Document:

ex102.htm

    Exhibit 10.2

    

    

    

    

    

    

    

    

    

    STOCK
PURCHASE AGREEMENT

    

    AMONG

    

    HALCYON
JETS HOLDINGS, INC.

    

    HALCYON
JETS, INC.

    

    AND

    

    HALCYON
JETS ACQUISITION GROUP,  LLC

    

    

    

    

    Dated:
July 1, 2009

    

    

    
      
        
        

      

      
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    ASSET
PURCHASE AGREEMENT

    

    THIS
ASSET PURCHASE AGREEMENT is made as of July 1, 2009 (the “Agreement”), among
Halcyon Jets Acquisition, Group, LLC., a limited liability company existing
under the laws of the State of New Jersey (the “Purchaser”), Halcyon Jets, Inc.,
a corporation existing under the laws of the State of New Jersey (“Halcyon”),
and Halcyon Jets Holdings, Inc., a corporation existing under the laws of the
State of Delaware corporation (“Holdings” or the “Seller”).

     

    RECITALS:

     

     

    WHEREAS,
Halcyon is in the business of providing brokerage services to the private
aviation industry outsourced patient assistance program under the brand name
“Halcyon”  (the "Business"); and

     

    WHEREAS,
Holdings is the sole shareholder of Halcyon; and

     

    WHEREAS,
Purchaser wishes to purchase from Holdings, and Holdings wishes to sell, assign
and transfer to Purchaser, all of the outstanding stock of Halcyon, and
Purchaser also  has agreed to assume the Assumed
Liabilities;

     

    NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants
of the Parties contained herein and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties hereto
agree as follows:

     

    ARTICLE
I

    SALE OF
STOCK

     

    1.1 Sale of
Stock.

     

    On the Closing Date (as defined in
Section 3.1), upon the
terms and subject to the conditions contained herein, Seller shall sell, convey,
transfer, assign and deliver to Purchaser, and Purchaser shall purchase from
Seller, all of the issued and outstanding shares of Halcyon (the "Shares"):

     

    Subject
to the terms and conditions of this Agreement, at the Closing, the Shares shall
be transferred to the Purchaser free and clear of all liabilities, obligations,
liens and encumbrances excepting only Assumed Liabilities.

     

    1.2 Assumption of Certain
Liabilities.

     

    Subject
to the terms and conditions hereof, on the Closing Date, Purchaser shall assume
and agree to pay, perform and discharge in a timely manner, only the following
liabilities and obligations of the Seller (the "Assumed
Liabilities"):

     

    (a) all
liabilities and obligations of Seller relating to any and all pending or
threatened claims or litigation in which Seller is or may be involved, including
without limitation the pending matters listed on a schedule of such litigation
to be prepared by Seller on the Closing Date; and

     

     

     

    
      
        
        

      

      
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    (b) all
liabilities and obligations arising out of or relating to any of the assets and
business of Halcyon, including any guarantees by Seller, which arise before, on
or after the Closing Date; and

     

    (c) any
liabilities, debts and other obligations of the Seller at Closing, inlcuding
under any contracts, agreements or leases existing at or before the Closing
Date, whether as guarantor, co-contracting party with Halcyon, or in any other
manner.

     

    ARTICLE
II 

    PURCHASE
PRICE

     

    2.1 Amount of Purchase
Price.

     

    The
purchase price for the Shares (the “Purchase Price”) shall be One Hundred
Thousand Dollars ($100,000) payable by the Purchaser's promissory note (the
“Note”) payable to the Seller in the form of Exhibit A to this Agreement. The
Note shall bear interest at the rate of two percent (2%) per year and be payable
interest only annually, with the principal due on the tenth (10th)
anniversary of the Closing Date.  

     

    2.2 Transfer
Taxes.

     

    Purchaser
will pay to the appropriate taxing authority all transfer, documentary, sales,
use, value-added, registration and other similar taxes (including, without
limitation, all applicable gains taxes) with respect to the sale and transfer of
the Shares, and any penalties, interest and additions to taxes with respect
thereto due and payable as a result of the consummation of the transactions
contemplated by this Agreement.

     

    ARTICLE
III

    CLOSING
AND TERMINATION

     

    3.1 Closing
Date.

     

    Subject
to the satisfaction of the conditions set forth in Sections 7.1 and 7.2 hereof
(or the waiver thereof by the party entitled to waive that condition), the
closing of the sale and purchase of the Shares provided for in Section 1.1
hereof (the "Closing")
shall take place at the New York office of the Seller (or at such other place as
the parties may designate in writing) on such date as the Seller and the
Purchaser may designate. The date on which the Closing shall be held is referred
to in this Agreement as the "Closing Date".

     

    3.2 Deliveries to Purchaser by
Seller.

     

    At the
Closing, Seller will deliver to Purchaser the following:

     

    (a) a stock
power, duly endorsed for transfer, with respect to the Shares;

     

     

     

    
      
        
        

      

      
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    (b) copies of
Seller's resolutions and other proceedings taken authorizing the execution,
delivery and performance of this Agreement and all actions necessary or
desirable hereunder, certified by the appropriate officer of
Seller;

     

    3.3 Deliveries to Seller by
Purchaser.

     

    At the
Closing, Purchaser will deliver to Seller the following:

    

    (a) the
promissory Note for the purchase price of the Shares, guaranteed as provided
herein;

     

    (b) the
indemnifications provided for in Article VII.

     

    (c)           written
assumptions of the debts and obligations of Seller.

    

    3.4 Termination of
Agreement.

     

    This
Agreement may be terminated prior to the Closing as follows:

     

    (a) At the
election of the Seller or the Purchaser on or after July 31, 2009, if the
Closing shall not have occurred by the close of business on such date, provided
that the terminating party is not in default of any of its obligations
hereunder;

     

    (b) by mutual
written consent of the Seller and the Purchaser; or

     

    (c) by the
Seller or the Purchaser if there shall be in effect a final non-appealable order
of a governmental body of competent jurisdiction restraining, enjoining or
otherwise prohibiting the consummation of the transactions contemplated hereby;
it being agreed that the parties hereto shall promptly appeal any adverse
determination which is not non-appealable (and pursue such appeal with
reasonable diligence).

     

    3.5 Procedure Upon
Termination.

     

    In the
event of termination and abandonment by the Purchaser or the Seller, or both,
pursuant to Section 3.4 of this Agreement, written notice thereof shall
forthwith be given to the other party or parties, and this Agreement shall
terminate, and the purchase of the Assets under this Agreement shall be
abandoned, without further action by the Purchaser or the Sellers. If this
Agreement is terminated as provided above, each party shall redeliver all
documents, work papers and other material of any other party relating to the
transactions contemplated by this Agreement, whether so obtained before or after
the execution hereof, to the party furnishing the same.

