Document:

Exhibit 10.35

 

IMPORTANT: PLEASE READ CAREFULLY
BEFORE SIGNING

SIGNIFICANT REPRESENTATIONS ARE CALLED
FOR HEREIN

 

ELECTION TO CONVERT AND LETTER OF
INVESTMENT INTENT

 

The undersigned hereby
tenders this Election to Convert and applies for the conversion of that portion (the “Conversion Amount”) of
the principal and accrued interest outstanding under the Convertible Promissory Note(s) indicated on the signature page hereof
(the “Note”) into Units, consisting of a share of Class A Convertible Preferred Stock and a Warrant for the
purchase of Common Stock (“the Securities”) of Cryoport, Inc. (the “Company”), pursuant to
the terms of the Note and upon the terms and conditions set forth below.

 

In connection with
the conversion of the Note, the undersigned hereby assigns, transfers, conveys, surrenders, and releases to the Company the Conversion
Amount of the Note. Concurrently with delivery of this Election to Convert, the undersigned shall deliver to the Company the original
Note for cancellation, which Note will be cancelled upon Company’s acceptance of this Election to Convert. If the undersigned
elects to convert less than the entire principal and accrued interest outstanding under the Note, then the Company will issue a
replacement Note for the remaining amount; provided, that such replacement Note will not have the right to convert into the Securities
in connection with this this offering.

 

The undersigned understands
that this election will not become effective unless and until the first closing of the offering of the Securities and that the
Company will cause to be returned the Note delivered herewith if such closing does not occur. By execution below, the undersigned
acknowledges that the Company is relying upon the accuracy and completeness of the representations contained herein in complying
with its obligations under applicable securities laws.

 

		1.	Conversion.

 

		(a)	Subject to the terms and conditions of this Election to Convert, the undersigned hereby irrevocably
elects to convert the Conversion Amount of the Note for the Securities. The conversion price for one share of Class A Convertible
Preferred Stock and a warrant to purchase eight shares of Common Stock at an exercise price of $0.50 per share (the “Warrant”)
shall equal $10.80 (the “Conversion Price”). No fractional shares will be issued. If the conversion amount yields
a fractional share of 0.5 or more, the number of shares will be rounded up and all other fractional shares will be rounded down.

 

		(b)	The Class A Convertible Preferred Stock will be issued pursuant to the terms and conditions set
forth in the certificate of designation (“Certificate of Designation”) that will be filed with the Secretary
of State of Nevada on or before the first closing in connection with the offering of the Securities.

 

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		(c)	THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS
OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.
THE ACQUISITION OF THE SECURITIES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK
OF THE LOSS OF THEIR ENTIRE INVESTMENT.

 

		2.	Representations. The undersigned acknowledges and represents as follows:

 

		(a)	The undersigned has received, and is familiar with the Company’s Private Placement Memorandum
dated March 5, 2014, the Certificate of Designation, the Warrant Agreement and the publicly available filings by the Company with
the Securities Exchange Commission (collectively the “Disclosure Documents”).

 

		(b)	The undersigned is in a financial position to hold the Securities for an indefinite period of time
and is able to bear the economic risk and withstand a complete loss of its investment in the Securities.

 

		(c)	The undersigned believes it, either alone or with the assistance of its professional advisor, has
such knowledge and experience in financial and business matters that it is capable of reading and interpreting the Disclosure Documents
and evaluating the merits and risks of the prospective investment in the Securities and has the net worth to undertake such risks.

 

		(d)	The undersigned has obtained, to the extent it deems necessary, professional advice with respect
to the risks inherent in the investment in the Securities, and the suitability of the investment in the Securities in light of
its financial condition and investment needs.

 

		(e)	The undersigned believes that the investment in the Securities is suitable for it based upon its
investment objectives and financial needs, and the undersigned has adequate means for providing for its current financial needs
and contingencies and has no need for liquidity of investment with respect to the Securities.

 

		(f)	The undersigned understands that no public market for the Securities exists, or is likely to develop,
and that it may not be possible to liquidate this investment readily, if at all, in the case of an emergency or for any other reason.

