants by the entireties

              
	
                JT
      TEN

              	 
      	
                —

              	
                  

              	
                as
      joint tenants with rights of survivorship and not as tenants in
      common

              
	
                COM PROP

              	 
      	
                —

              	
                  

              	
                as
      community property

              

      

       

      
        	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                UNIF
      GIFT MIN ACT

              	 
      	
                —

              	 
      	 
      	 
      	 
      	
                  

              	
                Custodian

              	
                  

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
                (Cust)

              	
                  

              	 
      	
                  

              	
                (minor)

              
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
                under
      Uniform Gifts to Minors Act

              	
                  

              	 
      	
                  

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
                  

              	 
      	
                  

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
                (State)

              	
                  

              	 
      	
                  

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                UNIF
      TRF MIN ACT

              	 
      	
                —

              	 
      	 
      	 
      	 
      	
                  

              	
                Custodian

              	
                  

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
                (Cust)

              	
                  

              	 
      	
                  

              	
                (minor)

              
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
                under
      Uniform Transfers to Minors Act

              	
                  

              	 
      	
                  

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
                  

              	 
      	
                  

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
                (State)

              	
                  

              	 
      	
                  

              	 
      

      

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      

       

      FORM
OF EXERCISE

      (To be
executed upon exercise of Warrant)

       

      
        	
                 
      

              	
                To:
      CryoPort, Inc.

              

      

       

      The
undersigned, pursuant to the provisions set forth in the within Warrant
Certificate, hereby irrevocably elects to exercise the right of purchase
represented thereby, and hereby agrees to subscribe for and to purchase shares
of the Common Stock of CryoPort, Inc. (“Common Shares”), as provided for
therein, and tenders herewith payment of the purchase price in full in cash or
by wire transfer, check, draft, money order or certified or bank cashier’s check
in the amount of
$                   
(or, if available pursuant to Section 9 of the Warrant Agreement, by “cashless
exercise” and the number of Common Shares to be issued shall
be:_____________ ).

       

      Please
issue a certificate or certificates for such Common Shares in the name of the
undersigned. If the number of Common Shares purchased hereby shall not be all
the Common Shares purchasable under the within Warrant Certificate, a new
Warrant Certificate is to be issued in the name of the undersigned for the
balance remaining of the Common Shares purchasable thereunder.

       

      
        	 
      	 
      	 
      
	 
      	 
      
	
                Name:

              	 
      	 
      
	 
      	 
      	
                (Please
      Print Name and Address)

              
	 
      	 
      
	
                Address:

              	 
      	 
      
	 
      	 
      
	 
      	 
      	
                 

                 

                DWAC
      delivery instructions:

              
	 
      	 
      
	
                Signature(s):

              	 
      	 
      
	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                Note:
      This above signature(s) must correspond with the name on the face of this
      Warrant Certificate or with the name of the assignee appearing in the
      assignment form below.

              
	 
      	 
      
	
                Date:

              	 
      	 
      

      

       

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      

       

      FORM
OF ASSIGNMENT

      (TO BE
SIGNED ONLY UPON ASSIGNMENT)

       

      FOR VALUE
RECEIVED, the undersigned Registered Holder (                                        
                                        
            )

       

      
        	 
      	 
      	 
      
	 
      

      

      (Please
insert social security or other identification number of Registered
Holder)

       

      hereby
sells, assigns and transfers unto

       

      
        	 
      	 
      	 
      
	 
      
	 
      
	 
      
	 
      
	 
      
	 
      
	
                (Please
      Print Name and Address including Zip
Code)

              

      

       

      Warrants
evidenced by the within Warrant Certificate, and irrevocably constitutes and
appoints                                         
                                
attorney to transfer this Warrant Certificate on the books of CryoPort, Inc.
with the full power of substitution in the premises.

