Document:

Exhibit 10.37

 

 

XG SCIENCES, INC.

 

SUBSCRIPTION AGREEMENT

 

 

Ladies/Gentlemen:

 

XG Sciences, Inc., a Michigan
corporation (the "Company") is selling in this offering (this “Offering”) up to $16,000,000
in shares of its common stock, no par value per share, at $8 per share (the “Shares”) to investors pursuant
to that certain registration statement on Form S-1, as filed with the Securities and Exchange Commission and effective as of _____________
__, 2016.

 

1.Subscription.

1.1             
The undersigned hereby subscribes for the number of Shares set forth on the signature page below at a purchase price of
$8.00 per Share.

1.2             
If the undersigned is paying with a check or money order, enclosed is a check or money order payable to the order of XG
Sciences, Inc., in the amount set forth on the signature page below as payment in full of the total purchase price of the Shares
subscribed for.

1.3             
If the undersigned in paying by wire transfer, the understand shall effect a wire transfer in the amount set forth on the
signature page below as payment in full of the total purchase price of the Shares subscribed for to the bank account set forth
in and in accordance with the wire instructions detailed in Exhibit A.

1.4             
The Company expects to utilize the subscription funds received from this Offering to fund general corporate expenses of
approximately $5.2 million over the next two years, working capital increases of approximately $3 million, and to expand capacity.
If the Company sells only 10% of the primary shares, it will use all net proceeds from the Offering to fund general corporate expenses.

2.Subscriber’s
Acknowledgments and Agreements.

The undersigned understands,
acknowledges and agrees that:

2.1 
This subscription may be accepted or rejected in whole or in part by the Company, in its sole discretion. The Company
may also terminate the Offering at any time, and may increase or decrease the size of the offering at its sole discretion.

2.2 
 Except as provided under applicable securities laws, this subscription is and shall be irrevocable except that (a) the
undersigned’s execution and delivery of this Subscription Agreement will not constitute an agreement between the Company
and the undersigned until this Subscription Agreement is accepted on behalf of the Company and, if not so accepted, the undersigned’s
subscription and obligations hereunder will terminate and (b) the undersigned can, at any time prior to acceptance of this Subscription
Agreement, request in writing that the undersigned be released from the obligations hereunder (and the Company may, but need not,
in its discretion, elect to release the undersigned from the subscription and from such obligations).

2.3 
 No U.S. federal or state agency has made any finding or determination as to the fairness of the terms of this Offering.
These securities have not been recommended or endorsed by any U.S. federal or state securities commission or regulatory agency.

2.4 
 The undersigned is aware that any resale inconsistent with the Securities Act of 1934, as amended (the “Securities
Act”) may create liability on the undersigned’s part and/or the part of the Company, and agrees not to assign,
sell, pledge, transfer or otherwise dispose of or transfer any such Shares unless registered under the Securities Act and applicable
U.S. state securities laws, or an opinion is given by counsel satisfactory to the Company that such registration is not required.

2.5             
The Company has made available to the undersigned (a) the Company’s Articles of Incorporation and Bylaws, each as
amended to date (collectively, the “Company Organizational Documents”), (b) the Shareholder Agreement dated
March 18, 2013 (the “Shareholder Agreement”), and (c) the Voting Agreement dated January 15, 2014 (the “Voting
Agreement”). The undersigned also acknowledges that the undersigned has had a reasonable opportunity to examine the Company
Organizational Documents, the Shareholder Agreement and the Voting Agreement. The undersigned further acknowledges and agrees that
the undersigned will be bound by the Company Organizational Documents, the Shareholder Agreement and the Voting Agreement until
such time as those agreements have been terminated according to their terms therein.

2.6             
The undersigned acknowledges, agrees and understands that, until the Company raises at least $10,000,000 in a registered
public offering, including, without limitation this Offering, the undersigned will be required to execute a joinder to the Shareholder
Agreement, agreeing to be bound by the terms of the Shareholder Agreement, including the restrictions on transfer described therein
and the restrictions on investing in certain businesses that compete with the Company.

3.Subscriber’s
Representations and Warranties.

 

The undersigned hereby
represents and warrants as follows:

 

3.1 
The undersigned is acquiring the Shares for the undersigned’s own account for investment, not for the interest
of any other person, not for resale to any other person and not with a view to or in connection with a sale or distribution.

3.2 
The undersigned has sufficient knowledge and experience in financial and business matters so that he is capable of evaluating
the merits and risks of an investment in the Shares and of protecting his interests in connection with such investment, or he has
obtained the advice of an attorney, a certified public accountant, or an investment advisor registered under the Investment Advisors
Act of 1940 or under the Michigan Uniform Securities Act of 2002, with respect to the merits and risks of an investment in the
Shares and the protection of his interests.