     

    3.6 Effect of
Termination.

     

    In the
event that this Agreement is validly terminated as provided herein, then each of
the parties shall be relieved of their duties and obligations arising under this
Agreement after the date of such termination and such termination shall be
without liability to the Purchaser, or the Seller; provided, further, however,
that nothing in this Section 3.6 shall relieve the Purchaser or Seller of any
liability for a breach of this Agreement.

     

     

     

    
      
        
        

      

      
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    ARTICLE
IV

    REPRESENTATIONS
AND WARRANTIES RELATING TO THE SELLER

     

    Seller
hereby represents and warrants to the Purchaser that:

     

    4.1 Organization and Good
Standing of the Seller.

     

    The
Company is a corporation duly organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation as set forth above.
Except as otherwise provided herein, the Seller is not required to be
qualified to transact business in any other jurisdiction where the failure to so
qualify would have an adverse effect on the business of the Seller.

     

    4.2 Authority.

     

    (a) The
Seller has full power and authority (corporate and otherwise) to carry on
its business and has all permits and licenses that are necessary to the conduct
of its business or to the ownership, lease or operation of its properties and
assets, except where the failure to have such permits and licenses would not
have a material adverse effect on the Seller’s business or operations (“Material
Adverse Effect”).

     

    (b) The
execution of, and the transactions contemplated by, this Agreement have been, or
will be prior to Closing, duly authorized by the Seller's Board of
Directors.

     

    (c) Subject
to any consents required under Section 4.3 below, the Seller has the full legal
right, power and authority to execute, deliver and carry out the terms and
provisions of this Agreement; and this Agreement has been duly and validly
executed and delivered on behalf of Seller and constitutes a valid and binding
obligation of the Seller enforceable in accordance with its terms.

     

    (d) Neither
the execution and delivery of this Agreement, the consummation of the
transactions herein contemplated, nor compliance with the terms of this
Agreement will violate, conflict with, result in a breach of, or constitute a
default under any statute, regulation, indenture, mortgage, loan agreement, or
other agreement or instrument to which the Seller is a party or by which it or
any of them is bound, any charter, regulation, or bylaw provision of Holdings,
or any decree, order, or rule of any court or governmental authority or
arbitrator that is binding on r the Seller in any way, except where such would
not have a Material Adverse Effect.

     

    4.3 Consents.

     

    No
consents or approvals of any public body or authority and no consents or waivers
from other parties to leases, licenses, franchises, permits, indentures,
agreements or other instruments are (i) required for the lawful
consummation of the transactions contemplated hereby, or (ii) necessary in
order that the business currently conducted by Halcyon can be conducted by
it in the same manner after the Closing as heretofore conducted by Halcyon, nor
will the consummation of the transactions contemplated hereby result in
creating, accelerating or increasing any liability of or to the Seller, except
where the failure of any of the foregoing would not have a Material Adverse
Effect.

     

    4.4           Broker.

     

    Seller
has not retained any broker in connection with any transaction contemplated by
this Agreement.  Seller shall not be obligated to pay any fee or
commission associated with the retention or engagement by the Seller of any
broker in connection with any transaction contemplated by this
Agreement.

     

     

     

    
      
        
        

      

      
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    ARTICLE
V

     

    REPRESENTATIONS
AND WARRANTIES OF PURCHASER

     

    5.1 Organization and Good
Standing.

     

    The
Purchaser is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of New Jersey.

     

    5.2 Authority.

     

    The
execution and delivery of this Agreement and the consummation of the
transactions contemplated by this Agreement have been, or will prior to Closing
be, duly and validly approved and acknowledged by all necessary limited
liability company action on the part of the Purchaser.

     

    5.3 Conflicts; Consents of Third
Parties.

     

    (a) The
execution and delivery of this Agreement, the acquisition of the Assets by
Purchaser and the consummation of the transactions herein contemplated, and the
compliance with the provisions and terms of this Agreement, are not prohibited
by the Articles of Formation or Operating Agreement of the Purchaser and will
not violate, conflict with or result in a breach of any of the terms or
provisions of, or constitute a default under, any court order, indenture,
mortgage, loan agreement, or other agreement or instrument to which the
Purchaser is a party or by which it is bound.

     

    (b) No
consent, waiver, approval, order, permit or authorization of, or declaration or
filing with, or notification to, any person or governmental body is required on
the part of the Purchaser in connection with the execution and delivery of this
Agreement or the compliance by Purchaser with any of the provisions
hereof.

     

    5.4 Litigation.

     

    There are
no legal proceedings pending or, to the best knowledge of the Purchaser,
threatened that are reasonably likely to prohibit or restrain the ability of the
Purchaser to enter into this Agreement or consummate the transactions
contemplated hereby.

     

    5.5 Broker.

     

    The
Purchaser has not retained any broker in connection with any transaction
contemplated by this Agreement. Seller shall not be obligated to pay any fee or
commission associated with the retention or engagement by the Purchaser of any
broker in connection with any transaction contemplated by this
Agreement.

     

    5.6 Liabilities
and Litigation of Halcyon.

     

    Purchaser
acknowledges and agrees that there is pending litigation in which Halcyon is
involved, is fully aware of the nature and extent of the litigation, and
undertakes, covenants and agrees to cause Halcyon to continue to defend, pursue
and resolve such litigation, with no cost, exposure, risk or involvement of
Seller.  Purchaser also understands and agrees that Seller is also a
named party in the pending litigation, and Purchaser expressly assumes all loss,
liability and risk of such litigation, and further expressly assumes all other
debt, liabilities and claim of and against Seller by any party.

     

    
      
        
        

      

      
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    ARTICLE
VI

    CONDITIONS
TO CLOSING

     

    6.1 Conditions Precedent to
Obligations of the Purchaser.

     

    The
obligation of the Purchaser to consummate the transactions contemplated by this
Agreement is subject to the fulfillment, on or prior to the Closing Date, of
each of the following conditions (any or all of which may be waived by the
Purchaser in whole or in part to the extent permitted by applicable
law):

     

    (a) all
representations and warranties of the Seller contained herein shall be true and
correct as of the date hereof;

     

    (b) all
representations and warranties of the Seller contained herein qualified as to
materiality shall be true and correct, and the representations and warranties of
the Sellers contained herein not qualified as to materiality shall be true and
correct in all material respects, at and as of the Closing Date with the same
effect as though those representations and warranties had been made again at and
as of that time;

     

    (c) the
Seller shall have performed and complied in all material respects with all
obligations and covenants required by this Agreement to be performed or complied
with by them on or prior to the Closing Date;

     

    (d) the
Purchaser shall have been furnished with certificates (dated the Closing Date
and in form and substance reasonably satisfactory to the Purchaser) executed by
the Seller certifying as to the fulfillment of the conditions specified in
Sections 6.1(a), 6.1(b) and 6.1(c) hereof;