 

		(g)	The undersigned recognizes that an investment in the Securities involves a high degree of risk.

 

		(h)	The undersigned realizes that (1) the conversion of the Note for the Securities and the shares
into which they may be exchanged is a long-term investment, (2) the undersigned must bear the economic risk of investment for an
indefinite period of time because the Securities and any such shares that may be issued upon exercise of the Warrant will not have
been registered under the Securities Act of 1933 and, therefore, cannot be sold unless they are subsequently registered under said
Act or an exemption from such registration is available and (3) the transferability of the Securities and such shares is restricted
pending effectiveness of such a registration of qualification for an exemption.

 

    	 

    	 

    

 

		(i)	The undersigned has been advised that the offering and issuance of Securities and any exchange
of the Securities will not be registered under the Securities Act of 1933 or the relevant state securities laws but are being offered
and issued pursuant to exemptions from such laws and that the Company’s reliance upon such exemptions is predicated in part
on the undersigned’s representations as contained herein. The undersigned represents and warrants that the Securities are
being acquired for the undersigned’s own account and for investment and without the intention of reselling or redistributing
the same, that it has made no agreement with others regarding any of such Securities and that its financial condition is such that
it is not likely that it will be necessary to dispose of any of the Securities in the foreseeable future.

 

		(j)	The undersigned represents and warrants that it is a bona fide resident of, and is domiciled in
the state indicated on the signature page below under “Address”, and that the Securities are being acquired by it in
its name solely for its own beneficial interest and not as nominee for, or on behalf of, or for the beneficial interest of, or
with the intention to transfer to, any other person, trust or organization.

 

		(k)	The undersigned understands that the representations contained below are made for the purpose of
qualifying it is an “accredited investor” as that term is defined in Regulation D of the General Rules and Regulations
under the Securities Act of 1933 and for the purpose of inducing a sale of securities to it. The undersigned hereby represents
that the statement or statements initialled below are true and correct in all respects. The undersigned understands that a false
representation may constitute a violation of law, and that any person who suffers damage as a result of a false representation
may have a claim against the undersigned for damages.

 

		(l)	The undersigned understands that certificates evidencing the Securities may bear the following
or any similar legend (in addition to any other legends that may be required):

 

			(i) “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES OR AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

			(ii) If required by the authorities of any state in connection with the issuance of sale of the
Securities, the legend required by such state authority.

 

		(m)	The undersigned represents and warrants that it did not learn of the investment in the Securities
as a result of any general solicitation or general advertising.

 

    	 

    	 

    

 

		(n)	Since the date on which undersigned first learned about the investment opportunity, the undersigned
has not disclosed any information regarding such opportunity to any third parties (other than its affiliates and legal, accounting
and other advisors who are bound by agreements or duties of confidentiality) and has not engaged in any purchases or sales involving
the securities of the Company (including, without limitation, any short sales involving the Company’s securities). The undersigned
agrees that it will not engage in any purchases or sales involving the securities of the Company (including short sales) prior
to the time that the transactions contemplated by this Election to Convert are publicly disclosed. The undersigned agrees that
it will not use any of the Securities acquired pursuant to this Election to Convert to cover any short position in the Common Stock
if doing so would be in violation of applicable securities laws. For purposes hereof, “short sales” include, without
limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the 1934 Act,
whether or not against the box, and all types of direct and indirect stock pledges, forward sales contracts, options, puts, calls,
short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the 1934 Act) and similar arrangements
(including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

 

		(o)	The undersigned acknowledges that prior to acquiring the Securities, the undersigned has been provided
with financial and other written information about the Company and the terms and conditions of the offering. The undersigned has
been given the opportunity by the Company to obtain such information and ask such questions concerning the Company, the Securities
and the undersigned’s investment as the undersigned felt necessary, and to the extent the undersigned took such opportunity,
the undersigned received satisfactory information and answers. If the undersigned requested any additional information which the
Company possessed or could acquire without unreasonable effort or expense which was necessary to verify the accuracy of the financial
and other written information furnished to the undersigned by the Company, such additional information was provided to the undersigned
and was satisfactory.

