Document:

Exhibit 10.4

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (“Agreement”)
is made this 26th day of August, 2020 by and between XG Sciences, Inc. a Michigan corporation (“XGS"
or the “Employer” and collectively with any entity that is wholly or partially owned by XGS, the “Company”),
located at 3101 Grand Oak Drive, Lansing, MI 48911 and Andrew J. Boechler (“Executive”), an individual who resides
at 8705 E Granite Pass Road, Scottsdale, AZ 85266.

 

RECITALS:

 

WHEREAS, the
Company is engaged in the business of researching, developing, manufacturing, and selling graphene nanoplatelets and certain other
value-added products that contain graphene nanoplatelets; and

 

WHEREAS, XGS
desires to employ Executive as an officer in the full-time capacity of Chief Commercial Officer, and Executive desires to be employed
by XGS in such capacity, in accordance with the terms, covenants, and conditions as set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Employer and Executive agree as follows:

 

1.           Employment
Period. Subject to the terms and conditions set forth herein and unless sooner terminated as hereinafter provided, XGS
shall employ Executive as an officer, and Executive agrees to serve as an officer and accepts such employment beginning on August
27, 2020 (the “Effective Date”). This Agreement shall remain in effect until either party delivers a written
notice of a termination pursuant to Section 5 hereof. For purposes of this Agreement, the period from the Effective Date
until the termination of Executive’s employment shall hereinafter be referred to as the “Term”. Executive’s
employment pursuant to this Agreement shall be “at will” as such term is construed under Michigan law.

 

2.           Title
and Duties. During the period from the Effective Date through the Term, XGS shall employ Executive as its Chief Commercial
Officer (“CCO”), and Executive accepts employment in such capacity. Executive will report to and be subject
to the general supervision and direction of the Chief Executive Officer of the Company (“CEO”). If requested,
Executive will serve in similar capacities for each or any subsidiary of XGS without additional compensation. Executive shall perform
such duties as are customarily performed by someone holding the title of CCO or Vice President of Sales & Marketing in the
same or similar businesses or enterprises as that engaged in by the Company and such other duties as the Board may assign from
time to time.

 

3.           Compensation
and Benefits of Executive. The Company shall compensate Executive for Executive's services rendered under this Agreement
as follows:

 

		a)	Base Salary. The Company shall pay Executive an annualized base salary in cash (the
“Base Salary”), which will start out at $200,000 per annum, subject to applicable withholdings required by law,
payable in equal installments at such times as is consistent with normal Company payroll policy. Such Base Salary will be increased
according to the following schedule after the Company has met the thresholds established for each such increase:

 

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		10%	increase
                                         after the Company achieves $4 million of GAAP revenue per quarter for two consecutive
                                         fiscal quarters, provided that, unless otherwise agreed to in writing by the Compensation
                                         Committee (the “Compensation Committee”) of the Board of Directors
                                         the “Board”), 100% of GAAP revenue recognized from i) Callaway Golf
                                         Company’s use of the Company’s products in golf balls, ii) FMS Global Services
                                         (“FMS”) or any consignee of FMS, and iii) Advanced Graphene Solutions
                                         or any other company selling products to D.R. Horton, Inc. or any affiliates of the foregoing
                                         clients (collectively, the “Revenue Exclusions”) shall be subtracted
                                         from the Company’s total GAAP revenue for the purpose of measuring performance
                                         against this threshold until the quarter ending June 30, 2021 and thereafter only 50%
                                         of such Revenue Exclusions shall be subtracted from total revenue for the purpose of
                                         measuring performance against this threshold (all revenue subtracted from total revenue
                                         for the purpose of measuring performance against this threshold at any given time shall
                                         hereafter generally be referred to as “Revenue Carveouts” for the
                                         purposes of this Agreement);

 

		10%	increase after the Company achieves $6 million of GAAP revenue excluding Revenue Carveouts per
quarter for two consecutive fiscal quarters; and

 

		10%	increase after the Company achieves $8 million of GAAP revenue excluding Revenue Carveouts per
quarter for two consecutive fiscal quarters.

 

		b)	Bonus. Executive will be eligible for a performance-based bonus as a participant
in the Company’s Management Incentive Plan (“MIP”), which shall set annual target incentives for the Executive
and other senior ranking employees that are determined by the Compensation Committee, and that in the case of the Executive, up
to 60% of such annual target incentives may be based on Company performance measures such as GAAP revenue or Adjusted EBITDA based
on the Company’s annual budget for such year, or such other measures as determined by the Committee for the fiscal year.
The Company will target an annual bonus payout of 30% of the Executive’s Base Salary for the year for which the such bonus
is applicable (the “Target Bonus”) based on whether the company and individual performance objectives specified
in such year’s MIP framework for the Executive have been met. Executive understands and acknowledges that (i) he must be
an employee of the Company on December 31st of any given fiscal year in order to be eligible to receive all or any portion
of a bonus for such fiscal year, provided that, upon a termination without Cause, for Good Reason, death or Disability,
the Executive shall be entitled to receive a prorated portion of such bonus for the period up to the deemed date of termination,
and ii) for the fiscal year ending December 31, 2020, such bonus will be prorated based on the actual time in which Executive was
employed for such fiscal year. Upon meeting the performance thresholds established by the Compensation Committee in the MIP for
any such year, the actual bonus payout for such year will be no less than 100% of the Target Bonus, but may be reduced to as low
as 50% of the Target Bonus for partial performance. Executive understands and acknowledges that the Compensation Committee may
set minimum revenue thresholds, below which no Company performance or individual performance bonuses are paid, except for discretionary
bonuses approved by the Compensation Committee. However, the Executive shall also be eligible to receive up to 150% of the Target
Bonus in the event that the Company’s and/or the Executive’s performance exceeds the performance thresholds set for
the Target Bonus and meets the criteria for 150% payout established by the Compensation Committee. The Company agrees to work with
Executive in good faith to establish mutually agreed upon reasonable MIP performance objectives for the fiscal year ending December
31, 2020 within forty-five (45) days of the Effective Date of this Agreement.

