Document:

Exhibit 10.27

 

SECOND
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

This
Second Amended and Restated Registration Rights Agreement (this “Agreement”), is made and entered into as of January
15, 2014 (the “Effective Date”),
by and among XG Sciences, Inc., a Michigan corporation (the “Company”).
Aspen Advanced Opportunity Fund, LP, a Delaware limited partnership (“Aspen”),
XGS II, LLC, a Florida limited liability company (“XGS II”), SVIC No. 15 New Technology Business Investment L.L.P.
(“Samsung”), and any
Persons to whom Aspen, XGS II or Samsung may transfer any Registrable Securities hereunder or subsequent transferee Persons of
such Aspen, XGS II, or Samsung transferees, each of whom shall be listed on Schedule
A hereto which shall be deemed to have been automatically amended upon the transfer of any Registrable Securities hereunder
(collectively, the “Investors”,
and each individually, an “Investor”,
and all together with the Company, the “Parties”
and each, a “Party”).

 

RECITALS

 

WHEREAS,
the Company and Aspen are parties to that certain Purchase Agreement, dated as of March 18, 2013, as amended and restated on July
12, 2013 and as amended and restated a second time on January 15, 2014 (the “Purchase
Agreement”), pursuant to which Aspen purchased Securities (as defined below) of the Company; and

 

WHEREAS,
in connection with the consummation of the transactions contemplated by the Purchase Agreement, and pursuant to the terms of the
Purchase Agreement, Aspen, XGS II and the Company, on July 12, 2013, amended and restated the original Registration Rights Agreement
between the Parties that was dated March 18, 2013 (such agreement as previously amended, the “Original
Registration Rights Agreement”); and

 

WHEREAS,
the Company and Samsung entered into a purchase agreement dated January 15, 2014 (the “Samsung
Agreement”), pursuant to which Samsung purchased Securities and in connection therewith, the Parties have agreed
to further amend and restate the Original Restated Registration Rights Agreement, in order to grant certain registration rights
to each of the Investors as set forth herein below.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual and dependent covenants hereinafter set forth, the Parties agree as
follows:

 

AGREEMENT

 

1.          Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate"
of a Person means any other Person 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.

 

“Agreement”
has the meaning set forth in the preamble.

 

    	 

     

    

 

“Board”
means the board of directors of the Company (and any successor governing body of the Company or any successor of the Company).

 

“Commission”
means the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act
at the time.

 

“Common
Stock” means the common stock of the Company and any other common equity securities issued by the Company, and
any other shares of stock issued or issuable with respect thereto (whether by way of a stock dividend or stock split or in exchange
for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization,
merger, consolidation or other corporate reorganization).

 

“Company”
has the meaning set forth in the preamble and includes the Company’s successors by merger, acquisition, reorganization or
otherwise.

 

“Demand
Registration” has the meaning set forth in Section
2(b).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and
regulations thereunder, which shall be in effect from time to time.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency
or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi- govemmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Investor”
and “Investors” have
the meanings set forth in the preamble.

 

“IPO”
means (i) an initial underwritten public offering of the Common Stock pursuant to an effective Registration Statement filed under
the Securities Act, other than pursuant to a Registration Statement on Form S-4, Form S-8 or any similar or successor form; or
(ii) the reverse merger of the Company into any corporation that is subject to the reporting requirements of Section 13 or Section
15(d) of the Exchange Act.

 

“Long-Form
Registration” has the meaning set forth in Section2(b).

 

“Parties”
and “Party” have the
meaning set forth in the preamble.

 

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

 

“Piggyback
Registration” has the meaning set forth in Section
3(a).

 

“Prospectus”
means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and
by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by
reference in such prospectus or prospectuses.

 

“Purchase
Agreement” has the meaning set forth in the Recitals.

 

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“Registrable
Securities” means (a) any shares of Common Stock held by the Investors or issuable upon conversion, exercise or
exchange of any securities, including the Securities, owned by the Investors at any time, and (b) any shares of Common Stock issued
or issuable with respect to any shares described in subsection (a) above by way of a stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other reorganization (it being understood that for purposes
of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right to then
acquire or obtain from the Company any Registrable Securities, whether or not such acquisition has actually been effected).

 

“Registration
Statement” means any registration statement of the Company which covers any of the Registrable Securities pursuant
to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

“Rule
144” means Rule 144 promulgated under the Securities Act or any successor rule thereto or any complementary rule
thereto (such as Rule 144A).

 

“Securities”
means the secured notes, shares of Series A Convertible Preferred Stock, warrants and/or any other securities purchased by the
Investors under the Purchase Agreement and the Samsung Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations
thereunder, which shall be in effect from time to time.

 

“Selling
Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale
of Registrable Securities, and fees and disbursements of counsel for any holder of Registrable Securities, except for the reasonable
fees and disbursements of counsel for the holders of Registrable Securities required to be paid by the Company pursuant to Section
6.

 

“Short-Form
Registration” has the meaning set forth in Section
2(b).