 

3.Accredited Investor Status.
The undersigned is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act
of 1933, as amended (the “Act”). The specific category or categories of “accredited investor” applicable
to the undersigned are as follows:

 

		(a)	Accredited individual investors must initial either or both of the following
two statements:

 

	_____ (1)	I certify that I am an accredited investor because I had individual income (exclusive of any income attributable to my spouse) of more than $200,000 in each of the most recent two years or joint income with my spouse of more than $300,000 in each of such years and I reasonably expect to have an individual income in excess of such amounts for the current year.
	 	 
	_____ (2)	I certify that I am an accredited investor because I have an individual net worth, or my spouse and I have a combined individual net worth, in excess of $1,000,000. For purposes of this questionnaire, “net worth” excludes the equity in my or our primary residence.

 

    	 

    	 

    

 

		(b)	Accredited partnerships, corporations or other entities must initial one or more
of the following statements, and must initial the last statement:

 

	_____ (1)	The undersigned hereby certifies that all of the beneficial equity owners of the undersigned qualify as accredited individual investors under items (a)(1) or (a)(2) above. (Those attempting to qualify under this item may be required to provide additional information beyond the equity owner of the entity)
	 	 
	_____ (2)	The undersigned is a bank or savings and loan association as defined in Sections 3(a)(2) and 3(a)(5)(A), respectively, of the Act acting either in its individual or fiduciary capacity.
	 	 
	 	 
	_____ (3)	The undersigned is an insurance company as defined in Section 2(a)(13) of the Act.
	 	 
	_____ (4)	The undersigned is an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that act.
	 	 
	_____ (5)	The undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, and the undersigned is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of the Act.
	 	 
	_____ (6)	The undersigned is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.
	 	 
	_____ (7)	This Election to Convert has been duly authorized by all necessary action on the part of the undersigned, has been duly executed by an authorized officer or representative of the undersigned, and is a legal, valid and binding obligation of the undersigned enforceable in accordance with its terms.

  

    	 

    	 

    

 

Conversion Amount with respect to the
following Convertible Promissory Note(s)

 

Convertible Promissory Note
dated as of _______________, 20__, with an original principal amount of $______________.

 

Check
one:

 

_____Elect to
convert all principal and accrued interest currently outstanding

 

 _____ Elect to convert ___% of the principal and ___% of the accrued interest currently outstanding

 

Convertible Promissory Note
dated as of _______________, 20__, with an original principal amount of $______________.

 

Check
one:

 

_____Elect to
convert all principal and accrued interest currently outstanding

 

 _____ Elect to convert ___% of the principal and ___% of the accrued interest currently outstanding

 

Convertible Promissory Note
dated as of _______________, 20__, with an original principal amount of $______________.

 

Check
one:

 

_____Elect to
convert all principal and accrued interest currently outstanding

 

 _____ Elect to convert ___% of the principal and ___% of the accrued interest currently outstanding

 

Manner in which title to the Class A Convertible Preferred
Stock and Warrants are to be held (please initial one):

 

	_____ Individual 	_____ Joint tenants with Right of Survivorship
	_____ Community Property 	_____ Tenants-in-Common
	_____ Corporation	_____ Trust
	_____ IRA	_____ Qualified Retirement Plans
	_____ SEP/SIMPLE	_____ LLC
	_____ Partnership	_____ Other

 

	IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement this ________ ___, 2014	 	 
	 	 	 
	______________________________	 	______________________________
	Name: ______________________________	 	Name:______________________________

 

* * * * * * * *

 

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PLEASE PRINT BELOW THE REGISTRATION

INFORMATION OF EACH INDIVIDUAL OR ENTITY
ELECTING TO CONVERT

 

	INDIVIDUAL and JOINT	 	ENTITY
	(Please type or print name[s] exactly as it should appear on the Certificate)	 	(Please type or print name[s] exactly as it should appear on the Certificate)
	 	 	 