     

    (e) there
shall not have been or occurred any Material Adverse Change;

     

    (f) the
Seller shall have obtained all consents and waivers referred to in Section 4.3
hereof, in a form reasonably satisfactory to the Purchaser, with respect to the
transactions contemplated by this Agreement;

     

    (g) no Legal
Proceedings shall have been instituted or threatened or claim or demand made
against the Seller or the Purchaser seeking to restrain or prohibit or to obtain
substantial damages with respect to the consummation of the transactions
contemplated hereby, and there shall not be in effect any order by a
governmental body of competent jurisdiction restraining, enjoining or otherwise
prohibiting the consummation of the transactions contemplated
hereby;

     

    (h) the name
of the Seller shall have been changed to a name that do not include the word
“Halcyon”;

     

    (i) the
shareholders of Seller shall have approved this Agreement and the transactions
contemplated by this Agreement; and

     

    6.2 Conditions Precedent to
Obligations of the Seller.

     

    The
obligations of the Seller to consummate the transactions contemplated by this
Agreement are subject to the fulfillment, prior to or on the Closing Date, of
each of the following conditions (any or all of which may be waived by the
Seller in whole or in part to the extent permitted by applicable
law):

     

     

     

    
      
        
        

      

      
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    (a) all
representations and warranties of the Purchaser contained herein shall be true
and correct as of the date hereof;

     

    (b) all
representations and warranties of the Purchaser contained herein qualified as to
materiality shall be true and correct, and all representations and warranties of
the Purchaser contained herein not qualified as to materiality shall be true and
correct in all material respects, at and as of the Closing Date with the same
effect as though those representations and warranties had been made again at and
as of that date;

     

    (c) the
Purchaser shall have performed and complied in all material respects with all
obligations and covenants required by this Agreement to be performed or complied
with by Purchaser on or prior to the Closing Date;

     

    (d) the
Seller shall have been furnished with certificates (dated the Closing Date and
in form and substance reasonably satisfactory to the Sellers) executed by the
Chief Executive Officer of the Purchaser certifying as to the fulfillment of the
conditions specified in Sections 6.2(a), 6.2(b) and 6.2(c);

     

    (e) the
shareholders of Seller shall have approved this Agreement and the transactions
contemplated by this Agreement;

     

    (f) the
Seller shall have received the written resignations of each officer and director
of the Seller; and

     

    (g) no Legal
Proceedings shall have been instituted or threatened or claim or demand made
against the Selleror the Purchaser seeking to restrain or prohibit or to obtain
substantial damages with respect to the consummation of the transactions
contemplated hereby, and there shall not be in effect any Order by a
Governmental Body of competent jurisdiction restraining, enjoining or otherwise
prohibiting the consummation of the transactions contemplated
hereby.

     

    (h) Seller
shall have received the Note and the Indemnification.

     

    ARTICLE
VII

    INDEMNIFICATION

     

    7.1 Indemnification.

     

    (a) Subject
to Section 7.2 hereof, the Purchaser and Gregory D. Cohen hereby agree to
indemnify and hold the Seller, and its directors, officers, employees,
Affiliates, agents, successors and assigns (collectively, the " Indemnified
Parties") harmless from and against:

     

    (i) any and
all liabilities of the Seller of every kind, nature and description, absolute or
contingent, existing as against the Seller prior to and including the Closing
Date or thereafter coming into being or arising by reason of any state of facts
existing, or any transaction entered into, on or prior to the Closing
Date;

     

    (ii) subject
to Section 7.2, any and all losses, liabilities, obligations, damages, costs and
expenses based upon, attributable to or resulting from the failure of any
representation or warranty of the Purchaser set forth in Section 5 of this
Agreement, or any representation or warranty contained in any certificate
delivered by or on behalf of the Purchaser pursuant to this Agreement, to be
true and correct in all respects as of the date made;

     

    (iii) any and
all losses, liabilities, obligations, damages, costs and expenses based upon,
attributable to or resulting from the breach of any covenant or other agreement
on the part of the Purchaser under this Agreement;

     

    (iv) any and
all notices, actions, suits, proceedings, claims, demands, assessments,
judgments, costs, penalties and expenses, including reasonable attorneys' and
other professionals' fees and disbursements (collectively, "Expenses") incident
to any and all losses, liabilities, obligations, damages, costs and expenses
with respect to which indemnification is provided hereunder (collectively,
"Losses").

     

     

    
      
        
        

      

      
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    (b) Subject
to Section 7.2, the Seller hereby agrees to indemnify and hold the Purchaser and
their respective Affiliates, agents, successors and assigns (collectively, the
"Seller Indemnified Parties") harmless from and against:

     

    (i) any and
all Losses based upon, attributable to or resulting from the failure of any
representation or warranty of the shareholders of Alliance Network
Communications, Inc. (the “Shareholders”) in that certain Share Exchange
Agreement (the “Exchange Agreement”) of even date herewith between Holdings and
the Shareholders to be true and correct as of the date made;

     

    (ii) any and
all Losses based upon, attributable to or resulting from the breach of any
covenant or other agreement on the part of the Shareholders under the Exchange
Agreement; and

     

    (iii) any and
all Expenses incident to the foregoing.

     

    7.2 Limitations on
Indemnification for Breaches of Representations and
Warranties.

     

    An
indemnifying party shall not have any liability under Section 7.1(a), other than
7.1(a)(i), or Section 7.1(b) above unless the aggregate amount of Losses and
Expenses to the indemnified parties finally determined to arise thereunder
exceeds $5,000 (the “Basket”) and, in such event, the indemnifying party shall
be required to pay the entire amount of such Losses and Expenses in excess of
$5,000 (the “Deductible”).

     

    7.3 Indemnification
Procedures.

     

    (a) In the
event that any Legal Proceedings shall be instituted or that any claim or demand
("Claim") shall be asserted by any Person in respect of which payment may be
sought under Section 7.1 hereof (regardless of the Basket or the Deductible
referred to above), the indemnified party shall reasonably and promptly cause
written notice of the assertion of any Claim of which it has knowledge which is
covered by this indemnity to be forwarded to the indemnifying
party.  The indemnifying party shall have the right, at its sole
option and expense, to be represented by counsel of its choice, which must be
reasonably satisfactory to the indemnified party, and to defend against,
negotiate, settle or otherwise deal with any Claim which relates to any Losses
indemnified against hereunder. If the indemnifying party elects to defend
against, negotiate, settle or otherwise deal with any Claim which relates to any
Losses indemnified against hereunder, it shall within five (5) days (or sooner,
if the nature of the Claim so requires) notify the indemnified party of its
intent to do so.  If the indemnifying party elects not to defend
against, negotiate, settle or otherwise deal with any Claim which relates to any
Losses indemnified against hereunder, fails to notify the indemnified party of
its election as herein provided or contests its obligation to indemnify the
indemnified party for such Losses under this Agreement, the indemnified party
may defend against, negotiate, settle or otherwise deal with such Claim. If the
indemnified party defends any Claim, then the indemnifying party shall reimburse
the indemnified party for the Expenses of defending such Claim upon submission
of periodic bills.  If the indemnifying party shall assume the defense
of any Claim, the indemnified party may participate, at his or its own expense,
in the defense of such Claim; provided, however, that such indemnified party
shall be entitled to participate in any such defense with separate counsel at
the expense of the indemnifying party if, (i) so requested by the indemnifying
party to participate or (ii) in the reasonable opinion of counsel to the
indemnified party, a conflict or potential conflict exists between the
indemnified party and the indemnifying party that would make such separate
representation advisable; and provided, further, that the indemnifying party
shall not be required to pay for more than one such counsel for all indemnified
parties in connection with any Claim. The parties agree to cooperate fully with
each other in connection with the defense, negotiation or settlement of any such
Claim.