       

      
        	 
      	 
      	 
      
	
                Dated:

              	 
      	 
      
	 
      
	
                Signature(s):

              
	 
      
	 
      
	 
      
	 
      
	
                (Signature(s)
      must conform in all respects to the name of Registered Holder as specified
      on the face of this Warrant Certificate in every particular, without
      alteration or any change whatsoever, and the signature(s) must be
      guaranteed in the usual manner.)

              
	 
      
	
                Signature(s)
      Guaranteed:

              
	 
      
	 
      
	
                The
      signature(s) should be guaranteed by an eligible institution (banks,
      stockbrokers, savings and loan association and credit unions with
      membership in an approved signature medallion program), pursuant to S.E.C.
      Rule 17Ad-15.

              

      

       

      Exhibit
B

      

       

      
        
           

        

        
          19global_s1a5-ex4066.htm

 

    
      

    

    Exhibit 4.6.6

     

    

       

      
         

        
          	Certificate #
      __________ 	# of Augustine
      Warrants____________

        

         

      

      This Is
To Certify
That:  ___________________________________________________

      

      Is The
Owner of:
____________________________________________________________

      

      Global
Resource Corporation -  Augustine Common Stock Purchase
Warrant

      

      FOR VALUE
RECEIVED, Global Resource Corporation, a Nevada corporation (the "Company"),
whose address is 408 Bloomfield Drive, Unit # 1, West Berlin, New Jersey 08091
grants the following rights to the above ("Holder").

      

      1. As
used herein, the following terms shall have the following meanings, unless the
context shall otherwise require:

      

      (a) "Common Stock" shall mean the
common stock, par value $0.001, of the Company.

      

      (b) "Corporate Office" shall mean the
office of the Company (or its successor) at which at any particular time its
principal business shall be administered, which office is located at the date
hereof at 408 Bloomfield Drive, Unit # 1, West Berlin, New Jersey
08091.

      

      (c) "Exercise Date" shall mean any date
upon which the Holder shall give the Company a Notice of Exercise, which shall
be deemed the date the Notice of Exercise was first deposited in the U.S. Mails,
if mailed, or the date received by the courier company if delivered by
recognized courier company, or the date received by the Company if otherwise
given or delivered.

      

      (d) "Exercise Price" shall mean the
price to be paid to the Company for each share of Common Stock to be purchased
upon exercise of this Warrant in accordance with the terms hereof, which shall
be $2.50 per
share.

      

      (e) "Expiration Date" shall mean 5:00
PM (Eastern Time) on December 31, 2008.

      

      (f) "SEC"
shall mean the United States Securities and Exchange Commission.

      

      2.1 EXERCISE OF WARRANT: This Warrant
shall entitle Holder to purchase the number of shares of Common Stock (the
"Shares") shown at the head of this Warrant at the Exercise Price. This Warrant
shall be exercisable at any time and from time to time prior to the Expiration
Date (the "Exercise Period") upon execution. This Warrant and the right to
purchase the Shares hereunder shall expire and become void at the Expiration
Date.

      

      2.2 MANNER OF
EXERCISE:                                                                

      

      (a)
Holder may exercise the Warrant at any time and from time to time during the
Exercise Period by delivering to the Company at its Corporate Office (i) a duly
executed Notice of Exercise in substantially the form attached as Appendix 1
hereto and (ii) a bank cashier's or certified check for the aggregate Exercise
Price of the Shares being purchased.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (b) From time to time upon exercise of
this Warrant in accordance with its terms, the Company will cause its transfer
agent to countersign and deliver the stock certificate to the Holder
representing the Shares being purchased pursuant to such exercise subject to
adjustment as described herein.

      

      2.3 TERMINATION: All rights of the
Holder in this Warrant shall terminate on the Expiration Date.

      

      (a) No Right Prior to Exercise: Prior
to its exercise pursuant to Section 2.2 above, this warrant shall not entitle
the Holder to any voting or other rights as holder of Shares.