3.3 
The undersigned has had an opportunity to ask questions of and receive answers from representatives of the Company with
respect to this Offering. The Company has provided the undersigned with all documents requested and has provided answers to all
of the undersigned’s questions relating to an investment in the Company. In addition, the undersigned has had an opportunity
to discuss this investment with representatives of the Company and to ask questions of them.

3.4 
The undersigned is acquiring the Shares and has been furnished with the Company Organizational Documents, the Shareholder
Agreement, the Voting Agreement and has access to the registration statement. The undersigned has not been furnished with any prospectus
or other offering literature.

3.5 
The undersigned understands that an investment in the Company is speculative and involves a high degree of risk, and
the undersigned has carefully reviewed and is aware of all of the risk factors related to the purchase of the Shares.

3.6 
The undersigned understands that there is no market for the Shares, and it is not anticipated that such a market will
develop.

3.7 
If this Subscription Agreement is executed and delivered on behalf of a partnership, trust, corporation or other entity:
the undersigned has been duly authorized to execute and deliver this Subscription Agreement and all other documents and instruments
(if any) executed and delivered on behalf of such entity in connection with its purchase of Shares subscribed for.

3.8 
The Company and the other purchasers are relying on the truth and accuracy of the declarations, representations and warranties
herein made by the undersigned. Accordingly, the foregoing representations and warranties and undertakings are made by the undersigned
with the intent that they may be relied upon in determining his/her suitability as a purchaser. The undersigned agrees that such
representations and warranties shall survive the acceptance of the undersigned as a purchaser, and the undersigned indemnifies
and agrees to hold harmless, the Company and each other purchaser from and against all damages, claims, expenses, losses or actions
resulting from the untruth of any of the warranties and representations contained in this Subscription Agreement.

3.9 
The foregoing representations and warranties are true as of the date of this Subscription Agreement and shall be true as
of the date the Company issues and sells Shares to the undersigned. If such representations and warranties shall not be true in
any respect prior to such date, the undersigned will give prompt written notice of such fact to the Company.

		4	Governing Law; Arbitration; Venue.

4.1 
This Subscription Agreement and all rights and obligations hereunder shall be deemed to be made under and governed by
the laws of the State of Michigan applicable to agreements made and to be performed entirely within such State, without reference
to such State's laws regarding the conflict of laws.

4.2 
Any dispute or difference with respect to any matter arising out of or in connection with this Subscription Agreement
and the Offering shall first be submitted for arbitration to the American Arbitration Association.

4.3 
Any litigation arising hereunder shall be instituted only in Ingham County or the state courts of the State of Michigan
sitting in Ingham County. All parties agree that venue shall be proper in Ingham County for all such legal or equitable proceedings.

4.4 
Failure of any party to exercise any right or remedy under this Subscription Agreement or otherwise, or delay by a party
in exercising such right or remedy, shall not operate as a waiver thereof.

4.5 
All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context
may require.

4.6 
The headings of this Subscription Agreement are for convenience of reference and shall not form part of, or affect the
interpretation of, this Subscription Agreement.

4.7 
If any provision of this herein shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Subscription Agreement or the validity or enforceability
of this Subscription Agreement in any other jurisdiction.

 

 

[Remainder of page
intentionally left blank. Signatures to follow]

    	 

    	 

    

Date: _____________________________________________________________

 

Number of Shares Subscribed For: _______________________________________

 

Purchase Price Per Share: $8.00

 

Aggregate Purchase Price: $___________________________________________

 

	
        _________________________

        Taxpayer I.D. Number

         

        As (check one) Individual _____ Tenants in Common _____ Existing
        Partnership _____ Joint Tenants _____ Corporation _____ Trust _____ Minor with Adult Custodian under UGMA _____

         

        Subscriber’s name and business

        address (please type or print)

        ____________________________

        ____________________________

        _____________________________
	
         

        __________________________

        Signature of Subscriber

         

         

        Capacity in which signed:

         

         

         

         

        Subscriber’s mailing address

        (if different than business address)

        ____________________________

        ____________________________

        ____________________________

	
         

         

        ____________________________

        Taxpayer I.D. Number of Co-Subscriber

         

         

        Co-Subscriber’s name and business

        address (please type or print)

        _____________________________

        _____________________________

        _____________________________
	
         

         

        ____________________________

        Signature of Co-Subscriber

         

         

        Co-Subscriber’s mailing address

        (if different than business address)

        _____________________________

        _____________________________

        _____________________________

 

Accepted:

 

XG SCIENCES, INC.