 

		c)	Benefits. Subject to the eligibility requirements and enrollment provisions of the
Company’s employee benefit plans, Executive may, to the extent he so chooses, participate in any and all of the Company’s
employee benefit plans for qualified members of Executive’s family at the Company’s expense to the extent permitted
by the terms of such employee benefit plans and applicable law. All Company
benefits are identified in the Employee Handbook and are subject to change without notice or explanation. In addition, subject
to the eligibility requirements and enrollment provisions of the Company’s executive benefit programs, Executive shall also
be eligible to participate in any and all other benefits programs established for officers of the Company.

 

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		d)	Stock Options. The Company agrees that it will use commercially reasonable efforts
to complete a 409A valuation analysis, using the Company’s third-party stock-based compensation and valuation expert to determine
the fair market value per share (the “FMV/Share”) of its Common Stock within ninety (90) days of the Effective
Date of this Agreement. The Company further agrees to use commercially reasonable efforts to amend its current Equity Incentive
Plan to (x) increase the number of shares authorized for issuance under such plan (the “Plan Amendment”, and
such Equity Incentive Plan, as amended, the “Plan”), and (y) have a majority of the Company’s shareholders
approve such Plan Amendment within one hundred fifty (150) days of the Effective Date of this Agreement. The Company also agrees
that promptly upon completion of all of the foregoing prerequisites, it will issue to the Executive an option to purchase two percent
(2.0%) of the fully diluted (as converted) shares of the Company’s Common Stock, on the terms and conditions listed below
(the “Option”). The shares underlying such Option (“Shares”) will have a strike price equal
to the greater of: a) the FMV/Share determined in the Section 409A valuation analysis, or b) $4.80/share, unless the Company determines
after consulting with Executive that a greater strike price is required to prevent the Option from becoming subject to Section
409A of the Internal Revenue Code of 1986, as amended. The vesting provisions of such Shares shall be as outlined below. The Shares
shall be treated as incentive stock options (ISOs) to the maximum extent permitted under applicable law, and the remainder of the
Shares, if any, shall be treated as non-qualified stock options. The grant of the Option will be subject to the terms and conditions
of the Plan and will be evidenced by a separate option agreement in form and substance equivalent to the form attached hereto as
Exhibit A (the “Option Agreement”) which will be executed by the Company and Executive on the Option
grant date. So long as Executive remains employed by the Company, the Option will have a ten-year term before expiration and the
vested portion of such Option shall be exercisable in whole or in part at any time before expiration at the discretion of the Executive.
Nothing herein shall preclude XGS from granting Executive additional equity compensation under the Plan or its successor.

 

		1)	Time-based Options – Forty percent (20%) of the Shares underlying such Option
will vest according to the passage of time on the following schedule:

 

		5%	of the shares will vest on the Date of Grant;

 

		5%	of the shares will vest on the first anniversary of the
Date of Grant; and

 

		1.25%	of the shares will vest at the first day of the first full
calendar quarter after the first anniversary of the Date of Grant and at the beginning of each succeeding calendar quarter thereafter,
such that an additional (i) 5% of the shares will have vested prior to the second anniversary of the Date of Grant, and (ii) 5%
of the shares will have vested prior to the third anniversary of the of the Date of Grant.

 

		2)	Performance-based Options - Eighty percent (80%) of the Shares underlying such Option
will be performance-based options and will vest according to the whether or not the following Company performance metrics are achieved:

 

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		6.666%  	of the shares will vest immediately after the Company has
achieved GAAP revenue of at least $1.0 million, excluding Revenue Carveouts, per three-month period for two consecutive rolling
three-month periods, with such monthly revenue subject to quarterly true-ups made in conjunction with the preparation of the Company’s
quarterly financial statements;

 

		6.666%  	of the shares will vest immediately after the Company has achieved GAAP revenue of at least $2.0
million, excluding Revenue Carveouts, per three-month period for two consecutive rolling three-month periods, with such monthly
revenue subject to quarterly true-ups made in conjunction with the preparation of the Company’s quarterly financial statements;

 

		6.666%  	of the shares will vest immediately after the Company has achieved GAAP revenue of at least $3.0
million, excluding Revenue Carveouts, per three-month period for two consecutive rolling three-month periods, with such monthly
revenue subject to quarterly true-ups made in conjunction with the preparation of the Company’s quarterly financial statements;

 

		6.666%  	of the shares will vest immediately after the Company has achieved GAAP revenue of at least $4.0
million, excluding Revenue Carveouts, per three-month period for two consecutive rolling three-month periods, with such monthly
revenue subject to quarterly true-ups made in conjunction with the preparation of the Company’s quarterly financial statements;

 

		 6.666%  	of the shares will vest immediately after the Company has achieved GAAP revenue of at least $5.0
million, excluding Revenue Carveouts, per three-month period for two consecutive rolling three-month periods, with such monthly
revenue subject to quarterly true-ups made in conjunction with the preparation of the Company’s quarterly financial statements;
and

 

		6.7%  	of the shares will vest immediately after the Company has achieved GAAP revenue of at least $6.0
million, excluding Revenue Carveouts, per three-month period for two consecutive rolling three-month periods, with such monthly
revenue subject to quarterly true-ups made in conjunction with the preparation of the Company’s quarterly financial statements;
and

 

		20%  	of the shares will vest immediately after the Company has achieved GAAP revenue of at least $8.0
million, excluding Revenue Carveouts, per three-month period for four consecutive rolling three-month periods, with such monthly
revenue subject to quarterly true-ups made in conjunction with the preparation of the Company’s quarterly financial statements;
and

 

		20%  	of the shares will vest immediately after the Company has achieved GAAP revenue of at least $10.0
million, excluding Revenue Carveouts, per three-month period for four consecutive rolling three-month periods, with such monthly
revenue subject to quarterly true-ups made in conjunction with the preparation of the Company’s quarterly financial statements.