      

      (b) Adjustments: In case of any
reclassification, capital reorganization, stock dividend, or other change of
outstanding shares of Common Stock, or in case of any consolidation or merger of
the Company with or into another corporation (other than a consolidation or
merger in which the Company is the continuing corporation and which does not
result in any reclassification, capital reorganization, stock dividend, or other
change of outstanding shares of Common Stock), or in case of any sale or
conveyance to another corporation of the property of the Company as, or
substantially as, an entirety (other than a sale/leaseback, mortgage or other
financing transaction), the Company shall cause effective provision to be made
so that the Holder shall have the right thereafter, by exercising this Warrant,
to purchase the kind and number of shares of stock or other securities or
property (including cash) receivable upon such reclassification, capital
reorganization, stock dividend, or other charge, consolidation, merger, sale or
conveyance as the Holder would have been entitled to receive had the Holder
exercised his Warrant in full immediately before such reclassification, capital
reorganization, stock dividend, or other charge, consolidation, merger, sale or
conveyance. Any such provision shall include provision for adjustments that
shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Section 2.3. The foregoing provisions shall similarly apply in
successive reclassifications, capital reorganizations, stock dividends, and
other changes of outstanding shares of Common Stock and to successive
consolidations, mergers, sales or conveyances.

      

      (c) Fractional Shares: No fractional
Shares shall be issuable upon exercise or conversion of this Warrant and the
number of Shares to be issued shall be rounded down to the nearest whole Share.
If a fractional Share interest arises upon any exercise or conversion of the
Warrant, the Company shall eliminate such fractional Share interest by paying
Holder the amount computed by multiplying the fractional interest by the closing
bid price of a full Share on the date of the Notice of Exercise.

      

      4.1 REPRESENTATIONS AND WARRANTIES: The
Company hereby represents and warrants to the Holder as follows:

      

      (a) All Shares which may be issued upon
the exercise of the purchase right represented by this warrant shall, upon
issuance, by duly authorized, validly issued, fully-paid and nonassessable, and
free of any liens and encumbrances except for restriction on transfer provided
for herein or under applicable federal and state securities laws, and not
subject to any pre-emptive rights.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      (b) The Company is a corporation duly
organized and validly existing under the laws of the State of Nevada, and has
full power and authority to issue this warrant and to comply with the terms
hereof. The execution, delivery and performance by the Company of its
obligations under this Warrant, including, without limitation, the issuance of
the Shares upon any exercise of the Warrant, have been duly authorized by all
necessary corporate action. This Warrant has been duly executed and delivered by
the Company and is a valid and binding obligation of the Company, enforceable in
accordance with its terms, except as enforcement may be limited by applicable
bankruptcy, insolvency, reorganization or similar laws affecting enforceability
of creditors' rights generally and except as the availability of the remedy of
specific enforcement, injunctive relief or other equitable relief is subject to
the discretion of the court before which any proceeding therefore my be
brought.

      

      (c) The Company is not subject to or
bound by any provision of any certificate or articles of incorporation or
by-laws, mortgage, deed of trust, lease, note, bond, indenture, other instrument
or agreement, license, permit, trust, custodianship, other restriction or any
applicable provision of any law, statue, any court, governmental body,
administrative agency or arbitrator which could prevent or be violated by or
under which there would be a default (or right of termination) as a result of
the execution, delivery and performance by the Company of this
Warrant.

      

      
        	
                Dated:

              	
                Countersigned
      By:

              
	
                Olde
      Monmouth Stock Transfer Co., Inc.

              	 
      
	
                200
      Memorial Parkway

              	 
      
	
                Atlantic
      Highlands, NJ 07716

              	 
      
	 
      	 
      
	
                Authorized
      Signature

              	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                      
                  ________________________________________

                

              	
                      
                  ________________________________________

                

              
	
                Secretary

              	
                 President

              

      

      

      Affix
Corporate Seal Below

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