Document:

Exhibit 10.29

 

ASSIGNMENT OF INTELLECTUAL PROPERTY

 

THIS ASSIGNMENT
OF INTELLECTUAL PROPERTY (this “Assignment”) is effective as of January 15, 2014 (“Effective Date”)
by and between XG Sciences, Inc., a Michigan corporation (“Assignor”), and XG Sciences IP, LLC, a Michigan limited
liability company (“Assignee”).

 

BACKGROUND

 

Assignor wishes
to assign to Assignee, and Assignee wishes to obtain from Assignor, the entire right, title and interest in and to certain Intellectual
Property of the Assignor, in exchange for Assignee issuing 100% of its membership interest to Assignor.

 

ASSIGNMENT

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.           Assignment.
Assignor hereby assigns to Assignee its successors, assigns, and legal representatives its entire right, title, and interest throughout
the world in and to all of the Intellectual Property (as defined below) of the Assignor, whether currently existing or hereafter
developed or acquired and whether now known or hereafter recognized.

 

2.           Definition
of Intellectual Property. “Intellectual Property” means:

 

a.           any
and all copyright rights, copyright applications, copyright registrations, copyright recordings and like protections in each work
of authorship and derivative work thereof, whether registered or unregistered or published or unpublished and whether or not the
same also constitutes a trade secret, held pursuant to the laws of the United States, any state thereof or of any other country
or political subdivision thereof (collectively, the “Copyrights”);

 

a.           any
and all know-how including any and all information not covered by a patent or patent application, including but not limited to
materials, trade secrets, information, experience and data, formulae, procedures, results and specifications, regulatory filings,
clinical and pre-clinical data, in written or electronic form, including, without limitation, those set forth on Exhibit A attached
hereto and incorporated herein by this reference (collectively, the “Know- How”);

 

b.           any
and all design rights which may be available to Assignor;

 

     

     

    

 

c.           any
and all: (i) letters patent, including, without limitation, utility patents, design patents, industrial designs and utility model
registrations, of the United States or any other country, or any political subdivision thereof, and all reissues and extensions
thereof, (ii) applications (including but not limited to provisional applications) for letters patent of the United States or any
other country, or any political subdivision thereof, and all divisions, continuations, continuations-in-part, and continuing applications
thereof, and (iii) rights to obtain any reissues, reexaminations or extensions thereof (collectively, the “Patents”)
and any and all agreements, whether written or oral, providing for the grant by or to the Assignor of any right to make, use, sell,
offer to sell, or import any invention covered in whole or in part by one or more of the Patents and all renewals and extensions
thereof (collectively, the “Patent Licenses”), including, without limitation, the Patents set forth on Exhibit
A attached hereto and incorporated herein by this reference;

 

d.           any
and all trademarks, trade names, corporate names, company names, business names, trade styles, service marks, logos, other source
or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles
of like nature, all registrations and recordings thereof, and any applications in connection therewith, including, without limitation,
registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency
of the United States, any state thereof or any other country or any political subdivision thereof, and the entire goodwill of the
business of Assignor connected with and symbolized by all such trademarks, including, without limitation, those set forth on Exhibit
A attached hereto and incorporated herein by this reference (collectively, the “Trademarks”); and

 

e.           all
amendments, continuations, renewals, and extensions of any of the Copyrights, Patents, Know-How or Trademarks.

 

Notwithstanding
any of the foregoing, the term “Intellectual Property” shall not include any: (A) income, proceeds, royalties,
accounts receivable, damages, products, or license fees, whether now existing or hereafter arising, that relate to, or arise from,
the Assignor’s use of the Intellectual Property pursuant to a license of the Intellectual Property from Assignee to Assignor,
(B) property that is not assignable, or (C) any of Assignor’s rights or obligations under that certain Restated and Amended
Exclusive License Agreement between Michigan State University and Assignor.

 

3.            Recording
of Assignment. Assignor hereby authorizes and requests the U.S. Director of Patents and Trademark Office, and the corresponding
entities or agencies in any applicable foreign countries, to record Assignee as owner of the Patents that are set forth on Exhibit
A.

 

4.            Further
Assurances. Assignor and Assignee agree to prepare, execute, and file such other documents and to take such other actions as
may be necessary or convenient to implement this Assignment.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, Assignor
and Assignee have caused this Assignment to be executed by their duly authorized representatives as of the Effective Date.

 

	 	 	XG Sciences, Inc.
	 	 	 	 