 

Executive understands that,
pursuant to the Plan, upon termination of his employment, he will only have ninety (90) days to exercise any vested portion of
the Options. All Options awarded pursuant to this Section 3(d) will contain a provision in the Option Agreement that allows
for immediate vesting of any unvested portion of the Options in the event of a Change of Control as defined in the Option Agreement.

 

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		e)	Personal Time-Off and Holidays. Executive’s personal time-off (“PTO”)
and holidays shall be consistent with the standards set forth in the Company’s Employee Handbook, as revised from time to
time or as otherwise published by the Company. Notwithstanding the previous sentence, Executive will be eligible for one hundred
forty four (144) hours of PTO/year, which will accrue on a pro-rata basis throughout the year, provided, however, that it is the
Company’s policy that no more than sixteen hours (16) hours of PTO can be accrued beyond this annual limit for any employee
at any time. Thus, when accrued PTO reaches one hundred sixty (160) hours, Executive will cease accruing PTO until accrued PTO
is one hundred forty-four (144) hours or less, at which point Executive will again accrue PTO until he reaches one hundred sixty
(160) hours. In addition to PTO, there are also nine (9) paid national holidays and one (1) “floater” day available
to Company employees. Executive agrees to schedule such PTO so that it minimally interferes with the Company’s operations.
Executive further understands and acknowledges that pursuant to Company policy, the Company does not pay out unused PTO to employees
upon their termination for any or no reason.

 

		f)	Reimbursement of Normal Business Expenses. The Company will reimburse all reasonable
business expenses of Executive, including, but not limited to, business-related travel, meals and entertainment expenses in accordance
with the Company’s polices for such reimbursement, in effect from time to time.

 

		g)	Section 409(A) Compliance. This Agreement is intended to comply with Section 409A
of the Internal Revenue Code, as amended, and applicable regulatory guidance thereunder (the “Code”). Notwithstanding
anything to the contrary in this Agreement, in-kind benefits and reimbursements provided under this Agreement shall be provided
in accordance with the requirements of Treasury Regulation Section 1.409A-3(i)(1)(iv), such that any in-kind benefits and reimbursement
provided under this Agreement during any calendar year shall not affect in-kind benefits or reimbursements to be provided in any
other calendar year, other than an arrangement providing for the reimbursement of medical expenses referred to in Code Section
105(b), and any in-kind benefits and reimbursements shall not be subject to liquidation or exchange for another benefit. Notwithstanding
anything to the contrary in this Agreement, reimbursement requests must be timely submitted by Executive and, if timely submitted,
reimbursement payments shall be promptly made to Executive following such submission, but in no event later than December 31st
of the calendar year following the calendar year in which the expense was incurred. In no event shall Executive be entitled to
any reimbursement payments after December 31st of the calendar year following the calendar year in which the expense was incurred.

 

Notwithstanding anything to
the contrary in this Agreement, to the maximum extent permitted by applicable law, amounts payable to Executive pursuant to the
Severance Benefits described in Section 5(b) below are intended to be exempt from treatment as nonqualified differed compensation
under Code Section 409A to the maximum extent permitted by the Code and applicable Treasury Regulations, including exemptions under
Treasury Regulation Section 1.409A-1(b)(9) (separation pay plans) or Treasury Regulation Section 1.409(A)-1(b)(4) (short-term deferrals).
Payments provided under this Agreement may only be made in a manner that complies with Code Section 409A or an applicable exemption.

 

4.           Performance
of Duties. During Executive’s employment with the Company, Executive agrees to perform all of the duties pursuant
to the express and implicit terms of this Agreement to the reasonable satisfaction of the CEO and the Board. Executive further
agrees to i) perform his duties in a diligent, trustworthy and business-like manner to the best of his ability, talent, and experience
and, unless otherwise agreed upon with the Company in writing, to render his full working time and attention to the Company during
normal business hours (excluding Federal holidays) unless otherwise on PTO, and ii) unless otherwise agreed upon in writing with
the CEO, to work on-site at the Company’s Lansing, Michigan headquarters at least one full week per month. Executive agrees
that he will not serve on an any other “for profit” corporate boards during the Term unless such board appointment
has been approved by the Compensation Committee.

 

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5.            Termination.
The parties agree that any termination of the Executive under this Agreement will be governed as follows:

 

		a)	By the Company for Cause. The Company shall have the right to terminate this Agreement
and to discharge the Executive for Cause (as defined below), at any time during the Term. For the purposes of this Agreement, the
Company shall have “Cause” to terminate the Executive’s employment hereunder upon:

 

		(i)	failure to materially perform and discharge the duties and responsibilities of Executive under
this Agreement after receiving written notice and allowing Executive ten (10) business days to create a plan to cure such failure(s),
such plan being reasonably acceptable to the CEO, and a further thirty (30) days to cure such failure(s), if so curable, provided,
however, that after one such notice has been given to Executive and the thirty (30) day cure period has lapsed, the Company
is no longer required to provide time to cure subsequent failures of the same or substantially similar type having occurred within
twelve (12) months of the first instance under this provision, or

 