 

2.          Demand
Registration.

 

(a)          At
any time after sixty (60) days after an IPO, holders of a majority of the Registrable Securities then outstanding may request
registration under the Securities Act of all or any portion of their Registrable Securities on Form S-l or any successor form
thereto (each a “Long- Form
Registration”). Each request for a Long-Form Registration shall specify the approximate number of
Registrable Securities required to be registered. Upon receipt of such request, the Company shall promptly (but in no event
later than ten (10) calendar days following receipt thereof) deliver notice of such request to all other holders of
Registrable Securities who shall then have ten (10) calendar days from the date such notice is given to notify the Company in
writing of their desire to be included in such registration. The Company shall cause a Registration Statement on Form S-l (or
any successor form) to be filed within sixty (60) days after the date on which the initial request is given and shall use its
best efforts to cause such Registration Statement to be declared effective by the Commission as soon as practicable
thereafter. The Company shall not be required to effect a Long-Form Registration more than four (4) times for the holders of
Registrable Securities as a group; provided,
that a Registration Statement shall not count as a Long-Form Registration requested under Section
(a). unless and until it has become effective and the holders requesting such registration are able to register
and sell at least all (100%) of the Registrable Securities requested to be included in such registration.

 

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(b)          After
an IPO, the Company shall use its best efforts to qualify and remain qualified to register securities under the Securities Act
pursuant to a Registration Statement on Form S-3 or any successor form thereto. At such time as the Company shall have qualified
for the use of a Registration Statement on Form S-3, the holders of Registrable Securities shall have the right to request four
(4) registrations of their Registrable Securities on Form S-3 or any similar short-form registration (each a “Short-Form
Registration” and, together with each Long-Form Registration, a “Demand
Registration”). Each request for a Short-Form Registration shall specify the approximate number of Registrable
Securities requested to be registered. Upon receipt of any such request, the Company shall promptly (but in no event later than
ten (10) calendar days following receipt thereof) deliver notice of such request to all other holders of Registrable Securities
who shall then have ten (10) calendar days from the date such notice is given to
notify the Company in writing of their desire to be included in such registration. The Company shall cause a Registration Statement
on Form S-3 (or any successor form) to be filed within thirty (30) days after the date on which the initial request is given and
shall use its reasonable best efforts to cause such Registration Statement to be declared effective by the Commission as soon as
practicable thereafter.

 

(c)          If
the holders of the Registrable Securities initially requesting a Demand Registration elect to distribute the Registrable Securities
covered by their request in an underwritten offering, they shall so advise the Company as a part of their request made pursuant
to Section (a) or Section
(b), and the Company shall include such information in its notice to the other holders of Registrable Securities. The
holders of a majority of the Registrable Securities initially requesting the Demand Registration shall select the investment banking
firm or firms to act as the managing underwriter or underwriters in connection with such offering.

 

(d)          The
Company shall not include in any Demand Registration any securities which are not Registrable Securities without the prior written
consent of the holders of a majority of the Registrable Securities included in such registration, which consent shall not be unreasonably
withheld or delayed. If a Demand Registration involves an underwritten offering and the managing underwriter of the requested Demand
Registration advises the Company and the holders of Registrable Securities in writing that in its opinion the number of shares
of Common Stock proposed to be included in the Demand Registration, including all Registrable Securities and all other shares of
Common Stock proposed to be included in such underwritten offering, exceeds the number of shares of Common Stock which can be sold
in such underwritten offering and/or the number of shares of Common Stock proposed to be included in such registration would adversely
affect the price per share of the Registrable Securities proposed to be sold in such underwritten offering, the Company shall include
in such Demand Registration; (i) first, the number of shares of Common Stock that the holders of Registrable Securities propose
to sell; and (ii) second, the number of shares of Common Stock proposed to be included therein by any other Persons (including
shares of Common Stock to be sold for the account of the Company and/or other holders of Common Stock) allocated among such Persons
in such manner as they may agree. If the managing underwriter determines that less than all of the Registrable Securities proposed
to be sold can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated
pro-rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder.

 

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3.          Piggyback
Registration.

 

(a)          Whenever
the Company proposes to register any shares of its Common Stock under the Securities Act (other than a registration effected solely
to implement an employee benefit plan or a transaction to which Rule 145 of the Securities Act is applicable, or a Registration
Statement on Form S-4, S-8 or any successor form thereto or another form not available for registering the Registrable Securities
for sale to the public), whether for its own account or for the account of one or more shareholders of the Company and the form
of Registration Statement to be used may be used for any registration of Registrable Securities (a “Piggyback
Registration”), the Company shall give prompt written notice to the holders of Registrable Securities of its intention
to effect such a registration and, subject to Section
(b) and Section (c),
shall include in such registration all Registrable Securities with respect to which the Company has received written requests for
inclusion from the holders of Registrable Securities within twenty business (20) days after the Company’s notice has been
given to each such holder, A Piggyback Registration shall not be deemed a Demand Registration for purposes of Section
2 of this Agreement.

 

(b)          If
a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company and the managing
underwriter advises the Company and the holders of Registrable Securities (if any holders of Registrable Securities have
elected to include Registrable Securities in such Piggyback Registration) in writing that in its opinion the number of shares
of Common Stock proposed to be included in such registration, including all Registrable Securities and all other shares of
Common Stock proposed to be included in such underwritten offering, exceeds the number of shares of Common Stock which can be
sold in such offering and/or that the number of shares of Common Stock proposed to be included in any such registration would
adversely affect the price per share of the Common Stock to be sold in such offering, the Company shall include in such
registration: (i) first, the number of shares of Common Stock that the Company proposes to sell;
(ii) second, the number of shares of Common Stock requested to be
included therein by holders of Registrable Securities, allocated pro-rata among all such holders on the basis of the number
of Registrable Securities owned by each such holder or in such manner as they may otherwise agree; and (iii) third, the
number of shares of Common Stock requested to be included therein by holders of Common Stock (other than holders of
Registrable Securities), allocated among such holders in such manner as they may agree.

