Exhibit
10.29


 


*Portions
of this exhibit marked [*] are requested to be treated confidentially.


 


PATENT
LICENSE AGREEMENT


 


As
of the EFFECTIVE DATE, Document Security Systems, Inc. (hereinafter “DSS”) having a place of business
at 200 Canal View Blvd., Suite 300, Rochester, NY 14623, and Intellectual Discovery Co. Ltd. (hereinafter “ID”),
a Korean corporation, having an address at 10 Golden Tower Bldg. #511 Samseong-ro, Gangnam-gu, Seoul, 06158 Korea. DSS and ID
(each individually, a “Party”, and collectively, the “Parties”) hereby agree as follows:


 


 DEFINITIONS




 


“Affiliate”
of a Person means any other Person or entity that directly or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with, such Person. The term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.


 


“Confidential
Information” means (a) the contents, nature, conditions, results, form, existence of, parties to and terms of this Agreement,
(b) all correspondence of a confidential nature relating to this Agreement that is received by one Party the (“Receiving
Party”) from the other Party the (“Disclosing Party”), and (c) any trade secret, privileged or work
product information of Disclosing Party contained in the Prosecution History and Patent Evaluation Files.


 


“EFFECTIVE
DATE” means the later of the dates on which DSS and ID execute this Agreement, as indicated on the signature page below.


 


“LICENSED
PATENTS” means the U.S. and foreign patents, patent applications and invention disclosures listed in Exhibit A, and,
any reissues, reexaminations, extensions, continuations, continuations-in-part, continuing patent applications, and divisions
thereof and foreign counterparts of the foregoing as well as all rights therein provided by multinational treaties or conventions,
if any, including any and all family members (U.S. and foreign) and any and all patents and pending applications containing a
terminal disclaimer to any of the PATENTS.


 


“LICENSED
PRODUCTS” means products that are made or sold in any country in which LICENSED PATENTS cover a feature that is contained
within that product.


 


“LIMITED
PERIOD” means the period commencing on the EFFECTIVE DATE and continuing until February 15, 2019.


 




    	 	 	 



    		 	 



    


 


“Person”
means an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated
organization, trust, association or other entity.


 


“Transmitted
Copy” means a copy of this Agreement bearing a signature of a Party that is reproduced or transmitted via email of a
..pdf file, photocopy, facsimile, or other process of complete and accurate reproduction and transmission.


 


Agreement


 


1.01
Grant


 


ID
grants to DSS under the LICENSED PATENTS, a worldwide, personal, non-exclusive, and a non-transferable fully paid-up license to
make, have made, use, lease, offer to sell, sell, export, import or otherwise dispose of LICENSED PRODUCTS.


 


1.02
Duration


 


All
licenses granted herein under any LICENSED PATENTS shall be in effect from the EFFECTIVE DATE until the earlier of (i) the end
of the LIMITED PERIOD, or (ii) the expiration of all LICENSED PATENTS during the LIMITED PERIOD.


 


1.03
Scope


 


Except
for the express patent licenses, releases, covenants and rights granted under this Agreement, no other licenses, releases, covenants,
or any other rights or immunities, whether express or implied, are granted hereunder under any of the LICENSED PATENTS.


 


PAYMENT


 


2.01
Fixed Payment for Release and License


 


In
consideration of the release and license granted hereunder by ID to DSS, DSS shall pay a one time fully paid-up license fee to
ID of one million five hundred thousand United States Dollars (US $1,500,000.00). DSS shall pay the license fee by wire transfer
to the ID’s bank account listed below no later than five (5) days following the EFFECTIVE DATE. If DSS fails to pay the
license fee within such timeframe, ID shall have the option to take back the granted licensing right under the LICENSED PATENTS.