		(ii)	any breach by Executive of the material provisions of this Agreement after receiving written notice
and allowing Executive ten (10) business days to create a plan to cure such breach(es), such plan being reasonably acceptable to
the CEO, and a further thirty (30) days to cure such breaches(es), if so curable, provided, however, that after one such
notice has been given to Executive and the thirty (30) day cure period has lapsed, the Company is no longer required to provide
time to cure subsequent breaches of the same or substantially similar type having occurred within twelve (12) months of the first
instance under this provision; or

 

		(iii)	felony conviction involving the personal dishonesty or moral turpitude of Executive; or a determination
by the CEO or Board, after consideration of all available information, that Executive has willfully and knowingly violated Company
policies or procedures involving discrimination, harassment, or work place violence or any other activities that would be reasonably
likely to subject the Company to criminal or material civil liabilities; or

 

		(iv)	engagement in illegal drug use or abuse of alcohol or prescription drugs that, in the good faith
opinion and sole discretion of the CEO, prevents Executive from performing his duties, or

 

		(v)	any misappropriation, embezzlement or conversion of the Company’s opportunities or property
by the Executive which the CEO or Board reasonably believes was done intentionally by Executive; or

 

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		(vi)	willful misconduct, recklessness or gross negligence by the Executive in respect of the duties
or obligations of the Executive under this Agreement and/or the Confidentiality, Non-Solicitation or Non-Competition Agreement
which the CEO or Board reasonably believes has had or will have a material impact on Company.

 

Any termination
for Cause pursuant to this Section shall be given to the Executive in writing and shall set forth in detail all acts or omissions
upon which the Company is relying to terminate the Executive for Cause; provided that no termination for Cause can occur
unless and until a notice of termination is delivered to the Executive stating that in the opinion of the Company, Executive was
guilty of the conduct set forth above in clauses (i), (ii), (iii), (iv), (v) and/or (vi) of this Cause definition and specifying
the conduct of Executive at issue.

 

If an Executive
is terminated for Cause, the Executive shall only be entitled to receive his accrued and unpaid Base Salary and other benefits
pursuant to Section 3(c) through the termination date and the Company shall have no further obligations under this Agreement
from and after the date of termination.

 

		b)	Termination by Company Without Cause. At any time during
the Term, the Company shall have the right to terminate this Agreement and to discharge the Executive without Cause effective upon
delivery of written notice to the Executive. If the Company terminates the Executive without “Cause” for any or no
reason, then the Company agrees that for a period of three (3) months from the date of notice of termination (the “Severance
Period”), it will pay as severance (i) the Executive’s Base Salary in effect on the date of termination in accordance
with and at the times specified in Section 3(a) and a prorated bonus in accordance with Section 3(b); provided, however,
the prorated portion of any bonus due shall not be payable until the time in which bonus payments for such year are made to all
MIP participants (collectively, “Severance Payments”), and (ii) 100% of the COBRA premiums for the Executive’s
and Executive’s family health insurance benefits, as permitted by COBRA and under the
policy provisions as they then may apply (“COBRA Benefit”, and the Severance Payments collectively with the
COBRA Benefit, the “Severance Benefits”). However, if the Company determines in its sole discretion that it
cannot provide the COBRA Benefit without potentially violating applicable law (including, without limitation, Section 2716 of the
Public Health Services Act) or incurring an excise or penalty tax, the Parties agree to reform this Section 5(b) as required
by law. The prorated portion of any bonus that would be due and payable for the year in which termination occurs shall be calculated
by annualizing any financial metrics of the Company (e.g., revenue, adjusted EBITDA, etc.) that may be specified as Company performance
metrics in the MIP up to the most recent full month prior to the written notice of termination and comparing such annualized figures
to the performance thresholds for the Executive outlined in the MIP that was in effect for such year at the time the written notice
of termination was delivered to the Executive. Executive agrees that he will provide reasonable assistance to Company personnel
during the Severance Period in order to provide a smooth transition of Executive’s responsibilities to new personnel; provided,
however, Company agrees that Executive will not have any obligation to represent the Company in any way during the Severance Period.

 

Executive
further agrees that in the event that he obtains employment during the Severance Period, he will promptly notify the Company. Provided
that such employment does not violate the terms of the Confidentiality, Non-Solicitation and Non-Competition Agreement, the Severance
Payments will continue to be paid. Other than the Severance Benefits which is conditioned
as described above, the Company shall have no further obligation to the Executive after the date of termination.

 

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The Executive
acknowledges and agrees that any and all Severance Benefits to which he may be entitled under this Section 5(b) following
a termination without Cause are conditioned upon and subject to his execution of a general waiver and release in the form attached
hereto as Exhibit D.

 

		c)	By Resignation of the Executive. The Executive may terminate his employment hereunder
for any reason or without reason, upon giving sixty (60) days written notice to the Company. Notwithstanding the foregoing, a resignation
by Executive “For Good Reason” shall mean, without Executive’s consent, the occurrence of any of the following
circumstances:

 

		(i)	A Material Diminution of Executive’s Base Salary;

 

		(ii)	A change in Executive’s title or position within XGS or its successor, where such change
represents a material diminution of Executive’s level of responsibility, duties or authority;

 

		(iii)	The failure to complete the valuation for the FMV/Share in accordance with Section 3(d)
within one hundred twenty (120) days of the Effective Date of this Agreement;

 

		(iv)	The failure of the shareholders of XGS to approve the Plan Amendment in accordance with Section
3(d) within one hundred eighty (180) days of the Effective Date of this Agreement; or

 

		(v)	A material breach by XGS of the terms of this Agreement.

 

For purposes
of this Agreement, a “Material Diminution” in Base Salary means any reduction in the Base Salary of Executive
unless (x) the Board has approved a reduction in Base Salary for all salaried staff of the Company who earn at least $200,000 per
year in base salary, and (y) the percentage of reduction for the Executive is not greater than the percentage of the average reduction
for all salaried staff of the Company who earn at least $200,000 per year in base salary.