 

(c)          If
a Piggyback Registration is initiated as an underwritten offering on behalf of a holder of Common Stock other than Registrable
Securities, and the managing underwriter advises the Company in writing that in its opinion the number of shares of Common Stock
proposed to be included in such registration, including all Registrable Securities and all other shares of Common Stock proposed
to be included in such underwritten offering, exceeds the number of shares of Common Stock which can be sold in such offering and/or
that the number of shares of Common Stock proposed to be included in any such registration would adversely affect the price per
share of the Common Stock to be sold in such offering, the Company shall include in such registration: (i) first, the number of
shares of Common Stock requested to be included therein by the holder(s) requesting such registration and by the holders of Registrable
Securities, allocated pro-rata among such holders on the basis of the number of shares of Common Stock (on a fully diluted, as
converted basis) and the number of Registrable Securities, as applicable, owned by all such holders or in such manner as they may
otherwise agree; and (ii) second, the number of shares of Common Stock requested to be included therein by other holders of Common
Stock, allocated among such holders in such manner as they may agree.

 

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(d)          If
any Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the Company shall select (subject
to the Investors’ written consent) the investment banking firm or firms to act as the managing underwriter or underwriters
in connection with such offering.

 

4.          Lock-up
Agreement. Each holder of outstanding Registrable Securities agrees that in connection with an IPO, and upon the request
of the managing underwriter in such offering, such holder shall not, without the prior written consent of such managing underwriter,
during the period commencing on the effective date of such registration and ending on the date specified by such managing underwriter
(such period not to exceed one hundred eighty (180) days), (a) offer, pledge, sell, contract to sell, grant any option or contract
to purchase, purchase any option or contract to sell, hedge the beneficial ownership of or otherwise dispose of, directly or indirectly,
any shares of Common Stock or any securities convertible into, exercisable for or exchangeable for shares of Common Stock held
immediately before the effectiveness of the registration statement for such offering, or (b) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such
transaction described in clause (a) or (b) above is to be settled by delivery of Common Stock or such other securities, in cash
or otherwise. The foregoing provisions of this Section
4 shall not apply to sales of Registrable Securities to be included in such offering pursuant to Section
2(a), Section 2(b),
Section 3(a), and shall be applicable
to the holders of Registrable Securities only if all officers and directors of the Company and all shareholders owning more than
ten percent (10%) of the Company’s outstanding Common Stock are subject to the same restrictions. Each holder of Registrable
Securities agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the managing underwriter
which are consistent with the foregoing or which are necessary to give further effect thereto. Notwithstanding anything to the
contrary contained in this Section 4,
each holder of Registrable Securities shall be released, pro-rata, from any lock-up agreement entered into pursuant to this Section
4 in the event and to the extent that the managing underwriter or the Company permit any discretionary waiver or termination
of the restrictions of any lock-up agreement pertaining to any officer, director or holder of greater than ten percent (10%) of
the outstanding Common Stock.

 

5.          Registration
Procedures. If and whenever the holders of Registrable Securities request that any Registrable Securities be registered
pursuant to the provisions of this Agreement, the Company shall use its best efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall
as soon as practicable:

 

(a)          subject
to Section 2(a) and Section
2(b). prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and
use its best efforts to cause such Registration Statement to become effective;

 

(b)          prepare
and file with the Commission such amendments, post-effective amendments and supplements to such Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for a period until all
of such Registrable Securities have been disposed of and to comply with the provisions of the Securities Act with respect to the
disposition of such Registrable Securities in accordance with the intended methods of disposition set forth in such Registration
Statement;

 

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(c)          at
least ten (10) business days before filing such Registration Statement, Prospectus or amendments or supplements thereto, furnish
to one counsel selected by holders of a majority of such Registrable Securities copies of such documents proposed to be filed,
which documents shall be subject to the review, comment and approval of such counsel;

 

(d)          notify
each selling holder of Registrable Securities, promptly after the Company receives notice thereof, of the time when such Registration
Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been
filed;

 

(e)          furnish
to each selling holder of Registrable Securities such number of copies of the Prospectus included in such Registration Statement
(including each preliminary Prospectus) and any supplement thereto (in each case including all exhibits and documents incorporated
by reference therein) and such other documents as such seller may request in order to facilitate the disposition of the Registrable
Securities owned by such seller;

 

(f)          use
its best efforts to register or qualify such Registrable Securities under such other securities or “blue sky” laws
of such jurisdictions as any selling holder reasonably requests and do any and all other acts and things which may be reasonably
necessary or advisable to enable such holders to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such holders;

 

(g)          notify
each selling holder of such Registrable Securities, at any time when a Prospectus relating thereto is required to be delivered
under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and,
at the request of any such holder, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such Prospectus shall not contain an untrue statement of a material
fact or omit to state any fact necessary to make the statements therein not misleading;

 

(h)          make
available for inspection by any selling holder of Registrable Securities, any underwriter participating in any disposition pursuant
to such Registration Statement and any attorney, accountant or other agent retained by any such holder or underwriter (collectively,
the “Inspectors”),
all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”),
and cause the Company's officers, directors and employees to supply all information reasonably requested by any such Inspector
in connection with such Registration Statement;

 

(i)          provide
a transfer agent and registrar (which may be the same entity) for all such Registrable Securities not later than the effective
date of such registration;

 

