Clearly, your string and format does not match.
From documentation;
Converts the specified string representation of a date and time to its
  DateTime equivalent. The format of the string representation must
  match a specified format exactly.
You need to use M/dd/yyyy with a culture that has / as a DateSeparator like InvariantCulture .
string _toDate = "5/22/2015";
DateTime myDate = DateTime.ParseExact(_toDate, "M/dd/yyyy", CultureInfo.InvariantCulture);
When you use null as an IFormatProvider, it's threaded as your CurrentCulture and if your CurrentCulture doesn't have / as a DateSeparator, you will get FormatException because / custom format specifier has a special meaning as replace me with current culture or supplied culture date separator.