     

    (b) After any
final judgment or award shall have been rendered by a court, arbitration board
or administrative agency of competent jurisdiction and the expiration of the
time in which to appeal therefrom, or a settlement shall have been consummated,
or the indemnified party and the indemnifying party shall have arrived at a
mutually binding agreement with respect to a Claim hereunder, the indemnified
party shall forward to the indemnifying party notice of any sums due and owing
by the indemnifying party pursuant to this Agreement with respect to such matter
and the indemnifying party shall be required to pay all of the sums so due and
owing to the indemnified party by wire transfer of immediately available funds
within 10 business days after the date of such notice.

     

    (c) The
failure of the indemnified party to give reasonably prompt notice of any Claim
shall not release, waive or otherwise affect the indemnifying party's
obligations with respect thereto except to the extent that the indemnifying
party can demonstrate actual loss and prejudice as a result of such
failure.

     

     

    
      
        
        

      

      
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    ARTICLE
VIII

    MISCELLANEOUS

     

    8.1 Payment of Sales, Use or
Similar Taxes.

     

    All
sales, use, transfer, intangible, recordation, documentary stamp or similar
Taxes or charges, of any nature whatsoever, applicable to, or resulting from,
the transactions contemplated by this Agreement shall be borne by the
Purchaser.

     

    8.2 Survival of Representations
and Warranties.

     

    The
parties hereto hereby agree that the representations and warranties contained in
this Agreement or in any certificate, document or instrument delivered in
connection herewith, shall survive the execution and delivery of this Agreement,
and the Closing hereunder, regardless of any investigation made by the parties
hereto; provided, however, that any claims or actions with respect thereto shall
terminate unless within twenty four (24) months after the Closing Date written
notice of such claims is given to the Seller or such actions are commenced.
Nothing in this Section 8.2 shall limit or otherwise affect the indemnification
of Section 7.1(a)(i).

     

    8.3 Expenses.

     

    Except as
otherwise provided in this Agreement, the Purchaser shall bear the expenses
incurred in connection with the negotiation and execution of this Agreement and
each other agreement, document and instrument contemplated by this Agreement and
the consummation of the transactions contemplated hereby and thereby, it being
understood that in no event shall the Seller bear any of such costs and
expenses.

     

    8.4 Specific
Performance.

     

    The
Seller acknowledges and agrees that the breach of this Agreement would cause
irreparable damage to the Purchaser and that the Purchaser will not have an
adequate remedy at law. Therefore, the obligations of the Seller under this
Agreement, including, without limitation, the Seller’s obligation to sell the
Shares to the Purchaser, shall be enforceable by a decree of specific
performance issued by any court of competent jurisdiction, and appropriate
injunctive relief may be applied for and granted in connection therewith, so
long as Purchaser has otherwise complied with all of its undertakings,
warranties, indemnifications and representations contained herein. Such remedies
shall, however, be cumulative and not exclusive and shall be in addition to any
other remedies which any party may have under this Agreement or
otherwise.

     

    8.5 Further
Assurances.

     

    The
Seller and the Purchaser each agrees to execute and deliver such other documents
or agreements and to take such other action as may be reasonably necessary or
desirable for the implementation of this Agreement and the consummation of the
transactions contemplated hereby.

     

    8.6 Submission to Jurisdiction;
Consent to Service of Process.

     

    (a) The
parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of
any federal or state court located within the State of New York over any dispute
arising out of or relating to this Agreement or any of the transactions
contemplated hereby and each party hereby irrevocably agrees that all claims in
respect of such dispute or any suit, action proceeding related thereto may be
heard and determined in such courts. The parties hereby irrevocably waive, to
the fullest extent permitted by applicable law, any objection which they may now
or hereafter have to the laying of venue of any such dispute brought in such
court or any defense of inconvenient forum for the maintenance of such dispute.
Each of the parties hereto agrees that a judgment in any such dispute may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.

     

    (b) Each of
the parties hereto hereby consents to process being served by any party to this
Agreement in any suit, action or proceeding by the mailing of a copy thereof in
accordance with the provisions of Section 8.10.

     

    8.7 Entire Agreement; Amendments
and Waivers.

     

    This
Agreement (including the schedules and exhibits hereto) represents the entire
understanding and agreement between the parties hereto with respect to the
subject matter hereof and can be amended, supplemented or changed, and any
provision hereof can be waived, only by written instrument making specific
reference to this Agreement signed by the party against whom enforcement of any
such amendment, supplement, modification or waiver is sought.  No
action taken pursuant to this Agreement, including without limitation, any
investigation by or on behalf of any party, shall be deemed to constitute a
waiver by the party taking such action of compliance with any representation,
warranty, covenant or agreement contained herein.  The waiver by any
party hereto of a breach of any provision of this Agreement shall not operate or
be construed as a further or continuing waiver of such breach or as a waiver of
any other or subsequent breach.  No failure on the part of any party
to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
such right, power or remedy by such party preclude any other or further exercise
thereof or the exercise of any other right, power or remedy.  All
remedies hereunder are cumulative and are not exclusive of any other remedies
provided by law.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    8.8 Governing
Law.

     

    This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

     

    8.9 Headings.

     

    The
section headings of this Agreement are for reference purposes only and are to be
given no effect in the construction or interpretation of this
Agreement.

     

    8.10 Notices.

     

    All
notices and other communications under this Agreement shall be in writing and
shall be deemed given when delivered personally or mailed by certified mail,
return receipt requested, to the parties (and shall also be transmitted by
facsimile to the Persons receiving copies thereof) at the following addresses
(or to such other address as a party may have specified by notice given to the
other party pursuant to this provision):

     

    
      	
              (a)  

            	
              Holdings
      and the Seller:

            

    

    

    Halcyon
Jets Holdings, Inc.