(j)
use its best efforts to cause such Registrable Securities to be listed on each securities exchange on which the Common Stock is
then listed or, if the Common Stock is not then listed, on a national securities exchange selected by the holders of a majority
of such Registrable Securities;

 

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(k)          in
connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up
agreements in customary form) and take all such other customary actions as the holders of such Registrable Securities or the
managing underwriter of such offering request in order to expedite or facilitate the disposition of such Registrable
Securities (including, without limitation, making appropriate officers of the Company available to participate in “road
show” and other customary marketing activities (including one-on-one meetings with prospective purchasers of the
Registrable Securities);

 

(l)          otherwise
use its best efforts to comply with all applicable rules and regulations of the Commission and make available to its stockholders
an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder)
no later than thirty (30) days after the end of the 12-month period beginning with the first day of the Company’s first
full fiscal quarter after the effective date of such Registration Statement, which earnings statement shall cover said 12-month
period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on
Forms 10-Q, 10-K and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

 

(m)        furnish to each selling holder of Registrable Securities and each underwriter, if any, with: (i) a legal opinion of the Company’s
outside counsel, dated the effective date of such Registration Statement (and, if such registration includes an underwritten public
offering, dated the date of the closing under the underwriting agreement), in form and substance as is customarily given in opinions
of the Company’s counsel to underwriters in underwritten public offerings; and (ii) a “comfort” letter signed
by the Company’s independent certified public accountants in form and substance as is customarily given in accountants’
letters to underwriters in underwritten public offerings;

 

(n)          without
limiting Section (f) above,
use its best efforts to cause such Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the holders of
such Registrable Securities to consummate the disposition of such Registrable Securities in accordance with their intended
method of distribution thereof;

 

(o)          notify
the holders of Registrable Securities promptly of any request by the Commission for the amending or supplementing of such Registration
Statement or Prospectus or for additional information;

 

(p)          advise
the holders of Registrable Securities, with one (l) business day after it shall receive notice or obtain knowledge thereof, of
the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation
or threatening of any proceeding for such purpose and promptly use its best efforts to prevent the issuance of any stop order
or to obtain its withdrawal at the earliest possible moment if such stop order should be issued;

 

(q)          otherwise
use its best efforts to take all other steps necessary to effect the registration of such Registrable Securities contemplated
hereby.

 

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6.          Expenses.
All expenses (other than Selling Expenses) incurred by the Company in complying with its obligations pursuant to this Agreement
and in connection with the registration and disposition of Registrable Securities, including, without limitation, all registration
and filing fees, underwriting expenses (other than fees, commissions or discounts), expenses of any audits incident to or required
by any such registration, fees and expenses of complying with securities and “blue sky” laws, printing expenses, fees
and expenses of the Company’s counsel and accountants and reasonable fees and expenses of one counsel for the holders of
Registrable Securities participating in such registration as a group (selected by, in the case of a registration under Section
2(a), the holders of a majority of the Registrable Securities initially requesting such registration, and, in the case
of all other registrations hereunder, the holders of a majority of the Registrable Securities included in the registration), shall
be paid by the Company. All Selling Expenses relating to Registrable Securities registered pursuant to this Agreement shall be
borne and paid by the holders of such Registrable Securities, in proportion to the number of Registrable Securities registered
for each such holder.

 

7.          Indemnification.

 

(a)          The
Company shall indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities, such
holder’s officers, directors, managers, members, partners, shareholders and Affiliates, each underwriter, broker or any other
Person acting on behalf of such holder of Registrable Securities and each other Person, if any, who controls any of the foregoing
Persons within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against all losses, claims, actions,
damages, liabilities and expenses, joint or several, to which any of the foregoing Persons may become subject under the Securities
Act or otherwise, insofar as such losses, claims, actions, damages, liabilities or expenses arise out of or are based upon any
untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus, preliminary Prospectus,
free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, or any violation or alleged violation by the Company of the Securities Act or any other similar federal or state
securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required
of the Company in connection with any such registration, qualification or compliance; and shall reimburse such Persons for any
legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim,
action, damage or liability, except insofar as the same are caused by or contained in any information furnished in writing to the
Company by such holder expressly for use therein or by such holder’s failure to deliver a copy of the Registration Statement,
Prospectus, free-writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendments or supplements
thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such holder with a sufficient
number of copies of the same prior to any written confirmation of the sale of Registrable Securities.

 

(b)          In
connection with any registration in which a holder of Registrable Securities is participating, each such holder shall furnish to
the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify and hold harmless, the Company, each director of the
Company, each officer of the Company who shall sign such Registration Statement, each underwriter, broker or other Person acting
on behalf of the holders of Registrable Securities and each Person who controls any of the foregoing Persons within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, actions, damages, liabilities
or expenses resulting from any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus,
preliminary Prospectus, free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by such holder; provided,
that the obligation to indemnify shall be several, not joint and several, for each holder and shall be limited to the net proceeds
(after underwriting fees, commissions or discounts) actually received by such holder from the sale of Registrable Securities pursuant
to such Registration Statement.