	 	 	 
	Name(s) Typed or Printed	 	Name Typed or Printed
	 	 	 
	 	 	 
	Daytime Phone	 	Business Phone
	 	 	 
	 	 	 
	Email Address	 	Email Address
	 	 	 
	Address to Which Correspondence Should be Directed:	 	Address to Which Correspondence Should be Directed:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Name Person to Contact
	Social Security Number	 	 
	 	 	 
	 	 	 
	 	 	Entity’s Taxpayer Identification Number

  

	(for use by Selling Agent)
	Rep #	Conversion Approved by Principal
	 	__________________________ on ____/____/2014

 

    	7Contract No 840/08624332/1609-14

 

Date of signature: June 23, 2014

 

THE SELLER/THE MANUFACTURER

 

Open Joint Stock Company «Institute of The Nuclear Materials»
(JSC «INM»)

624250, Russia, Sverdlovsk Region,

Zarechniy, PO Box 29

Phone.: 7 (34377) 362 64 

FAX: 7 (34377) 733 46

E-mail: shipping@inm-rosatom.ru

 

THE BUYER

The Company IsoRay Medical Inc.

350 Hills Street, Suite 106

Richland, WA 99354-5411 USA

 

THE CONSIGNEE

The Company IsoRay Medical Inc.

350 Hills Street, Suite 106

Richland, WA 99354-5411 US

Airport of destination: Seattle or Portland, USA

 

NOTIFICATION

FedEX Trade Networks 16353 NE Cameron Blvd

Portland, Oregon 97230 USA

Phone: +1503-255 1391 ext.14

 

THE END USER 

The Company IsoRay Medical Inc.

350 Hills Street, Suite 106

Richland, WA 99354-5411 USA

 

THE
SHIPPER

Open Joint Stock Company «Institute of The Nuclear Materials»
(JSC «INM»)

624250, Russia, Sverdlovsk Region,

Zarechniy, PO Box 29

Phone:7 (34377) 362 64

FAX: 7 (34377) 733 46

E-mail: shipping@inm-rosatom.ru

 

TERMS OF DELIVERY

CPT airport Seattle or Portland, USA

(Incoterms 2010)

 

THE BUYERS and THE SELLERS have mutually agreed
that under the present Contract during 2014-2015 the Sellers will deliver to the Buyers the following Goods:

 

    	 

    	 

    

 

	Denomination and Specifications of the Goods.	 	Total activity 
 of the lot on 
 the 
 calibration 
 date, Ci	 	 	Quantity of 
 lots, pcs	 	 	Price, USD 
 per one lot	 	 	Amount,
  USD	 
	Dehydrated water soluble cesium-131 salt	 	 	[**]	 	 	 	[**]	 	 	 	[**]	 	 	 	[**]	 

 

The Goods are to be shipped in non-returnable
type A transport packing sets. The value of the packing sets is included into the Goods price.

 

Total activity of the lot is established
in accordance with the calibration date provided in the Buyers written order set to 12:00 p.m. (noon) Pacific Standard Time.

 

The Amount of the Contract: [**]

 

End purpose usage: for medical purpose.

 

The above number of the Goods and total
amount of the contract are to be considered as framework value only, whereas the actual number of the Goods and total amount will
be based on the Buyer’s written orders, confirmed by the Seller, by means of sending to the Buyer the acceptance of the Buyer’s
order.

 

The present contract comes in force from
the date of signing and will be valid till January 31, 2015.

 

All other terms and conditions of the Contract
are nominated in Appendixes 1,2 and 3 and are the integral parts thereof.

 

The Contract and any Appendixes and Addenda
to it shall be considered legally binding if provided by facsimile transmission.

 

 

	THE SELLERS	 	THE BUYERS
	/s/ Dmitrii Vladimirovich Markov	 	/s/ Dwight Babcock
	Director of Closed Stock Company «Science and Inovation», 	 	Dwight Babcock
	managing company for JSC «INM»	 	CEO IsoRay Medical

 

 

[**]Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions.

 

    	2

    	 

    

 

APPENDIX 1

to Contract No 840/08624332/1609-14

 

Date of signing: June 23, 2014

 

TERMS OF PAYMENT

 

Payment is to be sent by the Buyer in US dollars within 30 (thirty)
calendar days from the date of delivery of the goods.