 

In the event
Executive’s resignation is For Good Reason, Company shall pay to Executive the Severance Benefits set forth in Section
5(b) as if the Company had terminated this Agreement without Cause. In the event of a resignation by Executive that does not
meet the criteria for being a resignation For Good Reason, Executive shall only be entitled to any accrued but unpaid salary, and
other benefits pursuant to Section 3(c) through the termination date, and the Company shall have no further obligations
under this Agreement from and after the date of termination.

 

The Executive
agrees that during such sixty (60) day period no more than one week of unused PTO may be utilized without the Company’s written
consent. During such sixty (60) day period, Executive shall also comply with any reasonable request of the Company to assist in
providing for an orderly transition of authority, but such assistance shall not delay the Executive’s termination of employment
longer than sixty (60) days beyond the Executive’s original notice of termination.

 

		d)	Disability of the Executive. This Agreement may be terminated by the Company
                                                               upon the Disability of the Executive. "Disability" shall mean a disability within the meaning of Section 22(e)(3) of the Code.
In the event the Company has purchased disability insurance for Executive, the Executive shall be deemed disabled if he is disabled
as defined by the terms of the disability policy. In the event Company has purchased a disability policy, Executive shall be entitled
to the payments thereunder, subject and pursuant to the Company’s contract with the disability insurance carrier. In addition,
on the date that the Executive is deemed to have a Disability, this Agreement will be deemed to have been terminated and the Executive
shall be entitled to receive from the Company his accrued and unpaid Base Salary and a prorated bonus in accordance with and at
the times specified in Section 3(a) and Section 3(b) and other benefits pursuant to Section 3(c) through the
termination date or other applicable date, as the case may be; provided, however, the prorated portion of any bonus due shall not
be payable until the time in which bonus payments are made to all MIP participants. Other than as set forth in this subsection
5(d), the Company shall have no further obligations under this Agreement from and after the date of termination due to Disability.

 

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		e)	Death of the Executive. In the event of the death of Executive, the employment of
the Executive by the Company shall automatically terminate on the date of the Executive's death and the Company shall be obligated
to pay Executive’s estate, or if written instructions signed by the Executive have been provided to the Company prior to
the Executive’s death which designates his specific next of kin, pay such designated next of kin the Executive’s accrued
and unpaid Base Salary and a prorated bonus in accordance with and at the times specified in Section 3(a) and Section
3(b) and other benefits pursuant to Section 3(c) through the termination date or other applicable date, as the case
may be; provided, however, the prorated portion of any bonus due shall not be payable until the time in which bonus payments are
made to all MIP participants. Other than as set forth in this subsection 5(e), the Company shall have no further obligations
under this Agreement from and after the date of termination due to the death of the Executive.

 

6.           Confidentiality,
Non-Compete & Non-Solicitation Agreement. Executive agrees to the terms of the Confidentiality, Non-Solicitation and
Non-Compete Agreement attached hereto as Exhibit E (the “Confidentiality Agreement”) and has signed that
Agreement. Such Confidentiality Agreement is hereby incorporated into and made a part of this Agreement.

 

7.           Importance
of Certain Clauses. Executive and Employer agree that the covenants contained in the Confidentiality Agreement are material
terms of this Agreement and all parties understand the importance of such provisions to the ongoing business of the Employer. As
such, because the Employer's continued business and viability depend on the protection of Confidential Information (as such term
is defined in the Confidentiality Agreement), non-solicitation and non-competition, as well as the other provisions in the Confidentiality
Agreement, these clauses are interpreted by the parties to have applicability as may be allowed by law and Executive understands
and acknowledges his understanding of same.

 

8.           Consideration.
Executive acknowledges and agrees that the provision of employment under this Agreement with the compensation and benefits specified
in Section 3 hereof and the execution by the Employer of this Agreement constitute full, adequate and sufficient consideration
to Executive for the Executive's duties, obligations and covenants under this Agreement and under the Confidentiality Agreement
incorporated into this Agreement.

 

9.           Acknowledgement
of Post Termination Obligations. To the extent it is known or applicable at the time of the termination of employment
hereunder, Executive shall provide the Employer with information concerning Executive's subsequent employer and the capacity in
which Executive will be employed. For the avoidance of doubt, Executive shall have an affirmative obligation to disclose to the
Company any employment with a competitor of the Company. Further, Executive shall have an affirmative obligation to disclose the
existence of applicable restrictive covenants under Section 6 of this Agreement to any subsequent prospective employer. If Executive
shall fail to promptly disclose accurately and fully to the Company at the time of Executive’s termination the existence
of any agreement or understanding between Executive and a competitor of the Company, the applicable term of any restrictive covenant
pursuant to Section 6 of this Agreement shall be extended by adding to the end of the applicable term a number of days equal to
the number of days between the termination of employment and the required disclosure.

 

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10.         Withholding.
All payments made to Executive shall be made net of any applicable withholding for income taxes and Executive's share of FICA,
FUTA or other employment taxes. The Company shall withhold such amounts from such payments to the extent required by applicable
law and remit such amounts to the applicable governmental authorities in accordance with applicable law.