 

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(c)          Promptly
after receipt by an indemnified Party of notice of the commencement of any action involving a claim referred to in this Section
7, such indemnified Party shall, if a claim in respect thereof is made against an indemnifying Party, give written notice
to the latter of the commencement of such action. The failure of any indemnified Party to notify an indemnifying Party of any such
action shall not (unless such failure shall have a material adverse effect on the indemnifying Party) relieve the indemnifying
Party from any liability in respect of such action that it may have to such indemnified Party hereunder. In case any such action
is brought against an indemnified Party, the indemnifying Party shall be entitled to participate in and to assume the defense of
the claims in any such action that are subject or potentially subject to indemnification hereunder, jointly with any other indemnifying
Party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified Party, and after
written notice from the indemnifying Party to such indemnified Party of its election so to assume the defense thereof, the indemnifying
Party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified Party in connection with
the defense thereof; provided,
that if (i) any indemnified Party shall have reasonably concluded that there may be one or more legal or equitable defenses available
to such indemnified Party which are additional to or conflict with those available to the indemnifying Party, or that such claim
or litigation involves or could have an effect upon matters beyond the scope of the indemnity provided hereunder, or (ii) such
action seeks an injunction or equitable relief against any indemnified Party or involves actual or alleged criminal activity, the
indemnifying Party shall not have the right to assume the defense of such action on behalf of such indemnified Party without such
indemnified Party’s prior written consent (but, without such consent, shall have the right to participate therein with counsel
of its choice) and such indemnifying Party shall reimburse such indemnified Party and any Person controlling such indemnified Party
for that portion of the fees and expenses of any counsel retained by the indemnified Party which is reasonably related to the matters
covered by the indemnity provided hereunder. If the indemnifying Party is not entitled to, or elects not to, assume the defense
of a claim, it shall not be obligated to pay the fees and expenses of more than one counsel for all Parties indemnified by such
indemnifying Party with respect to such claim, unless in the reasonable judgment of any indemnified Party a conflict of interest
may exist between such indemnified Party and any other of such indemnified Parties with respect to such claim. In such instance,
the conflicting indemnified Parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the
Registrable Securities included in the registration, at the expense of the indemnifying Party.

 

(d)          If
the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified Party
with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying Party, in lieu of indemnifying
such indemnified Party hereunder, shall contribute to the amounts paid or payable by such indemnified Party as a result of such
loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying
Party on the one hand and of the indemnified Party on the other in connection with the statements or omissions which resulted in
such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided,
that the maximum amount of liability in respect of such contribution shall be limited, in the case of each holder of Registrable
Securities, to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such
seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying Party
and of the indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
Party or by the indemnified Party and the Parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The Parties agree that it would not be just and equitable if contribution pursuant hereto
were determined by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations
referred to herein. No Person guilty or liable of fraudulent misrepresentation shall be entitled to contribution from any Person.

 

     10

     

    

 

8.          Participation
in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten unless
such Person: (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved
by the Person or Persons entitled hereunder to approve such arrangements; and (b) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements;
provided, that no holder of Registrable
Securities included in any underwritten registration shall be required to make any representations or warranties to the Company
or the underwriters (other than representations and warranties regarding such holder, such holder’s ownership of its shares
of Common Stock to be sold in the offering and such holder’s intended method of distribution) or to undertake any indemnification
obligations to the Company or the underwriters with respect thereto, except as otherwise provided in Section
7 herein.

 

9.          Rule
144 Compliance. With a view to making available to the holders of Registrable Securities the benefits of Rule 144 under
the Securities Act and any other rule or regulation of the Commission that may at any time permit a holder to sell securities of
the Company to the public without registration or pursuant to a registration on Form S-3 (or any successor form), the Company shall,
at all times after an IPO:

 

(a)          make
and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all
times after the Registration Date;

 

(b)          use
best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act, at any time after the Company has become subject to such reporting requirements; and

 

(c)          furnish
to any holder so long as the holder owns Registrable Securities, promptly upon request, a written statement by the Company as
to its compliance with the reporting requirements of Rule 144 under the Securities Act and of the Securities Act and the Exchange
Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished
by the Company as such holder may reasonably request in connection with the sale of Registrable Securities without registration,

 

10.         Preservation
of Rights. The Company shall not: (a) grant any registration rights to third-parties which are more favorable than
or inconsistent with the rights granted hereunder, or (b) enter into
any agreement, take any action, or permit any change to occur, with respect to its securities that violates or subordinates the
rights expressly granted to the holders of Registrable Securities in this Agreement.

 

     11

     

    

 

11.         Termination.
This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable Securities outstanding;
provided, that the provisions of Section 6 and Section 7 shall survive any such termination.

 

12.         Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be
deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF
document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day
if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the addresses indicated
below (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 12).

 

	If
    to the Company;	XG
    Sciences, Inc.	 
	 	3101
    Grand Oak Drive	 
	 	Lansing,
    MI 48911	 
	 	Facsimile:
    517.703.1110	 
	 	E-mail:	 	 
	 	Attention:	Chief Executive Officer	 
	 	 	 
	with
    a copy to:	Matt
    G. Hrebec	 
	 	Foster
    Swift Collins & Smith P.C.	 
	 	313
    S. Washington Square	 
	 	Lansing,
    MI 48933	 
	 	Facsimile:	517.371.8200	 
	 	E-mail:	mhrebec@fosterswift.com	 

 

If
to any Investor, to such Investor’s address as set forth on the signature page hereto.

 

13.         Entire
Agreement. This Agreement, together with the Purchase Agreement, the Samsung Agreement and any related exhibits and schedules
thereto, constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes
all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. Notwithstanding
the foregoing, in the event of any conflict between the terms and provisions of this Agreement and those of the Purchase Agreement
or the Samsung Agreement, the terms and conditions of this Agreement shall control.