 

By: _________________________

Name:_______________________ Date: ________________________

Title: ________________________

    	 

    	 

    

EXHIBIT A

 

[COMPANY WIRE INSTRUCTIONS]EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) is made and entered into as of January 22, 2016
(the “Effective Date”), by and among LOGMEIN, INC., a Delaware corporation (“LMI”), LOGMEIN IRELAND HOLDING COMPANY LIMITED, an Irish incorporated limited liability company (“LMI
Ireland” and, together with LMI, the “Borrowers”), LOGMEIN IRELAND LIMITED, an Irish incorporated limited liability company (“Guarantor”), JPMORGAN CHASE BANK, N.A., as Administrative
Agent, and the undersigned Lenders constituting Required Lenders as of the date hereof. 
 WHEREAS, the Borrowers, the Lenders and the
Administrative Agent are each party to that certain Credit Agreement, dated as of February 18, 2015 (as the same may be amended, restated, supplemented or otherwise modified form time to time, the “Credit Agreement”),
and the Guarantor and the Administrative Agent are each party to that certain Subsidiary Guarantee Agreement, dated as of February 18, 2015 (as the same may be amended, restated, supplemented or otherwise modified form time to time, the
“Guarantee”); 
 WHEREAS, the Borrowers have elected to increase the Aggregate Commitment under (and as defined in)
the Credit Agreement pursuant to Section 2.21 thereof by $50,000,000 such that the Aggregate Commitment will equal $150,000,000 (such increase, the “Accordion Increase”); 

WHEREAS the Borrowers have requested that the Lenders agree, and Lenders constituting Required Lenders under the Credit Agreement have agreed,
on the terms and subject to the conditions set forth herein, to re-set the expansion option contained in Section 2.21 of the Credit Agreement to allow for an additional optional increase of up to $50,000,000 of the Aggregate Commitment (such
that the Aggregate Commitment would not exceed $200,000,000 following the Borrowers’ election of such an increase) (the “Accordion Re-Set”); and 

WHEREAS the Borrowers have requested that the Lenders agree, and Lenders constituting Required Lenders under the Credit Agreement have agreed,
on the terms and subject to the conditions set forth herein, to make certain amendments to the Credit Agreement in connection with the Accordion Increase and the Accordion Re-Set. 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows: 
 1.        Definitions; Loan
Document. Capitalized terms used in this First Amendment without definition shall have the meaning assigned to such terms in the Credit Agreement, as modified by this First Amendment. This First Amendment shall constitute a Loan Document for all
purposes of the Credit Agreement and the other Loan Documents. 
 2.        New Definition in
Section 1.01 of the Credit Agreement. The following new defined term is hereby added to Section 1.01 of the Credit Agreement, in appropriate alphabetical order: 

““First Amendment” means that certain First Amendment to Credit Agreement dated as of
January 22, 2016, by and among the Borrowers, LogMeIn Ireland Limited, as Guarantor, the Administrative Agent and Lenders constituting Required Lenders as of the date thereof, amending the terms of this Agreement.” 

 3.        Amendment to Section 2.21 of the Credit
Agreement. The first sentence of Section 2.21(a) of the Credit Agreement is hereby amended and restated to read as follows: 

“LMI may from time to time elect to increase the Aggregate Commitment in a minimum amount of $10,000,000 (or the remaining
amount available under this Section 2.21) and an integral multiple of $5,000,000 in excess thereof so long as, after giving effect thereto, the aggregate amount of all such Commitment increases made after the effective date of the First
Amendment does not exceed $50,000,000 (such that the aggregate amount of all Commitments hereunder does not exceed $200,000,000).” 

4.        Amendment to Schedule 2.01A (Commitments) of the Credit Agreement. Schedule 2.01A of
the Credit Agreement is hereby deleted in its entirety and replaced with the new Schedule 2.01A attached to this First Amendment as Exhibit A. 

5.        Consent to Augmenting Lender. The Borrowers, the Administrative Agent and the Issuing
Bank each consent to Morgan Stanley Bank, N.A. joining the Credit Agreement as an Augmenting Lender. 

