On July 20, 2009, Dee Kelly informed CryoPort, Inc.'s ("Company") Board of Directors (the "Board") of her intent to terminate consulting agreement between Dee Kelly Financial Services and the Company and resign as the Company's Chief Financial Officer and Vice President of Finance effective August 20, 2009, the expiration date of the thirty (30) day notice period provided for in the consulting agreement.

The Company also entered into a Settlement and Mutual General Release of Claims (the "Release Agreement") with Ms. Kelly on July 24, 2009, that governs the terms of her departure and that provides, in exchange for a general release by Ms. Kelly, for the following:

? the Company will pay to Ms. Kelly on July 31, 2009, the sum of $14,000 representing the amount of deferred compensation owed to Ms. Kelly as of July 24, 2009, which the Company and Ms. Kelly had previously agreed to defer; and

? a general release of claims by the Company in favor of Ms. Kelly.

The Release Agreement also contains other customary provisions. A copy of the Release Agreement is filed as Exhibit 10.14 to this Current Report on Form 8-K and its contents are incorporated herein by this reference.

(d) Exhibits.

Exhibit No. Description
10.14       Settlement and Mutual General Release of Claims,
            dated July 24, 2009, by and between CryoPort, Inc.
            and Dee Kelly