 




    	 	 	 



    		 	 



    


 


Bank
Name: Woori Bank Sernreung Banking Center


Bank
Address: 701-2, Yeoksam-dong, Gangnam-gu, Seoul, 135-080 Korea


Account
name: Intellectual Discovery Co., Ltd


Account
number: 1005-101-837280


SWIFT
Code:HVBKKRSEXXX


 


RELEASES


 


 3.01 Releases




 


In
consideration of the payment set forth in section 2.01 and other good and valuable consideration payable by DSS to ID, and subject
to full receipt of such payments, ID hereby releases DSS from any and all claims under the LICENSED PATENTS that could be made
by ID prior to the EFFECTIVE DATE for which the rights and licenses expressly granted under this Agreement to DSS would be a complete
defense had this Agreement been in effect at the time such patent infringement arose.


 


LIMITED
ASSIGNABILITY 


 


4.01
Limited Assignability


 


Notwithstanding
the foregoing, this Agreement shall be assignable by DSS in connection with a sale to, transfer to, merger, or acquisition of
the business or assets, or any portion thereof another entity. This Agreement is also assignable by DSS to its designate subject
to the written approval of ID. DSS shall give a written notice to ID within thirty (30) days prior to such assignment or transfer
of this Agreement.


 


MISCELLANEOUS
PROVISIONS


 


5.01
Confidentiality


 


Each
Party, as Receiving Party, shall keep confidential the Confidential Information of Disclosing Party and neither Party, as Receiving
Party, shall now or hereafter have the right to disclose such Confidential Information to any third party except: (a) with the
prior written consent of the Disclosing Party, (b) as may be required by applicable law, regulation or order of a governmental
authority or court of competent jurisdiction, (c) in confidence to the professional legal and financial counsel representing Receiving
Party, or (d) in confidence to any party covered by the releases, licenses or covenants granted herein. Confidential Information
shall not include any information that (i) has become publicly available through no fault of Receiving Party, (ii) was rightfully
in Receiving Party’s possession before receipt from Disclosing Party; (iii) becomes rightfully known to Receiving Party
without obligations of confidentiality from a source other than Disclosing Party that is not subject to a duty of confidentiality
with respect to such information; or (iv) is independently developed by Receiving Party without any use of, access to or reference
to any Confidential Information of Disclosing Party. With respect to the foregoing clause (b), Receiving Party shall, to the extent
legally permissible, provide Disclosing Party with prior written notice of such applicable law, regulation or order and, at the
request of Disclosing Party, use reasonable efforts to limit the disclosure of the Confidential Information and to obtain a protective
order.


 




    	 	 	 



    		 	 



    


 


5.02
Addresses and Payments


 


(a)       Any
notice or other communication hereunder is sufficiently given to DSS when sent by overnight or certified mail addressed to:


 


Document
Security Systems, Inc.


200
Canal View Blvd., Suite 300,


Rochester,
NY 14623


Attn:
General Counsel


 


(b)       Any
notice or other communication hereunder will be sufficiently given to ID when sent by overnight or certified mail addressed to:


 


Intellectual
Discovery Co. Ltd.


10
Golden Tower Bldg. #511 Samseong-ro,


Gangnam-gu,
Seoul, 06158 Korea


Attn
: General Counsel


 


Changes
in such addresses may be specified by written notice.


 


5.03
Taxes


 


ID
shall bear all taxes, duties, levies and similar charges, however designated, imposed as a result of the existence or operation
of this Agreement, including any net income tax imposed upon ID by any governmental entity. In the event that such government
entity imposes taxes on payments made by DSS hereunder and requires DSS to withhold such net income tax from the payment, DSS
may deduct such tax from such payments. In such event, DSS shall promptly provide ID with tax receipts or certifications issued
by the relevant tax authorities so as to enable ID to support a claim for credit against income taxes which may be payable by
ID in the Republic of Korea.


 


5.04
Governing Law and Jurisdiction


 


This
Agreement will be interpreted, construed, and enforced in all respects in accordance with the laws of the State of New York, without
reference to its choice of law principles to the contrary. ALL DISPUTES AND LITIGATION ARISING OUT OF OR RELATED TO THIS AGREEMENT,
INCLUDING MATTERS CONNECTED WITH ITS PERFORMANCE, ARE SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS OF
THE STATE OF NEW YORK LOCATED IN MANHATTAN, NEW YORK. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH
COURTS AND IRREVOCABLY WAIVES ALL OBJECTIONS TO SUCH VENUE.