6.        No Waiver. Nothing contained in this First Amendment shall be deemed to
(i) constitute a waiver of any Default or Event of Default that may heretofore or hereafter occur or have occurred and be continuing or to otherwise modify any provision of the Credit Agreement or any other Loan Document, or (ii) give rise
to any defenses or counterclaims to the Administrative Agent’s or any of the Lenders’ right to compel payment of the Obligations when due or to otherwise enforce their respective rights and remedies under the Credit Agreement and the other
Loan Documents. 
 7.        Conditions to Effectiveness. This First Amendment shall become
effective on the date upon which the Administrative Agent (or its counsel) receives: 
  

	 	a.	a counterpart of this First Amendment, signed on behalf of each of the Borrowers and each of the Lenders constituting Required Lenders, or written evidence satisfactory to the Administrative Agent (which may include
telecopy transmission of a signed signature page of this First Amendment) that each such Person has signed a counterpart of this First Amendment; 

  

	 	b.	a certificate duly executed by a Financial Officer of LMI and dated as of the Effective Date certifying that: 

  

	 	i.	the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement are satisfied both before and immediately after giving effect to the Accordion Increase; and

  

	 	ii.	 the Borrowers shall be in pro forma compliance with each financial covenant set forth in Section 6.10 of the Credit Agreement, recomputed
(A) as if the Accordion Increase (and any drawings of the Accordion Increase and the application of proceeds thereof to the repayment of any other Indebtedness) had occurred on the first day of the most recent Reference Period preceding the
date thereof for which the Borrowers have delivered Financial Statements, (B) with Indebtedness measured as of the date of and immediately after giving effect to any funding in connection with the Accordion Increase (and any drawings of the
Accordion Increase 

	 	
and the application of proceeds thereof to the repayment of any other Indebtedness) and (C) with Adjusted EBITDA measured on a Pro Forma Basis for the Reference Period then most recently
ended for which LMI has delivered Financial Statements; 

  

	 	c.	such documents and certificates (including resolutions) as the Administrative Agent or its counsel may reasonably request relating to each of the Borrowers’ corporate power and authority to effect the Accordion
Increase, the Accordion Re-Set and enter into this First Amendment, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel; 

 

	 	d.	favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Latham & Watkins LLP and Maples and Calder, counsel for the Loan Parties, consistent with those
delivered in connection with the closing of the Credit Agreement, as to the corporate power and authority of each of the Borrowers (A) to borrow hereunder immediately after giving effect to the Accordion Increase and (B) to authorize the
Accordion Increase and the Accordion Re-Set; 

  

	 	e.	payment of the upfront fees for the Lenders participating in the Accordion Increase and any other required fees, in each case as agreed with the Administrative Agent and 

 

	 	f.	(i) in the case of each Increasing Lender, if any, LMI and such Increasing Lender shall execute an agreement substantially in the form of Exhibit E to the Credit Agreement, and (ii) in the case of each Augmenting
Lender, if any, LMI and such Augmenting Lender shall execute an agreement substantially in the form of Exhibit F to the Credit Agreement. 

8.        Legal Fees. The Borrowers agree to promptly pay, upon receiving an invoice therefor,
the reasonable and documented fees, charges and disbursements of Goulston & Storrs PC, counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) incurred in connection with this First Amendment.

 9.        Representations and Warranties. Each Borrower represents and warrants to the
Administrative Agent and the Lenders as follows: 
 (a)        The execution,
delivery and performance of this First Amendment and the transactions contemplated hereby (i) are within each Borrower’s and the Guarantor’s organizational powers, (ii) have been duly authorized by all necessary organizational
and, if required, equityholder action, (iii) been duly executed and delivered by each Borrower and the Guarantor, (iv) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except such as have been obtained or made and are in full force and effect, (v) will not violate (A) any applicable law or regulation in any material respect or order of any Governmental Authority in any material respect or
(B) the charter, by-laws or other organizational documents of any Borrower or any of their respective Subsidiaries, (vi) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Borrower
or any of their respective Subsidiaries or its assets, give rise to a right thereunder to require any payment to be made by any Borrower or any of their respective Subsidiaries, to the extent that such violation, default or right to require a
payment could reasonably be expected to have Material Adverse Effect and (vii) will not result in the creation or imposition of any Lien on any asset of any Borrower or any of their respective Subsidiaries. 

 (b)        This First Amendment
constitutes a legal, valid and binding obligation of each Borrower and the Guarantor, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(c)        The representations and warranties made by each Borrower in the Loan
Documents are true and correct in all material respects (or in all respects if the applicable representation or warranty is already qualified by concepts of materiality) on and as of the date hereof, as though made on the date hereof. 