After the delivery the Seller sends to the Buyer the following
documents by Express mail:

 

1. Invoices (3 copies),

2. Transport Waybill (1 copy),

3. Quality Certificate (2 copies),

4. Shipping Specification (2 copies).

 

The payment is to be made by the Buyer by bank wire transfer
to the following Seller’s account:

 

The Open Joint Stock Company «Institute of Nuclear
Materials», (JSC «INM»)

Acc.  No [**]

GAZPROMBANK, MOSCOW

SWIFT CODE: GAZPRUMM

Ekaterinburg branch

(Account No [**])

Intermediary Bank (correspondent):

Deutche Bank Trust Company Americas, New York

New York, USA

SWIFT CODE: BKTR US 33

 

All expenses and commission fees of the Buyer’s Bank are
to be paid by the Buyers, all expenses and commission fees of other Banks, including correspondent Banks, are to be paid by the
Seller. The funds due to the Seller from amount of payment are less fees and commissions of the corresponding Banks and all other
banks except for the Buyer's Bank commissions. The Buyer’s payment obligation is considered fulfilled when the payment has
entered the above-mentioned Seller’s account.

 

	THE SELLERS	 	THE BUYERS
	/s/ Dmitrii Vladimirovich Markov	 	/s/ Dwight Babcock
	Director of Closed Stock Company «Science and Inovation»,	 	Dwight Babcock
	managing company for JSC «INM»	 	CEO IsoRay Medical

 

 

[**]Certain information in this document has been
omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect
to the omitted portions.

 

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APPENDIX 2

to Contract No 840/08624332/1609-14

 

Date of signing: June 23, 2014

 

GENERAL CONDITIONS OF DELIVERY

 

1. Terms of delivery.

1.1. When delivering the goods on terms
under CPT (INCOTERMS 2010) the SELLER shall hand over the goods to the selected carrier, bears the transportation expense (air
freight) to the agreed destination place.

 

1.1.2. The title as well as all the risks
which the goods may be subject to, shall be transferred from the Seller to the Buyer from the [**].

1.1.3. The [**].

1.1.4. The Seller is responsible for delivery of the Goods to
the Buyer at 12:00 p.m. local time in the designated airport of delivery on the first Monday following the date of shipment.

1.1.5. The Seller is obligated to provide the Buyer with a [**]
notice in the event of a planned interruption of service.

 

2. Quality of the Goods.

2.1. The quality of the goods should meet the contractual technical
requirements and should be confirmed by the Quality Certificate issued by the producer of goods.

 

3. Quantity of Goods.

3.1. The quantity of sent goods and commodities in specified
units should be attested by the Shipping Specification drawn up by the producer of goods and commodities or by the Seller, or by
the Certificate of Weight, or by the Packing List depending on the character of goods.

 

4. Terms of Transportation.

4.1. Not later than [**] prior to the date
of delivery the Buyer is obliged to provide shipping instructions to the Seller, advising it on all necessary shipping requisites.
In case the Buyer fails to send any information in due time without which the shipment of Goods is impossible, it bears all additional
expenses arising out of this and all the risks which the goods may be exposed to, starting from the agreed date of delivery or
after the expiry of the agreed time of delivery.

 

5. Notice of Shipment.

5.1. During [**] after the shipment the
Seller is to notify the Buyer by fax of the following data:

- data of shipment;

- denomination of goods;

- quantity of goods;

- Contract number;

- quality characteristics (Quality Certificate);

- flight and Waybill numbers.

 

6. Delivery and Acceptance of Goods,
Claims.

6.1. The Goods are considered delivered
by the Seller or the Shipper and accepted by the Buyer with respect to quality and quantity in accordance with the Certificate
of Quality and Shipping Specifications including an invoice.

6.2. In case of nonconformity of the Goods
quantity or quality to the documents referenced in Section 6.1 above or any other nonconformity, (e.g. damage or loss in transit),
the Buyer shall inform the Seller no later than [**] days after the receipt of the defective Goods by the Buyer.

 

 

[**]Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions.

