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Creating a K2 Package: Object reference not set to an instance of an object error

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This article was created in response to a support issue logged with K2. The content may include typographical errors and may be revised at any time without notice. This article is not considered official documentation for K2 software and is provided "as is" with no warranties.
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Issue

When creating a K2 Package, an error occurs which stops you from proceeding.

Symptoms

The following error will occur:

"System.Reflection.TargetInvocationException: Exception has been thrown by the target of an invocation. ---> System.NullReferenceException: Object reference not set to an instance of an object."

Resolution

Please install the K2 4.7 May Cumulative Update and recreate your K2 Package.