(d)        After giving effect to this First Amendment, no Default or Event of Default
has occurred and is continuing. 
 10.        Ratification, etc. Except as expressly amended
by this First Amendment, the Credit Agreement, the other Loan Documents and all documents, instruments and agreements related thereto are hereby ratified and confirmed in all respects and shall continue in full force and effect. This First Amendment
and the Credit Agreement shall hereafter be read and construed together as a single document, and all references in the Credit Agreement, any other Loan Document or any agreement or instrument related to the Credit Agreement shall hereafter refer to
the Credit Agreement as amended by this First Amendment. 
 11.        Reaffirmation of
Guarantee. The Guarantor hereby reaffirms its guarantee contained in the Guarantee of the full and punctual payment and performance when due of all the Guaranteed Obligations (as defined in the Guarantee), and acknowledges and agrees that such
guarantee is and shall remain in full force and effect after giving effect to this First Amendment. 

12.        Successors and Assigns. This First Amendment shall inure to the benefit of and be
binding upon the Borrowers, the Guarantor, the Administrative Agent and the Lenders from time to time party to the Credit Agreement, and each of their respective successors and permitted assigns. 

13.        Governing Law. This First Amendment shall be construed in accordance with and
governed by the law of the State of New York. 
 14.        Counterparts. This First
Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this First Amendment by telecopy, emailed pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this
First Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this First Amendment to
Credit Agreement as a sealed instrument as of the date first set forth above. 
  

					
	LOGMEIN, INC.
			
		 	By:	 	       /s/ Edward K. Herdiech

		 		 	 Name: Edward K. Herdiech
 Title: Treasurer
and Chief Financial Officer

  

  
 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT (JPM-LMI 2016)] 

							
	Signed and Delivered as a Deed by	 		 		 	
				
	Edward K. Herdiech	 		 		 	    /s/ Edward K. Herdiech
				
		 		 		 	                Attorney

 as duly appointed attorney for 

and on behalf of LogMeIn Ireland Holding Company Limited 

in the presence of:
 /s/ Patrick J. Murphy 

Witness Signature 
 Address: 39 Cold Spring Road Westford, MA
01886 
 Occupation: Attorney 
  

  
 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT (JPM-LMI 2016)] 

							
	Signed and Delivered as a Deed by	 		 		 	
				
	Edward K. Herdiech	 		 		 	    /s/ Edward K. Herdiech
				
		 		 		 	                Attorney

 as duly appointed attorney for 

and on behalf of LogMeIn Ireland Limited 
 in the
presence of:
 /s/ Patrick J. Murphy 
 Witness
Signature 
 Address: 39 Cold Spring Road Westford, MA 01886 

Occupation: Attorney 
  

  
 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT (JPM-LMI 2016)] 

 
					
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent,
			
		 	By:	 	         /s/ David F. Gibbs

		 		 	 Name: David F. Gibbs
 Title: Managing
Director

  

  
 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT (JPM-LMI 2016)] 

 
					
	T.D. BANK, N.A., as a Lender,
			
		 	By:	 	         /s/ William F. Granchelli

		 		 	 Name: William F. Granchelli
 Title: Vice
President

  

  
 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT (JPM-LMI 2016)] 

 
					
	WELLS FARGO BANK, N.A, as a Lender,
			
		 	By:	 	         /s/ Debra E. DelVecchio

		 		 	 Name: Debra E. DelVecchio
 Title:
SVP

  

  
 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT (JPM-LMI 2016)] 

 
					
	SILICON VALLEY BANK, as a Lender,
			
		 	By:	 	         /s/ Russell Follansbee

		 		 	 Name: Russell Follansbee
 Title: Vice
President

  

  
 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT (JPM-LMI 2016)] 

 
					
	MORGAN STANLEY BANK, N.A., as a Lender,
			
		 	By:	 	         /s/ Erika Lee

		 		 	 Name: Erika Lee
 Title: Authorized
Signatory

  

  
 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT (JPM-LMI 2016)] 

 EXHIBIT A 

Schedule 2.01A 

Lenders and Commitments 
  

					
	Lender	 	Commitment	 	Initial Applicable Percentage
	 JPMorgan Chase Bank, N.A.
	 	$  40,000,000.00	 	26.6666666667%
	 Wells Fargo Bank, N.A.
	 	$  40,000,000.00	 	26.6666666667%
	 Silicon Valley Bank
	 	$  32,500,000.00	 	21.6666666667%
	 TD Bank, N.A.
	 	$  27,500,000.00	 	18.3333333333%
	 Morgan Stanley Bank, N.A.
	 	$  10,000,000.00	 	  6.6666666667%
	Total	 	$150,000,000.00	 	100%

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