    336 West
37th
Street

    Eighth
Floor

    New York,
New York 10018

    

    Copy
to:

    

    W.
Raymond Felton

    Greenbaum,
Rowe, Smith & Davis LLP

    P.O.Box
5600

    99 Wood
Avenue South

    Woodbridge,
New Jersey 07095

    

    
      	
              (b)  

            	
              Purchaser:

            

    

    18
Hearthstone Terrace

    Livingston,
New Jersey 07039

     

    Copy
to:

    

    David
Schrader, Esq.

    Schrader
& Schoenberg, LLP

    711 Third
Avenue

    New York,
New York 10017

    

    8.11 Severability.

     

    If any
provision of this Agreement is invalid or unenforceable, the balance of this
Agreement shall remain in effect.

     

    8.12 Binding Effect;
Assignment.

     

    This
Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and permitted assigns.  Nothing in this
Agreement shall create or be deemed to create any third party beneficiary rights
in any person or entity not a party to this Agreement except as provided
below.  No assignment of this Agreement or of any rights or
obligations hereunder may be made by either the Sellers or the Purchaser (by
operation of law or otherwise) without the prior written consent of the other
parties hereto and any attempted assignment without the required consents shall
be void.

     

    

    [Signature page
follows]

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    
      
        	 	HALCYON
      JETS HOLDINGS, INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Jan
      E. Chason	 
	 	 	Name:
      Jan E. Chason 	 
	 	 	Title:
      Chief Financial Officer  	 
	 	 	 	 

      

    

     

    
      
        	 	HALCYON
      JETS, INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Jan
      E. Chason	 
	 	 	Name:
      Jan
      E. Chason	 
	 	 	Title:
      Chief
      Financial Officer 	 
	 	 	 	 

      

    

    
      
        	 	HALCYON
      JETS ACQUSITION GROUP, LLC	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ 	 
	 	 	Name:  Gregory
      D. Cohen	 
	 	 	Title:     Managing
      Director	 
	 	 	 	 

      

      
        	 	AS
      TO ARTICLE VII ONLY:	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Gregory
      D. Cohen	 
	 	 	Name:
      Gregory D. Cohen 	 
	 	 	 	 
	 	 	 	 

      

    

    

     

    12cryoport_10k-ex1016.htm

    Exhibit
10.16

     

    
      
        
          	 
      	
                  CONFIDENTIAL
      TREATMENT REQUEST [***] INDICATES INFORMATION THAT HAS BEEN OMITTED
      PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST UNDER RULE 24b-2 OF THE
      SECURITIES EXCHANGE ACT OF 1934,  THIS INFORMATION HAS BEEN
      FILED UNDER SEPARATE COVER WITH THE
COMMISSION.

                

        

       

      RENTAL
AGREEMENT

       

      THIS
RENTAL AGREEMENT (this “Agreement”) dated as of May 15, 2009 (the “Effective
Date”), is entered into between CRYOPORT, INC., a Nevada corporation (“Lessor”),
having a place of business at 20382 Barents Sea Circle, Lake Forest, California
92630, and FEDERAL EXPRESS CORPORATION, a Delaware corporation (“Lessee”),
having a place of business at 3610 Hacks Cross Road, Memphis, Tennessee 38125,
with respect to the following facts:

       

      WHEREAS,
Lessor has developed certain liquid nitrogen shipping vessels described more
specifically in Schedule 1 hereto (each, a “Container”), and related services
for the use and transport thereof (the “Related Services”).

       

      WHEREAS,
Lessee has entered into, or will enter into, one or more agreements to provide
certain shipping services for one or more clinical research organizations,
clinical research laboratories or similar testing facilities listed on Schedule
2, as amended from time to time by mutual written agreement of the parties
hereto (each, a “Customer”), including without limitation to provide cold chain
transportation of frozen clinical or biological research or diagnostic specimens
from a Customer’s health care provider clients (each, a “Provider Client”) to
such Customer.

       

      WHEREAS,
Lessee desires to provide cold chain transportation services between each
Customer and its Provider Clients using Containers (“CryoPort Express”), and
Lessor and Lessee desire to enter into this Agreement to facilitate such
implementation of CryoPort Express on the terms and conditions
hereof.

       

      NOW,
THEREFORE, in consideration of the foregoing and the mutual promises contained
herein, the parties agree as follows:

       

      1.
Lease.  On
the terms and conditions of this Agreement, Lessor hereby leases to Lessee, and
Lessee accepts for lease, such Containers as listed on any order placed by
either a Customer or a Provider Client and accepted by Lessor in accordance with
Section 2 (an “Order”), below, for the prices (“Fees”) stated on Schedule 2
hereto or as stated on the applicable Order Confirmation (defined
below).

       

      2.
 Lease
Transactions.  Each lease of a Container hereunder (each a
“Lease Transaction”) shall take place as follows, and such policies and
procedures as more specifically agreed in writing by the parties:

       

      2.1
 Each Customer
or Provider Client that desires to use CryoPort Express shall place an Order
either directly with Lessor, or with Lessee who in turn shall place such Order
with Lessor, each in such manner and by such means as specified by
Lessor.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      
        
          Confidential
Treatment Requested By CryoPort, Inc.

        

      

       

      2.2
 Lessor will
use commercially reasonable efforts to accept or reject an Order as soon as
possible and no later than 24 hours from receipt of the Order.  Each
Order that is accepted shall be evidenced by issuance of an Order confirmation
(“Order Confirmation”).  The Order Confirmation will confirm for each
Lease Transaction the following:  (a) the Lessor facility where the
Container shall be picked-up to begin the Lease Transaction and delivered to end
the Lease Transaction, (b) the name and shipping address of the applicable
Provider Client, (c) the shipping address of the applicable Customer, (d) the
number and type of leased Container(s), (e) the lease term, and (e) the
applicable Fees.  Acceptance or rejection of each Order will be
communicated to the Provider Client or Customer placing the Order, and each
Order Confirmation will be communicated to Lessee.  Acceptance of any
Order is subject to Container availability.  The Provider Client or
Customer placing the Order shall have the right to cancel a Lease Transaction
four (4) days prior to the Commencement Date.  For these purposes,
“Commencement Date” means the date that the Lease term commences as indicated on
the Order Confirmation.  Lessor will make the Container(s) which are
the subject of the Order available for pick-up by Lessee on the Commencement
Date at the Lessor facility indicated on the Order Confirmation.

       

      2.3
 For each
Lease Transaction, Lessee shall be responsible for delivering the applicable
Container(s) from Lessor’s identified facility, to Provider Client’s shipping
address, to Customer’s shipping address, and back to Lessor’s identified
facility, each during the applicable Lease term, each as set forth on the
applicable Order Confirmation.