 

14.         Successor
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective
successors and permitted assigns. Each Investor may assign its rights hereunder to any purchaser or transferee of Registrable Securities;
provided, that such purchaser or transferee shall, as a condition to the effectiveness of such assignment, be required to
execute a counterpart to this Agreement agreeing to be treated as an Investor whereupon such purchaser or transferee shall have
the benefits of, and shall be subject to the restrictions contained in, this Agreement as if such purchaser or transferee was originally
included in the definition of an Investor herein and had originally been a Party hereto.

 

     12

     

    

 

15.         No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the Parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

 

16.         Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

17.         Amendment
Modification and Waiver. Except as otherwise provided herein, the provisions of this Agreement may only be amended,
modified, supplemented or waived with the prior written consent of the Company and the holders of at least seventy-five percent
(75%) of the Registrable Securities. No waiver by any Party or Parties shall operate or be construed as a waiver in respect of
any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and
whether occurring before or after that waiver. Except as otherwise set forth in this Agreement, no failure to exercise, or delay
in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege.

 

18.         Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

19.         Remedies.
Each holder of Registrable Securities, in addition to being entitled to exercise all rights granted by law, including recovery
of damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges that monetary
damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement
and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

 

20.         Governing
Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws
of the State of Michigan without giving effect to any choice or conflict of law provision or rule (whether of the State of Michigan
or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Michigan.
Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be
instituted in the federal courts of the United States or the courts of the State of Michigan in each case located in Ingham County,
Michigan, and each Party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.
Service of process, summons, notice or other document by mail to such Party’s address set forth herein shall be effective
service of process for any suit, action or other proceeding brought in any such court. The Parties irrevocably and unconditionally
waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree
not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.

 

     13

     

    

 

21.         Waiver
of Jury Trial. Each Party acknowledges and agrees that any controversy which may arise under this Agreement is likely
to involve complicated and difficult issues and, therefore, each such Party irrevocably and unconditionally waives any right it
may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated
hereby. Each Party to this Agreement certifies and acknowledges that (a) no representative of any other Party has represented,
expressly or otherwise, that such other Party would not seek to enforce the foregoing waiver in the event of a legal action, (b)
such Party has considered the implications of this waiver, (c) such Party makes this waiver voluntarily, and (d) such Party has
been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section
21.

 

22.         Recitals.
The Parties acknowledge that the above Recitals are true and correct and are incorporated into this Agreement by this reference.

 

23.         Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

** SIGNATURE
PAGE FOLLOWS **

 

     14

     

    

 

IN WITNESS
WHEREOF, the Parties hereto have executed this Second Amended and Restated Registration Rights Agreement on the Effective Date.

 

	 	XG SCIENCES, INC.
	 	 	 
	 	By:	/s/ Michael R. Knox
	 	Name:	Michael R. Knox
	 	Title:	Chief Executive Officer
	 	 	 
	 	ASPEN ADVANCED OPPORTUNITY FUND, LP
	 	 	 
	 	By:	/s/ Steven C. Jones
	 	Name:	Steven C. Jones
	 	Title:	Managing Member
	 	 	AA XGS, LLC
	 	 	The General Partner
	 	 	 
	 	Address for Notices:
	 	1740 Persimmon Drive, Suite 100
	 	Naples, FL 34109
	 	 	 
	 	XGS II, LLC
	 	 	
	 	By:	/s/ David G. Pendell
	 	Name:	David G. Pendell
	 	Title:	Managing Member
	 	 	 
	 	Address for Notices:
	 	XGS II, LLC
	 	5500 Lake Grove Trail
	 	Petoskey, MI 49770
	 	 
	 	SVIC NO. 15 NEW TECHNOLOGY
	 	BUSINESS INVESTMENT L.L.P.
	 	 
	 	By:	/s/ Seonjong Lee
	 	Name:	SEONJONG LEE
	 	Title:	C.E.O
	 	

	 	Address for Notices:
	 	29th FI., Samsung Electronics Bldg.
	 	1320-10, Seocho2-dong, Seocho-gu
	 	Seoul, Korea 137-857

 

    	 

     

    

 

SCHEDULE
A

 

Investors

 

Aspen
Advanced Opportunity Fund, LP

XGS
II, LLC

SVIC
No. 15 New Technology Business Investment L.L.P.Exhibit 10.28

 

VOTING AGREEMENT

 

THIS VOTING
AGREEMENT (“Agreement”) is made and entered into effective as of January 15, 2014 (the “Effective
Date”), by and among XG Sciences, Inc., a Michigan corporation (the “Company”), certain
holders of the Company’s outstanding stock (the ’’Shareholders”), and SVIC No. 15 New Technology
Business Investment L.L.P. (“Samsung”). The Company, the Shareholders, and Samsung are individually
referred to as a “Party,” and are collectively referred to as the “Parties.”

 

RECITALS

 

WHEREAS, The
Company and the Shareholders entered into that certain Shareholder Agreement dated March 18, 2013 (the “Shareholder Agreement”),
which among other things provides for the designation of certain directors to the board of directors of the Company (the “Board”);

 

WHEREAS, concurrently
with the execution of this Agreement, the Company and Samsung are entering into a transaction whereby Samsung is purchasing a secured
convertible promissory note from the Company.