	 	 	By:	/s/ Michael R. Knox
	 	 	 	Michael R. Knox
	 	 	Its:	Chief Executive Officer
	 	 	 	 
	STATE OF MICHIGAN	)	 	 
	 	) SS.	 	 
	COUNTY OF INGHAM	)	 	 

 

On this 10th day of
January 2014, there appeared before me Michael R. Knox, personally known to me, who acknowledged that he signed the foregoing
Assignment as his voluntary act and deed on behalf and with full authority of XG Sciences, Inc.

 

	KELLY A LAGRAVE	/s/ Kelly A. Lagrave
	NOTARY PUBLIC-STATE OF MICHIGAN

    Eaton County, Acting In Ingham County

    My Commission Expires April 15, 2018	Kelly A. Lagrave, Notary Public

 Eaton County, Michigan 

Commission Expires: 4-15-2018

 Acting in Ingham County, Michigan

 

	ACCEPTED BY:	 	XG Sciences IP, LLC
	 	 	 	 
	 	 	By:	/s/ Michael R. Knox
	 	 	 	Michael R. Knox, Manager
	 	 	 	 
	STATE OF MICHIGAN	)	 	 
	 	) SS.	 	 
	COUNTY OF INGHAM	)	 	 

 

On this 10th
day of January 2014, there appeared before me Michael R. Knox, personally known to me, who acknowledged that he signed the
foregoing Assignment as his voluntary act and deed on behalf and with full authority of XG Sciences IP, LLC.

 

	KELLY A LAGRAVE	/s/ Kelly A. Lagrave
	NOTARY PUBLIC-STATE OF MICHIGAN

    Eaton County, Acting In Ingham County

    My Commission Expires April 15, 2018	Kelly A. Lagrave, Notary Public 

Eaton County, Michigan

 Commission Expires: 4-15-2018

 Acting in Ingham County, Michigan

 

[Signature Page
to Assignment of Intellectual Property]

 

     

     

    

 

EXHIBIT A

 

Patents:

 

	
        Patent

        Application

        Number
	 	Application

Date	 	Description
	13/474,860	 	5/18/2012	 	Process of Dry Milling Particulate Materials Milled Graphene/Metal Nano Composites
	61/786,735	 	3/15/2013	 	Graphene Carbon Compositions
	13/686,961	 	11/28/2012	 	Single Mode Microwave Device for Producing Exfoliated Graphite
	13/610,934	 	9/12/2012	 	Cloud Mixer and Method of Minimizing Agglomeration of Particulates
	13/435,260	 	3/30/2012	 	Mechanical Exfoliation Apparatus
	61/786,745	 	3/15/2013	 	Electrodes for Capacitors from Mixed Carbon Compositions
	14079057	 	11/13/2013	 	Silicon-Graphene Nanocomposites for Electrochemical Applications

 

Trademarks:

 

XG Sciences (Design Plus Words)

xGnP

XG Sciences The Material Difference (Design Plus Words)

XG Leaf (Application Pending)Exhibit 10.30

 

 

January
15, 2014

Via Email

 

	Steven C. Jones	David G. Pendell
	Aspen Advanced Opportunity Fund, L.P.	XGS II, LLC
	1740 Persimmon Drive, Suite 100	2338 Immokalee, Suite 131
	Naples, FL 34109	Naples, FL 34110-1448

  

	SVIC NO. 15 New Technology Business Investment L.L.P. 	Michael Knox 
	c/o Samsung Venture Investment Corporation	3101 Grand Oak Drive
	29th Fl, Samsung Electronics Bldg.	Lansing, MI 48911
	1320-10, Seocho2-dong, Seocho-gu	 
	Seoul, Korea 137-857	 

  

		Re:	SamsungTransaction – Letter
                                                                                                                          Agreement

 

Dear Investors:

 

This letter agreement (this “Letter Agreement”) is delivered by XG Sciences,
Inc. (the “Company”) to each of Aspen Advanced Opportunity Fund, L.P. (“Aspen”); XGS
II, LLC (“XGS II”); Michael Knox (“Knox”); and SVIC NO. 15 New Technology Business
Investment L.L.P. (“Samsung” and collectively with Aspen, XGS II, and Knox, the “Investors”).
Each Investor should acknowledge its agreement to the terms of this Letter Agreement by executing the last page of this Letter
Agreement and delivering it to the Company.