       

      2.4
 For each
Lease Transaction, unless Lessor otherwise expressly agrees in writing, Lessee
shall not, and shall cause each Customer and Provider Client not to, use the
applicable Containers for any purpose other than frozen clinical or biological
research or diagnostic specimens, or transport the applicable Container to any
party or address other than as specified in the applicable Order
Confirmation.

       

      2.5
 Lessee shall
provide Lessor with periodic good faith estimates of the reasonably anticipated
demand for Containers hereunder, which shall be non-binding and for planning
purposes only.

       

       3. 
 Movement
Lease.

       

      3.1
 Containers
shall be leased on a per movement basis (“Movement Lease”).  Lease
Transactions commence on the Commencement Date and end at the end of each
movement.  A movement is defined as that time when the Container is
received by Lessee and completed with the Container has been returned to Lessor,
as described in Section 2.  The Lessor shall be compensated by payment
of the applicable Fees for each Lease Transaction where a Container has been
tendered to Lessee for delivery at the commencement of the Lease
Transaction.  A transaction is defined as a completed delivery and
return of the Container.

       

      3.2
 If Lessee
fails to return to Lessee the applicable Container prior to the end of the lease
term as set forth on the applicable Order Confirmation, Lessee additionally
shall pay to Lessor the applicable additional Fees specified in Schedule 2
hereto.

       

      3.3
 The parties
shall specify on Schedule 2 which party shall be responsible for billing and
collecting the Fees, together with Lessee’s transportation fees, for CrypPort
Express for each Customer (and its Provider Clients).  For each Lease
Transaction for a Customer (and its Provider Clients) for which Lessor is
responsible for billings and collections, Lessor shall use the most-current fee
schedule of Lessee’s transportation fees provided by Lessee for such Customer,
and shall remit to Lessee the applicable transportation fees collected within
thirty (30) days after collecting the same.  For each Lease
Transaction for a Customer (and its Provider Clients) for which Lessee is
responsible for billings and collections, Lessee shall use the most-current
schedule of Fees for such Customer, and shall remit to Lessor the applicable
Fees billed within thirty (30) days after billing the same.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
        Confidential
Treatment Requested By CryoPort, Inc.

      

       

       4.
 Delivery and
Return.

       

      4.1  Delivery.  Lessee
shall take possession of the Container(s) on the Commencement Date at the Lessor
facility identified on the Order Confirmation.  At the time of
acceptance, Lessee must inspect the Container(s) and identify on Form - 001
(“Delivery Form”) the existence of any visible damages and both parties must
sign such Delivery Form.  Unless otherwise indicated on the Delivery
Form, the execution of the Delivery Form shall indicate that there are no such
visible damages.  If Lessor delivers a Container that is not
serviceable, Lessor will, at its own expense, promptly replace the
non-serviceable Container utilizing, to the extent practical, a Lessee service
for the transportation of such replacement Container.  Because of
delivery and return logistics, Lessor reserves the right to substitute Container
serial numbers for the Container serial numbers indicated on the Order
Confirmation up until the execution of the Delivery Form.

       

      4.2
 Return.  Lessee
must return the Container(s) to the Lessor facility specified in the Order
Confirmation free and clear of any claims, liens or encumbrances in a
serviceable, emptied and clean condition without damage, except for ordinary
wear and tear.  The parties will execute Form-002 (“Return Form”) upon
the return of the Container(s), indicating any non-allowable
damages.  Unless otherwise indicated on the Return Form, the
inspection by Lessor and the execution of the Return Form shall indicate that
there are no such damages.

       

      5.
  Use of
Containers.  Lessee shall, and shall cause each Customer and
its Provider Clients to, (a) use the Containers in a careful and proper manner
and in accordance with the use guidelines established from time to time by
Lessor and provided to Lessee (the “Guidelines”), (b) not use the Containers or
allow the Containers to be used for any unlawful purpose, (c) not modify the
Containers, and (d) use every reasonable precaution to prevent loss or damage to
the Containers and to prevent injury to persons and property.  Lessee
shall cooperate fully with Lessor and any insurance companies producing
insurance under Section 11 hereof in the investigation and defense of any claims
and suits arising from the use or operation of the Containers.

       

      6.
 Loss or
Damage.  Lessee will bear all risk of loss, damage, theft,
destruction, attachment, seizure or the like (any such event being referred to
as a “Casualty”) of or to the Container(s), reasonable wear and tear excepted,
once the parties execute the Delivery Form.  Reasonable wear and tear
shall include, but not be limited to plastic corners, door hinges, or any other
similar areas that experience damage due to manufacturing or design flaws or
defects.  No Casualty will impair the obligations of the Lessee to pay
the Fees for the lease term of the applicable Lease
Transaction.  Immediately upon Lessee becoming aware of a Casualty,
Lessee will provide Lessor with written notice detailing such
Casualty.  At Lessor’s sole option and upon notice to Lessee, Lessee
shall promptly (a) reimburse Lessor for the reasonable costs of repairing the
affected Container (but not exceeding the replacement value stated on Schedule 1
or any applicable Order Confirmation (“Replacement Value”)), or (b) pay Lessor
the Replacement Value in the case of a lost Container or a Container with
respect to which the cost of repair will exceed the Replacement
Value.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
        
          Confidential
Treatment Requested By CryoPort, Inc.

        

      

       

      7.
 Pricing; Payment of
Fees.  Lessor’s current Fees for Lease Transactions, as well as
applicable additional fees, are specified in Schedule 2.  The prices
are valid for one year from the Effective Date of this
Agreement.  Lessor shall be entitled to change the pricing thereafter
on thirty (30) days’ written notice to Lessee.

       

      8.
 Lessee’s Exclusive
Benefit.  The parties agree that this Agreement is executed for
the benefit of Lessee’s exclusive use of the Container(s) leased hereunder, and
Lessee shall not sublease, sublet, loan, or otherwise release to any third party
(other than to an affiliate of Lessee performing transportation services in the
ordinary course of Lessee’s business as currently conducted) use of any of the
Container(s) unless expressly set forth in this Agreement or otherwise expressly
agreed in writing by Lessor.

       

      9.
 Rights to
Containers.  Lessor and Lessee agree that each Lease
Transaction is an agreement of lease only and nothing contained in this
Agreement may be construed as conveying to Lessee any right, title or interest
in or to the Containers except as a lessee.  Lessee recognizes and
acknowledges that Lessee has the right to maintain possession of the
Container(s) conditional upon Lessee’s compliance with the terms of this
Agreement.  Lessee will not, without the prior written consent of
Lessor, assign or sublease any of the Containers, or hypothecate, pledge or
otherwise encumber or suffer a lien upon or against or otherwise convey any
interest in this Agreement or any Container leased hereunder (or purport to do
any of the foregoing).  Lessee shall indemnify Lessor from any and all
losses, liabilities, damages and expenses (including reasonable attorneys’ fees
and costs) resulting from any such actual or purported assignment, sublease,
hypothecation, pledge, encumbrance, lien or conveyance.  Upon request
of Lessor, Lessee shall execute and deliver a financing statement or similar
documents, and take such other actions, to permit Lessor to perfect a security
interest in, or to evidence Lessor’s ownership of, the
Containers.  Lessor will have the right at any time during the term of
this Agreement period to inspect the leased Containers, including at Lessee’s
facilities.  In addition, Lessee will not suffer to be removed any
Lessor markings contained on any Container.