 

    	4

    	 

    

 

6.3. Claims in respect of the Goods quality
and quantity shall be accompanied with a written statement drawn up at the place of destination with the participation of the Seller’s
representatives and quality control department.

6.4 The Claim must specify:

−        the numbers and dates of the
following documents: the Contract, the Purchase Order, the AWB, the Packing Slip and the Certificate of Quality;

−        information on the integrity
of the Type-A Shipping package and its internal contents;

−        detailed results of the analytical
measurements including analysis methods used;

−        the Buyer's conclusions regarding
failure to meet the quality and/or quantity requirements of the Goods;

−        the cost calculation of a missing
quantity of the Goods or the Quantity that cannot be used in production.

The Claim must be signed by the Buyer.

 

Each claim shall be provided in English
and Russian.

One copy of the claim shall be sent to
the Seller via express mail and another copy shall be sent via fax or electronic mail.

6.5. Seller shall confirm the Claim receipt
via fax or electronic mail and issue a reply no later than 7 (seven) business days after the Claim receipt. The reply must be sent
in the same manner as the Claim, as described in Section 6.4 above.

 

6.6. Other than with respect to Goods which
are damaged in transit by the Shipper or delayed beyond the time for delivery as required by Section 1.1.4. as a result of Shipper’s
sole actions alone, the Buyer shall pay only for the Goods actually received that can be used in production. Payment amounts shall
be based on the corrected invoice provided by the Seller, as adjusted for failures in quantity and quality described in Section
6.2 above. The copy of the corrected invoice shall be sent to the Buyer via fax or electronic mail.

6.7. Seller shall not be liable for the changes in the quality
or quantity of the Goods caused by either damages caused by or delays resulting from the third party shipper of the Goods. Buyer
shall be solely liable for carrying all insurance for Goods in transit.

 

6.8. In case of return of the claimed goods the Buyer is to
deliver the goods in packing which secure safety of goods during transportation.

 

7. Penalties

7.1. In case the Buyer does not send the
payment in the terms stipulated in the Contract the Buyer is to pay the penalty amounted to [**] for each day of delay but no more
than [**] of delivered value.

7.2. The obligation of the defaulting party
to pay the penalty arises upon written demand submitted by the other party. In case of delay in performance the penalty shall accrue
form the due date of due performance the party of its obligation hereunder.

 

8. Licenses.

8.1. The Seller is obliged at its risk
and expense to obtain and maintain the Export License, and the Buyer - the Import License.

8.2. The Buyer is obliged to inform the
Seller on the obtaining the License for importation of goods under the present Contract, in case of necessity of such License,
not later than 30 days prior the month of delivery.

 

9. Force-majeure.

9.1. Neither Party shall bear responsibility
for the complete or partial non-performance of any of its obligations (except for failure to pay any sum which has become due under
the provisions hereof), if the non-performance results from such circumstances as flood, fire, earthquake and other acts of God
as well as war, military operations, blockade, acts or actions of state authorities or any other circumstances beyond the Party’s
control that have arisen after the conclusion of the contract. In this case the time stipulated for the performance of an obligation
under the contract is extended correspondingly for the period of time of action of these circumstances and their consequences.

 

 

[**]Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions.

 

    	5

    	 

    

 

9.2. The Party for which the performance
of obligation became impossible shall immediately

notify in written form the other Party
of the beginning, expected time of duration and cessation of above circumstances. Certificate of a Chamber of Commerce (Commerce
and Industry) or other competent authority or organization of the respective country shall be a sufficient proof of commencement
and cessation of the above circumstances.

 

10. Termination

10.1. Buyer may terminate this Contract
upon 5 days written notice to Seller, upon failure to deliver the Goods meeting the quality and quantity specifications set forth
in Section 6.1 above, requested by Buyer for shipment within 7 days of the date scheduled for delivery to the designated airport
(Section 1.1.4.) over any consecutive four (4) week period regardless of the reason delivery has not occurred whether as a result
of delays caused by a shipper, closure of reactor facilities, or any other factors outside control of the Buyer causing the delay
in receipt of the Goods.