 

		1.	Approval of the
Samsung Transaction.

 

Concurrently with the execution of this Letter Agreement, the Company and Samsung are entering into a
Purchase Agreement (the “Purchase Agreement”), whereby Samsung will purchase a secured convertible promissory
note (the “Samsung Note”) from the Company, together with a warrant to purchase 100,000 shares of the Company’s
Series A Convertible Preferred Stock (the “Samsung Warrant”), in exchange for a payment of $3,000,000. The Purchase
Agreement and the transactions contemplated therein, including the issuance of the Samsung Note and the Samsung Warrant and the
performance by the Company and Samsung of their respective obligations under the Purchase Agreement and the related Transaction
Agreements (as defined in the Purchase Agreement), are collectively referred to in this Letter Agreement as the “Samsung
Transaction.”

 

Aspen, XGS II, and Knox (collectively, the “Existing Creditors”) each currently
holds secured convertible promissory notes issued by the Company, which are being amended and restated in connection with the Samsung
Transaction (the “Existing Creditor Notes”). The Existing Creditors acquired the Existing Creditor Notes,
certain warrants, and certain related rights pursuant to certain agreements between each of them and the Company (the “Prior
Transaction Agreements”), certain of which are being amended in connection with the Samsung Transaction.

  

XG
Sciences, Inc. 3101 Grand Oak Drive, Lansing, MI 48911

www.xgsciences.com

 

     

     

    

  

 

 

The Prior Transaction Agreements include provisions that obligate
the Company to provide notice of and obtain the consent of one or more of the Existing Creditors to certain actions, and to otherwise
refrain from or take certain actions, which provisions could be implicated by the Samsung Transactions. The Existing Creditors
desire to consent to and approve the Samsung Transaction; therefore, each of the Existing Creditors hereby: (a) consents to and
approves the Company entering into the Purchase Agreement and the related Transaction Agreements, issuing the Samsung Note, issuing
the Warrant, and entering into all other documents and agreements related to the Samsung Transaction that have been presented to
the Existing Creditors for review prior to their execution; (b) consents to and approves the Company performing all of its obligations
and duties under the Purchase Agreement and each of the related Transaction Agreements and taking such other actions as are necessary
to implement the Samsung Transaction in accordance with such agreements; and (c) waives any and all notices, violations, defaults,
and breaches under or of the Existing Creditor Notes and Prior Transaction Agreements that otherwise would be required by or result
from the foregoing but for this Letter Agreement.

 

		2.	Shareholder
                                         Agreement Restriction.

 

Capitalized terms that are used in this Section
2 but that are not otherwise defined in this Letter Agreement have the meaning given in the shareholder agreement dated March 18,
2013 between the Company and the shareholders of the Company (the “Shareholder Agreement”).

 

Aspen agrees that it shall consent to, approve of, or otherwise sanction any of the actions of the Company
specified in Section 2.7 of the Shareholder Agreement (a “Proposed Company Action”) if Investors owning (as
of the date of the Investor Notice) at least sixty-six percent (66%) of the voting securities (assuming Full Conversion, but excluding
securities issuable pursuant to unexercised warrants and options) that are owned by all of the Investors (as of the date of the
Investor Notice (defined below)), consent to the Proposed Company Action in writing. Aspen shall provide the other Investors with
prior written notice of the Proposed Company Action (the “Investor Notice”) after receiving notification from
the Company that a consent is required for any such action.

 

Each Investor should acknowledge its agreement
to the terms of this Letter Agreement by executing the last page of this Letter Agreement and delivering it to the Company.

 

Sincerely,

 

	 	XG SCIENCES, INC.
	 	 
	 	/s/ Michael Knox
	 	 
	 	Michael Knox, Chief Executive Officer 

 

[Additional
signature page follows.]

 

XG Sciences, Inc. 3101 Grand Oak Drive,
Lansing, MI 48911 

www.xgsciences.com

 

     

     

    

  

BY ITS SIGNATURE BELOW, EACH INVESTOR AGREES TO THE TERMS OF THIS LETTER AGREEMENT:

 

	ASPEN:	 	 	 
	 	ASPEN ADVANCED OPPORTUNITY FUND, L.P	 	 
	 	 	 	 
	 	By: 	AA XGS, LLC, General Partner	 	 

 

	 	By:	 /s/ Steven C. Jones	 	Date:	1/15/14
	 	 	Steven C. Jones, Managing Member	 	 

 

	XGS II:	 	 	 	 
	 	 	 	 	 
	 	XGS II, LLC	 	 
	 	 	 	 
	 	By:	  /s/ David G. Pendell	 	Date:	 1-15-2014
	 	 	David G. Pendell, Managing Member	 	 

  

	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	 

 

KNOX:

 

	 	 	/s/ Michael R. Knox	 	 
	 	 	Michael R. Knox, Individually	 	Date:

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