 

11.         Certain
Representations.

 

		a)	Representations of Executive. Executive represents and warrants to Company that to
the best of Executive’s knowledge and judgment (a) nothing in his past legal and/or work and/or personal experiences, which
if became broadly known in the marketplace, would impair his ability to serve as an officer of a publicly-traded company or materially
damage his credibility with public shareholders; (b) there are no restrictions, agreements, or understandings whatsoever to which
he is a party which would prevent or make unlawful his execution of this Agreement or employment hereunder, (c) Executive’s
execution of this Agreement and employment hereunder shall not constitute a breach of any contract, agreement or understanding,
oral or written, to which he is a party or by which he is bound, (d) Executive is free and able to execute this Agreement and to
continue employment with Company, and (e) Executive has not used and will not use confidential information or trade secrets belonging
to any prior employers to perform services for the Company. Executive also represents and warrants that he will abide by the Company’s
Code of Business Conduct and Ethics and Securities Trading Policy in whatever forms as they may exist at all times while employed
by the Company. Executive further agrees that, on or prior to the Effective Date, he will execute acknowledgments of the Company’s
a) current Code of Business Conduct and Ethics as is attached hereto as Exhibit D, and b) current Securities Trading Policy
as is attached hereto as Exhibit E.

 

		b)	Representations of Company. Company represents and warrants to Executive that (a)
the Compensation Committee has approved the granting of the Option in accordance with the terms of this Agreement and the Stock
Option Agreement attached hereto as Exhibit A, and (b) the Board has approved this Agreement and the transactions contemplated
herein and will recommend to the shareholders of the Company the approval of the amendments to the Plan described above in Section
3(d).

 

12.        
Effect of Partial Invalidity. The invalidity of any portion of this Agreement shall not affect the validity of any other
provision. In the event that any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions
shall remain in full force and effect.

 

13.      
  Entire Agreement. This Agreement, together with the other documents referenced herein, reflects the
complete agreement between the parties regarding the subject matter identified herein and shall supersede all other previous
agreements, either oral or written, between the parties. The parties stipulate that neither of them, nor any person acting on
their behalf has made any representations except as are specifically set forth in this Agreement and each of the parties
acknowledges that it or he has not relied upon any representation of any third party in executing this Agreement, but rather
have relied exclusively on it or his own judgment in entering into this Agreement.

 

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14.         Assignment.
This Agreement will be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns
and, in the case of Executive, heirs, executors, and/or personal representatives. The Company may freely assign or transfer this
Agreement to an affiliated company or to a successor following a merger, consolidation, sale of assets, or other business transaction.
Except as specified herein, Executive may not assign, delegate or otherwise transfer any of Executive’s rights, interests
or obligations in this Agreement without the prior written approval of the Company.

 

15.         Notices.
All notices, requests, demands, and other communications shall be in writing and shall be given by registered or certified mail,
postage prepaid, a) if to the Employer, at the Employer’s then current headquarters location, and b) if to Executive, at
the most recent address on file with the Company for Executive or to such subsequent addresses as either party shall so designate
in writing to the other party.

 

16.         Remedies.
If any action at law, equity or in arbitration, including an action for declaratory relief, is brought to enforce or interpret
the provisions of this Agreement, the prevailing party may, if the court or arbitrator hearing the dispute, so determines, have
its reasonable attorneys’ fees and costs of enforcement recouped from the non-prevailing party.

 

17.         Amendment/Waiver.
No waiver, modification, amendment or change of any term of this Agreement shall be effective unless it is in a written agreement
which signed by both parties and which specifies any such waiver, modification, amendment or change. No waiver by the Employer
of any breach or threatened breach of this Agreement shall be construed as a waiver of any subsequent breach unless it so provides
by its terms.

 

18.         Governing
Law, Venue and Jurisdiction. This Agreement and all transactions contemplated by this Agreement shall be governed by, construed,
and enforced in accordance with the laws of the State of Michigan without regard to any conflicts of laws, statutes, rules, regulations
or ordinances. Executive consents to personal jurisdiction and venue in the Circuit Court in and for Ingham County, Michigan regarding
any action arising under the terms of this Agreement and any and all other disputes between Executive and Employer.

 

19.         Arbitration.
Any and all controversies and disputes between Executive and Employer arising from this Agreement or regarding any other matter
whatsoever shall be submitted to arbitration before a single unbiased arbitrator skilled in arbitrating such disputes under the
American Arbitration Association, utilizing its employment rules.  Any fees paid to the arbitrator or the American Arbitration
Association shall be borne exclusively by Employer. The process for selecting a single unbiased arbitrator shall be decided between
Employer and Executive.  If Executive and Employer are unable to agree upon a single unbiased arbitrator the selection rules
imposed by the AAA shall be used.  Any arbitration action brought pursuant to this section shall be heard in Lansing, Michigan. 
The arbitration shall be governed by the Michigan Uniform Arbitration Act (MCL Section 691.198 et seq.) and judgment upon the award
rendered by the arbitration may be entered by any court having jurisdiction over such award.  The Circuit Court in and for
Lansing, Michigan shall have concurrent jurisdiction with any arbitration panel for the purpose of entering temporary and permanent
injunctive relief, but only with respect to any alleged breach of the Confidentiality, Non-Solicitation and Non-Compete Agreement.
The arbitration proceedings shall be recorded, a transcript produced, and the arbitrator shall issue written findings of fact and
conclusions of law in support of the arbitrator’s decision.

 

20.     
   Headings. The titles to the sections of this Agreement are solely for the convenience of the
parties and shall not affect in any way the meaning or interpretation of this Agreement.

 

21.         Miscellaneous
Terms. The parties to this Agreement declare and represent that:

 

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		a.	They have read and understand this Agreement;

 

		b.	They have been given the opportunity to consult with an attorney if they so desire;

 

		c.	They intend to be legally bound by the promises set forth in this Agreement and enter into it freely,
without duress or coercion; and

 

		d.	They have retained signed copies of this Agreement for their records.

 

22.         Counterparts.
This Agreement may be executed in counterparts and by facsimile, or by pdf, each of which shall be deemed an original for all
intents and purposes.

 

Signatures appear on the following page.

 

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IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.