       

      10.
 Container Warranties;
Limitations.  Lessor warrants that the Containers during the
applicable lease term (a) meet the certification requirements as and when issued
by the FAA or any other applicable governing body, and (b) will operate within
the temperature ranges specified on Schedule 1 hereto for the periods stated
therein when operated in accordance with the Guidelines, receipt of which is
acknowledged by Lessee (“Authorized Warranty”).  Any claim against
Lessor for breach of the Authorized Warranty or other duties must be made in
writing and promptly pursued within one (1) year from the date of delivery of
the Container(s) at issue.  Subject to the first sentence of this
Section 10, the Containers are leased in “as is” condition.  Except as
otherwise provided herein, Lessor will have no responsibility, and Lessee shall
indemnify Lessor, for any and all claims, including any third-party claims
relating to representations and warranties by Lessee outside the scope of the
Authorized Warranty.

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
        
          Confidential
Treatment Requested By CryoPort, Inc.

        

      THE
AUTHORIZED WARRANTY STATED HEREIN IS IN LIEU OF ANY AND ALL WARRANTIES AND
LESSOR DISCLAIMS ALL OTHER WARRANTIES RELATING TO THE CONTAINERS AND THE RELATED
SERVICES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF NONINFRINGEMENT, FITNESS
FOR A PARTICULAR PURPOSE OR MERCHANTABILITY.  EXCEPT AS OTHERWISE
PROVIDED HEREIN, LESSOR SHALL NOT BE LIABLE TO LESSEE FOR ANY LIABILITY, LOSS OR
DAMAGE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY OR INDIRECTLY BY THE CONTAINER(S)
OR RELATED SERVICES, INCLUDING, WITHOUT LIMITATION, ANY CONTAMINATION, SPILL OR
LEAK FROM A CONTAINER.  IN NO EVENT WILL LESSOR BE LIABLE TO LESSEE
FOR INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES, INCLUDING, WITHOUT
LIMITATION, DAMAGES DUE TO LOSS OF USE, LOST PROFITS OR ANY INDIRECT DAMAGES,
EVEN IF LESSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, REGARDLESS
OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT OR OTHERWISE.

       

      Lessor
shall indemnify and hold harmless Lessee from and against any cargo loss or
damage resulting from a container’s failure to perform with the representations
and warranties set forth in this Section 10.  Lessor's liability to
Lessee under this Section 10 for cargo loss or damage per shipment shall always
be limited to the amount that Lessee pays for such loss or damage.

       

      Lessee
agrees to defend, indemnify and hold harmless Lessor and its affiliates,
employees, officers, directors and owners (collectively, “Lessee Indemnified
Parties”) from and against any and all losses, liabilities, damages and expenses
(including reasonable attorneys’ fees and costs) resulting from any claim,
demand, action or other proceeding, whether asserted or incurred during or
subsequent to the Term (defined below), relating to or in any way arising out of
the possession, maintenance, use, control, loss, damage or destruction of the
Containers or any portion thereof, except for losses or injuries caused by
Lessor’s negligence or breach of the Authorized Warranty.  Lessee
will, promptly after it becomes aware of it, give Lessor prompt notice of any
occurrence, event or condition in connection with which Lessor may be entitled
to indemnification hereunder.

       

      11.
 Insurance.  Lessee
will, at all times and at its own expense, during the Term hereof and for three
years thereafter, maintain insurance insuring Lessor and Lessee, as their
respective interests may appear and covering liability for bodily injury and
property damage resulting from the transport of the Containers.  All
such insurance shall be obtained in such amounts and from reputable companies as
is customary in the industry.

       

      12.
 Events of
Default.  The following shall be “Events of Default” hereunder
with respect to any Container (and an Event of Default with respect to any
Container shall be an Event of Default with respect to all
Containers):  (a) Lessee shall default in payment of any Fees or other
amounts due hereunder, (b) Lessee shall be in breach of any other term of this
Agreement, or (c) Lessee shall become insolvent, makes a filing in bankruptcy,
dissolves or otherwise terminates its corporate existence.  If an
Event of Default occurs and should such Event of Default continue for more than
five business days after Lessee’s receipt of written notice of such default,
Lessor may, at its option, (i) require Lessee to return any or all Containers in
accordance with Section 4.3, (ii) take possession of any or all Containers
wherever found, enter into the premises or aircraft where the Container(s) are
located and disconnect, render unusable and remove the Container(s) or (iii)
require Lessor to pay as liquidated damages for loss of the benefit of its
bargain and not as a penalty, their “Default Value” plus all Fees that are
payable to the date that Lessor receives payment of the Default Value and such
Fees.  “Default Value” means all unpaid Fees and other charges
including cost of return to Lessor facility specified in the
order.  The foregoing rights shall be in addition to any other rights
and remedies available to Lessor at law or in equity.  No remedy
referred to in this Section 12 is intended to be exclusive, but each shall be
cumulative and in addition to any other remedy referred to above or otherwise
available to Lessor at law or in equity.  No express or implied waiver
by Lessor of any Event of Default shall in any way be, or be construed to be, a
waiver of any future or subsequent Event of Default.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
        
          Confidential
Treatment Requested By CryoPort, Inc.

        

      

       

       

      13.
 Term and
Termination.  This Agreement shall commence on the Effective
Date, and shall be valid until one (1) year from the Effective Date (“Term”);
provided, (a) this Agreement and any applicable Order Confirmation shall survive
with respect to any Lease Transaction still in effect at such expiration date
until the end of the lease period for that Lease Transaction and the return of
the applicable Container(s) as provided herein, and (b) this Agreement shall
automatically renew for additional one-year terms unless one party gives the
other party written notice of non-renewal at least thirty (30) days prior to the
then-current Term.  In addition, Lessor may terminate this Agreement
on written notice to Lessee on the occurrence of any Event of Default that
remains unremedied after the period of time specified in Section12 for Lessee’s
cure.  Sections 10, 11, 13 and 14 shall survive termination or
expiration of this Agreement.  Either party shall have the right to
terminate this Agreement for convenience upon providing the other with thirty
(30) days written notice.