 

WHEREAS, notwithstanding
anything in the Shareholder Agreement, the purchase agreement that memorializes that transaction requires that the Company use
its best efforts to cause Shareholders owning a majority of the Company’s voting securities to enter into this Agreement,
pursuant to which Samsung is provided a right to designate a member of the Board.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the recitals and the mutual promises contained in this Agreement, the Parties agree as follows:

 

1.           Definitions.
Capitalized terms that are used in this Agreement but that are not otherwise defined have the following meanings:

 

1.1           “Common
Stock” means shares of the Company’s common stock and shares of common stock issued or issuable upon conversion
of the Series A Stock, convertible debt of the Company, or convertible equity securities of the Company or the exercise of warrants,
options, or other securities or rights of any kind convertible into or exchangeable for Common Stock issued by the Company.

 

1.2           “Full
Conversion” means the deemed conversion of any outstanding convertible debt into Series A Stock and then into Common
Stock, the deemed conversion of any outstanding Series A Stock into Common Stock, and the deemed conversion of all other outstanding
convertible equity securities of the Company into Common Stock.

 

1.3           “Series
A Stock” means the Series A Convertible Preferred Stock issued by the Company.

 

     

     

    

 

		2.	Voting Agreement.

 

2.1           Samsung
Director. For so long as Samsung owns 10% or more of the aggregate outstanding Common Stock (assuming Full Conversion,
but excluding any shares of Common Stock issuable upon exercise of any warrants held by Samsung) (the “Minimum Ownership
Requirement”), each Shareholder agrees to vote all of the Shareholder’s voting securities in the Company (including
Common Stock and Series A Stock), whether now owned or hereafter acquired (together the “Shares”), from time
to time in whatever manner is necessary to ensure that at each annual or special meeting of the shareholders of the Company at
which an election of directors is held or pursuant to any written consent of the shareholders of the Company, one person nominated
by Samsung is elected to the Company’s Board as a director (the “Samsung Director”). The Samsung Director
shall be reasonably acceptable to the other directors of the Company. If Samsung nominates a person who is not reasonably acceptable
to the other directors of the Company, then Samsung shall withdraw the nomination or appoint and consult with the other directors
of the Company to select a new nominee or appointee who is reasonably acceptable to the remaining directors. As a condition to
election to the Board, the Samsung Director shall sign a non-competition and non-disclosure agreement in such form as is reasonably
acceptable to the Company. The Samsung Director shall be automatically recused from discussions by the Company’s Board that
relate to customers or potential customers of the Company that are in competition with Samsung or any projects relating to such
competitive customers.

 

2.2           Removal
of Board Members; Vacancies. For so long as the Minimum Ownership Requirement is met, each Shareholder agrees to vote all
of such Shareholder’s Shares from time to time and at all times in whatever manner as shall be necessary to ensure that: (i) the
Samsung Director may not be removed from office without the consent of Samsung; and (ii) any vacancy created by the resignation,
removal, or death of the Samsung Director is filled pursuant to the provisions of Section 2.1.

 

2.3           Written
Consents. Each of the Shareholders agrees to execute and deliver any written consent that is required to effectuate its
obligations under this Section 2.

 

3.          Term.
The rights granted to Samsung under this Agreement are effective from the Effective Date until, and will terminate upon, the first
to occur of: (i) the date on which the Minimum Ownership Requirement is no longer satisfied, (ii) the date on which the Shareholder
Agreement is terminated for any reason, or (iii) the date that Samsung agrees in writing to terminate this Agreement.

 

4.          Specific
Enforcement. Each Party acknowledges and agrees that it will be irreparably damaged if any of the provisions of this Agreement
are not performed by the Parties in accordance with their specific terms. Accordingly, it is agreed that each of the Company, Samsung,
and the Shareholders shall be entitled to specific enforcement of this Agreement in any action instituted in any court of the United
States or any state having subject matter jurisdiction, in addition to any other remedy to which the Parties may be entitled at
law or in equity.

 

    2 

     

    

  

		5.	Miscellaneous.

 

		5.1	Transfers, Successors and Assigns.

 

(a)          Samsung
and its assignees may not assign their benefits under this Agreement without the written consent of the Company; provided that
Samsung may assign its benefits under this Agreement to an affiliate. The terms and conditions of this Agreement shall inure to
the benefit of and be binding upon the respective successors and permitted assigns of the Parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the Parties or their respective successors and permitted assigns any
rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(b)          Each
transferee or assignee of the Shares subject to this Agreement shall continue to be subject to the terms hereof, and, as a condition
to the Company’s recognizing such transfer, each transferee or assignee shall agree in writing to be subject to each of the
terms of this Agreement by executing and delivering an Adoption Agreement substantially in the form attached hereto as Appendix
1. Upon the execution and delivery of an Adoption Agreement by any transferee, the transferee shall be deemed to be a Party hereto
as if the transferee’s signature appeared on the signature page of this Agreement. The Company shall not permit the transfer
of the Shares subject to this Agreement on its books or issue a new certificate representing any such Shares unless and until the
transferee has complied with the terms of this Section 5.1. Each certificate representing the Shares subject to this Agreement
if issued on or after the date of this Agreement shall be endorsed by the Company with the legend set forth in Section 5.8.

 

5.2           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the state of Michigan, without regard
to its principles of conflicts of laws.

 

5.3           Counterparts,
Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. A facsimile signature or signature by electronic transmission
shall bind the signatory in the same way that an original signature would bind the signatory.

 

5.4           Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

5.5           Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the Party to be notified; (b) when sent by confirmed electronic mail or facsimile if sent
during normal business hours of the recipient, and if not so confirmed, then on the next business day; (c) five business days after
having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one business day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent to the respective Parties at their address on file with the Company or to such email address, facsimile number or
address as subsequently modified by written notice given in accordance with this Section 5.5.