 

	 	XG SCIENCES, INC., a Michigan Corporation
	 	 	 
	 	By:	/s/ Steven C. Jones
	 	Name:	Steven C. Jones
	 	Title:	Authorized Representative
	 	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Andrew J. Boechler 
	 	Andrew J. Boechler

 

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EXHIBIT A

 

Form of Stock Option Agreement

 

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EXHIBIT B

 

Form of Release

 

In consideration of the Severance Benefits,
Executive hereby fully, forever, irrevocably and unconditionally releases, remises and discharges XG Sciences, Inc., and its related
affiliates, subsidiaries, parents, predecessors, and successors, and all of its respective past and present officers, directors,
stockholders, partners, members, Executives, agents, representatives, plan administrators, attorneys, insurers and fiduciaries
(each in their individual and corporate capacities) (collectively, the “Released Parties”) from any and
all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings,
covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including
attorneys’ fees and costs), of every kind and nature that Executive ever had or now has against any or all of the Released
Parties, including, but not limited to, any and all claims arising out of or relating to Executive’s employment with and/or
separation from the Company, including, but not limited to, all claims under Title VII of the Civil Rights Act of 1964; the Americans
With Disabilities Act of 1990; the Age Discrimination in Employment Act; the Genetic Information Nondiscrimination Act of 2008;
the Family and Medical Leave Act; the Worker Adjustment and Retraining Notification Act; Section 806 of the Corporate and Criminal
Fraud Accountability Act of 2002; the Rehabilitation Act of 1973; Executive Order 11246; Executive Order 11141; the Fair Credit
Reporting Act; Sections 1981 and 1983 of the Civil Rights Act of 1866; Sections 1981 through 1988 of Title 42 of the United States
Code, as amended; the Immigration Reform and Control Act; the Equal Pay Act; any local, state, federal or foreign whistleblower
statute, regulation, ordinance or law, including the Michigan Whistleblowers Protection Act; the Fair Labor Standards Act; the
Consolidated Omnibus Reconciliation Act; the Occupational Safety and Health Act; the Fair Credit Reporting Act; the Older Workers’
Benefits Protection Act; the Executive Retirement Income Security Act of 1974; the Michigan Elliott-Larsen Civil Rights Act (ELCRA);
the Michigan Persons with Disabilities Civil Rights Act; the Bullard-Plawecki Employee Right to Know Act; the Michigan Workforce
Opportunity Wage Act; the Michigan Occupational Safety and Health Act (MIOSHA); the Michigan Social Security Number Privacy Act;
the Michigan Internet Privacy Protection Act; the Arizona wage laws (A.R.S. §§ 23-350 to 23-362); the Arizona equal pay
laws (A.R.S. §§ 23-340 to 23-341); the Arizona Employment Protection Act; the Arizona Civil Rights Act; the Arizona Occupational
Health and Safety Act; the Arizona Medical Marijuana Act; the Arizona employee drug testing laws (A.R.S. §§ 23-493 to
23-493.12); the Arizona genetic testing laws (A.R.S. § 20-448.02); any foreign, federal, state and/or local law, statute,
regulation or ordinance prohibiting discrimination, retaliation and/or harassment or governing wage or commission payment claims;
all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional distress, misrepresentation,
fraud, wrongful discharge, and breach of contract; all claims to any non-vested ownership interest in the Company, contractual
or otherwise, and any claim or damage arising out of Executive’s employment with and/or separation from the Company (including
a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced
above. Executive understands that, by releasing all of Executive’s legally waivable claims, known or unknown, against the
Released Parties, Executive is releasing all of Executive’s rights to bring any claims against any of them based on any actions,
decisions or events occurring through the date Executive signs this Agreement including the terms and conditions of Executive’s
employment and the termination of Executive’s employment.

 

As a part of this Agreement, Executive
expressly agrees to the release of any rights or claims arising out of the Age Discrimination in Employment Act (“ADEA,”
29 U.S.C. § 621, et seq.), as amended, including the Older Workers Benefit Protection Act, and in connection with such waiver:
(a) Executive is hereby advised to consult with an attorney prior to signing this Agreement; (b) Executive shall have a period
of twenty-one (21) days from the date of receipt of this Agreement in which to consider the terms of this Agreement; and (c) Executive
may revoke this Agreement at any time during the first seven (7) days following Executive’s execution of the Agreement,
and the waiver and release shall not be effective or enforceable until the seven (7) day period has expired. As between Executive
and the Released Parties, this Agreement does not constitute a waiver of any claim under the ADEA that may arise after the date
of the execution of this Agreement.

 

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Executive understands that, by releasing
all of Executive’s legally waiveable claims, known or unknown, against the Released Parties, Executive is releasing all of
Executive’s rights to bring any claims against any of them based on any actions, decisions or events occurring through the
date Executive signs this Agreement including the terms and conditions of Executive’s employment and the termination of Executive’s
employment.

 

Nothing in this Agreement shall be construed
to prohibit Executive from contacting, filing a charge or participating in any proceeding or investigation by the U.S. Equal Employment
Opportunity Commission (“EEOC”), the Department of Labor (“DOL”), the National Labor Relations
Board (“NLRB”), the Securities and Exchange Commission (“SEC”) or other government agency
(collectively “Government Agencies”). Notwithstanding the foregoing, Executive agrees to waive any right to
recover monetary damages in any charge, complaint, or lawsuit filed by Executive or on Executive’s behalf, with the exception
of any award by the SEC.

 

The Company and Executive agree that
this release may be adjusted to address other state or local laws that may apply depending upon the applicable law at the time
of termination.