 




    	 	 	 



    		 	 



    


 


5.05
Waiver


 


The
waiver by either Party of a breach or default of any provision of this Agreement by the other Party will not be construed as a
waiver of any succeeding breach of the same or any other provision, nor will any delay or omission on the part of either Party
to exercise or avail itself of any right, power or privilege that it has or may have hereunder operate as a waiver of any right,
power or privilege of such Party.


 


5.06
Severability


 


If
any provision of this Agreement is found to be invalid or unenforceable for any reason, then such provision will be modified to
reflect the Parties’ intention. All remaining provisions of this Agreement will remain in full force and effect.


 


5.07
Publicity


 


Notwithstanding
the foregoing, neither Party shall, without the prior written approval of the other Party, (a) advertise or otherwise publicize,
in a press release or otherwise, the terms of this Agreement or any other aspect of the relationship between the Parties under
this Agreement. For the avoidance of doubt, each of the Parties acknowledges and agrees that (a) the recording of the Executed
Assignment by or on behalf of DSS or (b) disclosure of this Agreement in order to comply with applicable securities laws shall
not constitute a breach of this Agreement by DSS.


 


5.08
Construction


 


The
section headings in this Agreement are for convenience of reference only, will not be deemed to be a part of this Agreement, and
will not be referred to in connection with the construction or interpretation of this Agreement. Any rule of construction to the
effect that ambiguities are to be resolved against the drafting Party will not be applied in the construction or interpretation
of this Agreement.


 


5.09
Integration


 


This
Agreement sets forth the entire agreement and understanding between the Parties as to the subject matter hereof and merges all
prior discussions and agreements between them. Neither of the Parties shall be bound by any modifications, warranties, understandings
or representations with respect to such subject matter other than as expressly provided herein, for example, section 4.01 or in
a writing signed with or subsequent to the EFFECTIVE DATE hereof by an authorized representative of the Party to be bound thereby.


 




    	 	 	 



    		 	 



    


 


5.10
Counterparts and Facsimile or Electronic Copies


 


This
Agreement may be executed on facsimile or electronically scanned copies in any number of counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument.


 


5.11
No Admission


 


The
Parties agree that this Agreement is not an admission by DSS (i) that it does now infringe or has ever infringed any of the LICENSED
PATENTS; and (ii) that it has committed any act that would entitle ID, under the law of any jurisdiction anywhere in the world,
to any relief.


 


5.12
Disclaimer


 


ID
DOES NOT MAKE ANY REPRESENTATIONS, EXTENDS ANY WARRANTIES OF ANY KIND, ASSUMES ANY RESPONSIBILITY OR OBLIGATIONS WHATEVER, OR
CONFERS ANY RIGHT BY IMPLICATION, ESTOPPEL OR OTHERWISE, OTHER THAN THE LICENSES AND RIGHTS HEREIN EXPRESSLY GRANTED.


 


IN
WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed in duplicate originals by its duly authorized
representatives on the respective dates entered below.


 


	 	INTELLECTUAL DISCOVERY CO. LTD.
	 	 	 
	 	By:
    	/s/
    Donghyun Shim
	 	Name:	Donghyun
    Shim
	 	Title:	Executive
    Director
	 	Date:	November
    8, 2016
	 	 	 
	 	DOCUMENT SECURITY SYSTEMS, INC.
	 	 	 
	 	By:
    	/s/
    Jeffrey Ronaldi
	 	Name:	Jeffrey
    Ronaldi
	 	Title:	Chief
    Executive Officer
	 	Date:	November
    10, 2016


 




    	 	 	 



    		 	 



    


 


EXHIBIT
A - Listed PATENTS


 


	No.	 	Patent
    No.	 	Country	 	Status	 	Title	 	Application
    No.	 	Filing
    Date	 	Issued
    Date
	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]


 


[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.