 

    3 

     

    

  

5.6           Amendment.
This Agreement may be amended or modified only by a written instrument executed the Parties.

 

5.7           Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

5.8           Legend
on Share Certificates. Each certificate representing any Shares shall be endorsed by the Company with a legend reading
substantially as follows:

 

THE SHARES EVIDENCED BY THIS CERTIFICATE
ARE SUBJECT TO A VOTING AGREEMENT (A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY) AND BY ACCEPTING ANY
INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS
OF THAT VOTING AGREEMENT.

 

5.9           Execution
by the Company. The Company and the Shareholders agree that they will cause the certificates evidencing the Shares to bear
the legend required by Section 5.8 of this Agreement, and it shall supply, free of charge, a copy of this Agreement to any holder
of a certificate evidencing Shares. The Parties to this Agreement do hereby agree that the failure to cause the certificates evidencing
the Shares to bear the legend required by Section 5.8 herein and the failure of the Company to supply, free of charge, a copy of
this Agreement as provided under this Section 5.9 shall not affect the validity or enforcement of this Agreement.

 

5.10         Stock
Splits, Stock Dividends, Etc. In the event of any issuance of Shares of the Company’s voting securities hereafter
to any of the Shareholders (including, without limitation, in connection with any stock split, stock dividend, recapitalization,
reorganization, or the like), such Shares shall become subject to this Agreement and shall be endorsed with the legend set forth
in Section 5.8.

 

5.11         Manner
of Voting: Grant of Proxy. The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written
consent or in any other manner permitted by applicable law. Each Shareholder agrees to vote his Shares as may be necessary or appropriate
to effectuate this Agreement and to the extent a Shareholder fails to vote his Shares as required by this Agreement he shall be
deemed to have voted his Shares as so required.

 

5.12         Interpretation.
When permitted by the context, each pronoun used in this Agreement shall include the same pronoun in other numbers or another gender,
and each noun used in this Agreement includes the same noun in other numbers. As used in this Agreement, the words “include”
and “including” and their variants shall not be deemed to be terms of limitation but shall instead be deemed to be followed
by the words “without limitation.” Except as otherwise indicated in the context, all references in this Agreement to
“Sections”, “Schedules” and “Exhibits” are intended to refer to Sections, Schedules and Exhibits
of this Agreement.

 

[Remainder of this page intentionally
left blank.]

 

    4 

     

    

 

[Signature Page to Voting Agreement]

 

IN WITNESS WHEREOF, the Parties have executed
this Voting Agreement effective as of the Effective Date.

 

	 	COMPANY:
	 	 
	 	XG
    SCIENCES, INC.
	 	 	 
	 	By:	/s/ Michael
    R. Knox
	 	 	Michael R. Knox, President 
	 	 	 
	 	SAMSUNG:
	 	 	 
	 	SVIC
    NO. 15 NEW TECHNOLOGY BUSINESS INVESTMENT L.L.P.
	 	 	 
	 	By:	Samsung Venture Investment Corporation, its
    Partner
	 	 	 
	 	By:	/s/ SEONJONG
    LEE
	 	Name: 	SEONJONG LEE
	 	Title:	C.E.O
	 	 	 
	 	SHAREHOLDERS:
	 	 
	 	SEE
    ATTACHED SIGNATURE PAGES

 

     

     

    

  

[Shareholder Signature Page to Voting Agreement]

 

IN WITNESS WHEREOF, the Shareholder below
has executed this Voting Agreement effective as of the Effective Date.

 

	SHAREHOLDER:	
	 	 
	Name
    of Shareholder:	MICHAEL
    R. KNOX

 

	Name
    and Title of Authorized Signatory:	 

  

	Signature:	/s/
    MICHAEL R. KNOX 

 

     

     

    

  

APPENDIX 1

 

ADOPTION AGREEMENT

 

This
ADOPTION AGREEMENT (this “Adoption Agreement”) is entered into effective as of
_______________________ among XG Sciences, Inc., a Michigan corporation (the “Company”); and
____________________ (the “Adopting Shareholder”) pursuant to the terms of the
Voting Agreement dated as of January 15, 2014 among the Company, SVIC No. 15 New Technology Business Investment L.L.P., and
certain Shareholders of the Company (the “Voting Agreement”). Capitalized terms used but not defined in
this Adoption Agreement shall have the meanings given to them in the Voting Agreement.

 

1.          Acknowledgement.
The Adopting Shareholder acknowledges that the Adopting Shareholder is acquiring the following equity securities of the Company
(the “Shares”): _________________________________________________, which Shares are subject to
the terms and conditions of the Voting Agreement.

 

2.          Agreement.
The Adopting Shareholder (i) agrees that the Shares acquired by the Adopting Shareholder are bound by and subject to the terms
of the Voting Agreement, (ii) that the Adopting Shareholder hereby agrees to become a party to the Voting Agreement as a Shareholder
and as such shall be, and the Shares shall be, bound by and subject to the terms of the Voting Agreement, and (iii) hereby adopts
the Voting Agreement with the same force and effect as if Adopting Shareholder were originally a Shareholder party thereto.

 

	 	ADOPTING SHAREHOLDER:
	 	 
	 	 	 

  

	 	COMPANY:
	 	 
	 	XG Sciences, INC.
	 	 	 
	 	By:	 
	 	 	 	 

	 	 	         ______________,
    Chief Executive
    Officer

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