       

      14.
 General
Provisions.

       

      14.1
 Force
Majeure.  No party to this Agreement shall be liable to the
other party for any failure or delay in fulfilling an obligation hereunder other
than payment of money, if said failure or delay is attributable to circumstances
beyond its control, including, but not limited to, any fire, terrorism, power
failure, labor dispute or government measure (“Force Majeure”).  The
Parties agree that the deadline for fulfilling the obligation in question shall
be extended for a period of time equal to that of the continuance of the Force
Majeure.  Each party shall use all commercially reasonable efforts to
minimize the effect of the Force Majeure on its performance under this
Agreement.

       

      14.2
 Notices.  Notices
under this Agreement shall be valid if given in writing and sent by recognized
overnight courier, registered mail or fax to the addresses shown on the
invoice.  Notices will be effective upon receipt.

       

      14.3  Operation of
Containers.  Lessee agrees that in its use and handling of the
Containers it will strictly comply with the Guidelines and such additional
instructions as Lessor shall provide in writing to Lessee.  Lessee
agrees that it will comply with all applicable laws and regulations relating to
its use and possession of the Containers.

       

      14.4
 Non-Waiver.  No
failure by Lessor to exercise, nor delay by Lessor in exercising, any right or
remedy which it may have under or with respect to this Agreement shall operate
as a waiver thereof of any other right or remedy available to
Lessor.  No waiver of any such right shall be effective unless the
same shall be in writing and signed by Lessor.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

        
          Confidential
Treatment Requested By CryoPort, Inc.

        

      

       

      14.5
 Integration.  This
Agreement (including any Schedules and Order Confirmations) constitutes the
entire agreement between the parties.  This Agreement only may be
amended by a written agreement between authorized representatives of the
parties.  If any portion of this Agreement is held to be invalid in
any jurisdiction, such provisions shall be severed from this Agreement and the
remaining provisions shall remain in full force and effect.  Any term
or condition set forth in any Order, Order Confirmation or other document or
instrument (other than as expressly required hereby) that conflicts with, or
adds to, the terms of this Agreement shall be of no force or effect, except if
such document or instrument is duly executed and delivered by each party and
expressly and conspicuously references and supersedes this
Agreement.

       

      14.6
 Confidentiality and
Advertising Restrictions.  Except to the extent disclosure is
required by applicable law, regulation or court order, the parties agree that
this Agreement and the terms hereof shall be kept strictly confidential by them,
and each party shall in each instance obtain the prior written approval of the
other concerning exact text and timing of news releases, articles, brochures,
advertisements, prepared speeches and other information releases concerning this
Agreement.  No license or grant whatsoever pertaining to a party’s
trademarks, tradename, logos, service marks or other intellectual property is
granted to the other party pursuant to this Agreement.

       

      14.7
 UCC Filings; Additional
Information.  Lessee will provide reasonable assistance to
Lessor with respect to the Lessor’s recording, filing, re-recording and
re-filing of any financing statements or other instruments as are reasonably
necessary to maintain the perfected security interest and ownership interest of
Lessor in each Container, together with such instruments, in execution form, and
such other information as may be required to enable it to take such
actions.

       

      14.8
 Assignment.  Lessee
acknowledges that this Lease Agreement and its rights, duties and obligations
are personal to Lessee and may not be assigned, delegated or otherwise
transferred by Lessee without Lessor’s prior written consent.  Any
attempted assignment, delegation or transfer by Lessee in violation of this
subsection 14.8 will be void and will constitute a material breach of this Lease
Agreement.  Nothing herein shall be construed to limit Lessor’s right
or ability to assign, delegate or transfer this Lease Agreement.

       

      14.9
 Governing
Law.  This Agreement will be governed and construed in
accordance with the laws of the State of Delaware without reference to the
conflicts of laws provisions thereof.

       

      14.10
 Counterparts.  THIS
AGREEMENT MAY BE EXECUTED IN COUNTERPARTS, EACH OF WHICH, WHEN SO EXECUTED AND
DELIVERED, SHALL CONSTITUTE AN ORIGINAL, FULLY ENFORCEABLE COUNTERPART FOR ALL
PURPOSES EXCEPT THAT ONLY THE COUNTERPART STAMPED OR MARKED ‘COUNTERPART NUMBER
1’ SHALL CONSTITUTE ‘CHATTEL PAPER’ OR OTHER ‘COLLATERAL’ WITHIN THE MEANING OF
THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN ANY JURISDICTION.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
        Confidential
Treatment Requested By CryoPort, Inc.

 

      EACH PARTY’S SIGNATURE BELOW
ACKNOWLEDGES THAT SUCH PARTY HAS READ AND UNDERSTANDS EACH OF THE TERMS AND
CONDITIONS OF THE AGREEMENT AND AGREES TO BE BOUND BY THEM.

       

      
        
          	
                  FEDERAL
      EXPRESS CORPORATION

                	
                  CRYOPORT,
      INC.

                
	 
      	 
      
	
                  BY:
      /s/ Jerry Beyl        

                	
                  BY:
      /s/ Larry Stambaugh        

                
	 
      	 
      
	
                  NAME:
      Jerry Beyl

                	
                  NAME:
      Larry Stambaugh

                
	 
      	 
      
	
                  TITLE:
      Vice President FedEx Worldwide Svcs

                	
                  TITLE:
      Chairman and CEO

                

        

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
        Confidential
Treatment Requested By CryoPort, Inc.

      

       

      SCHEDULE
1

      

      CONTAINERS

      

      
        	
                 
      

              	
                Model
      No.: EXP5

              

      

      

      
        	
                 
      

              	
                Description:
      The CryPort Express Shipper Model No. EXP 5 is an IATA certified cryogenic
      dry vapor shipping container which holds 5.5 liters liquid nitrogen and
      has a full weight of 10.2
kilograms.

              

      

      

      
        	
                 
      

              	
                Replacement
      Cost:      [***]

              

      

      

      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

      

      [ADDITIONAL
MODELS MAY BE ADDED

      BY MUTUAL
WRITTEN AGREEMENT OF THE PARTIES]

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      
        Confidential
Treatment Requested By CryoPort, Inc.

 

      SCHEDULE
2

      

      CUSTOMERS
AND FEES

      

      
        	
                 
      

              	
                Customer:
      [***]

              

      

      

      
        	
                 
      

              	
                Billing
      Party: Lessor

              

      

      

      
        	
                 
      

              	
                Fees: 
      [***]
      for each Lease Transaction, for up to 14 calendar days after the
      applicable Commencement Date

              

      

      

      
        	
                 
      

              	
                Additional
      Fees:  [***]
      for each Lease Transaction, if the Container is not returned to Lessor
      within 14 calendar days after the applicable Commencement Date, for each
      period of 14 calendar dsays (or portion thereof) thereafter, up to a
      maximum of [***] for each Lease
  Transaction

              

      

      

      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

      

      [ADDITIONAL
CUSTOMERS MAY BE ADDED  BY MUTUAL WRITTEN AGREEMENT OF THE
PARTIES]

       

       

       

       

       

       

       

       

       

       

      10

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