 

10.2. Seller may terminate this Contract
upon 5 days written notice if Buyer fails to pay any Invoice within 10 days of the due date, provided that no invoice involving
a shipment subject to a Claim shall be due until after such claim is either mutually resolved by the Parties or settled by Arbitration
under Section 11.

 

11. Arbitration.

11.1. All disputes or differences which
may arise out of or in connection with the present Contract (including disputes or differences connected with the non-validity
and the conclusion of the Contract) are to be settled by Arbitration in accordance with the Rules of the Arbitration Institute
of the Chamber of Commerce of Stockholm as are at present in force. The place of Arbitration shall be Stockholm, Sweden. The appointing
authority shall be the Arbitration Institute of the Stockholm Chamber of Commerce.

11.2. The arbitral tribunal shall be composed
of a sole arbitrator, appointed by the Arbitration Institute of the Stockholm Chamber of Commerce.

11.3. The present Contract is governed
by the substantive law of Sweden with the exclusion of the provisions of conflict of laws. The language to be used in the arbitration
proceeding shall be English. The award of the Arbitration is final and binding upon both parties. All expenses with respect to
the Arbitration shall be born by the losing Party except as otherwise set forth by the Arbitration award.

 

12. Other conditions.

12.1. All taxes, duties, fees and other
expenses whatsoever connected with the fulfillment of the Contract in the territory of the Seller’s country are to be paid
by the Seller and beyond it – at the expenses of the Buyer.

12.2. Neither of the Parties is entitled
to transfer its rights and obligations under the Contract to any third party without the written consent of the other Party.

12.3. Any alterations and/or appendices
to the Contract are valid only if they are made out in the written form and signed by the duly authorized representatives of the
Parties.

 

12.5. All Appendixes mentioned in the Contract
are its integral parts.

12.6. After the signing of the Contract
all preceding negotiations and correspondence connected with it are out of force.

12.7. Zarechny Sverdlovsk region is considered
to be the place of the Contract signing.

12.8. Facsimile signature of the Contract
and all Appendixes and Addendums is permissible.

12.9. The present Contract is signed in
Russian and English, both texts being authentic in duplicate, one original for each party concerned.

 

	THE SELLERS	 	THE BUYERS
	/s/ Dmitrii Vladimirovich Markov	 	/s/ Dwight Babcock
	Director of Closed Stock Company «Science and Inovation»,	 	Dwight Babcock
	managing company for JSC «INM»	 	CEO IsoRay Medical

 

    	6

    	 

    

 

APPENDIX 3

to Contract No 840/08624332/1609-14

 

Date of signing: June 23, 2014

 

PRODUCT QUALITY REQUIREMENTS

 

1. Physical form.

1.1. Dried product with solids content
of approximately [**] per shipment.

2. Chemical form.

2.1.
Аny soluble salt of Cesium. There are no requirements for the determination of the specific
chemical composition of the Cesium salt.

 

3. Radiochemical purity.

 

3.1. Cs isotopes activity ratios per calibration
(alert levels):

 

Cs-132/Cs-131:< [**];

Cs-134/Cs-131:< [**];

Cs-136/Cs-131:< [**];

Cs-137/Cs-131: <[**];

 

3.2. Impurities activity ratios per calibration (alert levels):

 

Ba-131/Cs-131: < [**];

Ba-133/Cs-131: < [**];

La-140/Cs-131: < [**];

Co-60/Cs-131: < [**];

Sb-122/Cs-131: < [**];

Sb-124/Cs-131: < [**];

Au-198/Cs-131: < [**];

Zn-65/Cs-131: < [**];

Ir-192/Cs-131: < [**];

 

Sum of all other gamma emitters: < [**].

 

	THE SELLERS	 	THE BUYERS
	/s/ Dmitrii Vladimirovich Markov	 	/s/ Dwight Babcock
	Director of Closed Stock Company «Science and Inovation»,	 	Dwight Babcock
	managing company for JSC «INM»	 	CEO IsoRay Medical

 

 

[**]Certain information in this document has been
omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect
to the omitted portions.

 

    	7

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