 

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EXHIBIT C

 

Confidentiality, Non-Compete and Non-Solicitation
Agreement

 

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EXHIBIT D

 

XG Sciences, Inc. Code of Business Conduct
and Ethics Currently in Effect

 

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EXHIBIT E

 

XG Sciences, Inc. Securities Trading
Policy Currently in Effect

 

    	 	 	Executive Initials
	 	 19Exhibit 10.5

 

CONFIDENTIALITY, NON-SOLICITATION AND
NON-COMPETE AGREEMENT

 

This Confidentiality,
Non-Solicitation and Non-Compete Agreement (the “Agreement”) dated this 26th day of August,
2020 is entered into by and between Andrew J. Boechler, (“Employee”) and XG Sciences, Inc., a Michigan
corporation (“Employer” and collectively with any entity that is wholly or partially owned by the Employer
or otherwise affiliated with the Employer, the “Company”). Hereinafter, each of the Employee or the Company
may be referred to as a “Party” and together be referred to as the “Parties”.

 

RECITALS:

 

WHEREAS, the
Parties have entered into that certain Employment Agreement, of even date herewith, that creates an employment relationship between
the Employer and Employee (the “Employment Agreement”); and

 

WHEREAS, pursuant
to the Employment Agreement, the Employee agreed to enter into the Company’s Confidentiality, Non-Solicitation and Non-Compete
Agreement; and

 

WHEREAS, the
Company desires to protect and preserve its Confidential Information and its legitimate business interests by having the Employee
enter into this Agreement as part of the Employment Agreement; and

 

WHEREAS, the
Employee desires to establish and maintain an employment relationship with the Company and as part of such employment relationship
desires to enter into this Agreement with the Company; and

 

WHEREAS, the
Employee acknowledges that the terms of the Employment Agreement including, but not limited to the Company’s commitments
to the Employee with respect to base salary, fringe benefits and stock options are sufficient consideration to the Employee for
the entry into this Agreement.

 

WHEREAS, the
Employee acknowledges that substantial cost and expense has been or will be incurred by the Company in connection with the Employee’s
employment by the Company, and Employee’s employment will require the disclosure of certain Company confidential and proprietary
information, trade secrets and customer and supplier relationships.

 

WHEREAS, the
Employee has significant experiences as a leader of sales organizations, which the Company believes will be of benefit in the continuing
development of the Company’s business.

 

WHEREAS, the
Company has been involved in research, development, manufacture and sale of graphene nanoplatelets as evidenced, in part, by its
website and numerous published scientific papers and patents relating to graphene nanoplatelets and the production thereof.

 

NOW, THEREFORE,
in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

 

1.           Term.
Employee agree(s) that the term of this Agreement is effective upon the Employee’s first day of employment with the Company
and, except as otherwise set forth in Paragraph 8, shall survive and continue to be in force and effect for four (4) years
following the termination of any employment relationship between the Parties (“Term”), whether termination
is by the Company with or without cause, or for any or no reason whatsoever, or by the Employee unless an
exception is specifically provided in certain situations in any such Restrictive Covenants.

 

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2.           Definitions.

 

a.       The
term “Confidential Information” as used herein shall include information, including a formula, pattern,
compilation, program, device, method, technique or process, or business practices that: (i) derives independent economic value,
actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who
can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances
to maintain its secrecy. Confidential Information also includes, but is not limited to, files, letters, memoranda, reports, records,
computer disks or other computer storage medium, data, models or any photographic or other tangible materials containing such information,
Customer lists and names and other information, Customer contracts, other corporate contracts, computer programs, proprietary manufacturing
practices and technical information, strategies, sales, promotional or marketing plans or strategies, programs, techniques, practices,
any expansion plans (including existing and entry into new geographic and/or product markets), pricing information, product or
service offering specifications or plans thereof, business plans, financial information and other financial plans, data pertaining
to the Company’s operating performance, employee lists, salary information, all information the Company receives from customers
or other third parties that is not generally known to the public or is subject to a confidentiality agreement, training manuals,
and other materials and business information of a similar nature, including information about the Company itself or any affiliated
entity, which Employee acknowledges and agrees has been compiled by the Company's expenditure of a great amount of time, money
and effort, and that contains detailed information that could not be created independently from public sources. Further, all data,
spreadsheets, reports, records, know-how, verbal communication, proprietary and technical information and/or other confidential
materials of similar kind transmitted by the Company to Employee or developed by the Employee on behalf of the Company as Work
Product (as defined in Paragraph 7) are expressly included within the definition of “Confidential Information.” The
Parties further agree that the fact the Company may be seeking to complete a business transaction is “Confidential Information”
within the meaning of this Agreement, as well as all notes, analysis, Work Product or other material derived from Confidential
Information. Nevertheless, Confidential Information shall not include any information of any kind which (1) is in the possession
of the Employee prior to the date of this Agreement, as shown by the Employee’s files and records, or (2) prior or after
the time of disclosure becomes part of the public knowledge or literature, not as a result of any violation of this Agreement,
any violation of any similar agreement with any other party or inaction or action of the receiving party, or (3) is rightfully
received from a third party without any obligation of confidentiality; or (4) independently developed after termination without
reference to the Confidential Information or materials based thereon; or (5) is disclosed pursuant to the order or requirement
of a court, administrative agency, or other government body; or (6) is approved for release by the non-disclosing party. It is
the intent of the definition to include confidential information related to the research, development, manufacture and sale of
graphene nanoplatelets which is not generally known to the public and to exclude information with Employee otherwise has developed
or obtained through his or her education, experience, and work in the field of Finance and Business Management.

 

b.       The
term “Customer” shall mean any person or entity which has purchased or ordered goods, products or services
from the Company and/or entered into any contract for products or services with the Company within the two (2) years immediately
preceding the termination of the Employee’s employment with the Company.

 

c.       
The term “Prospective Customer” shall mean any person or entity which has evidenced an intention to order
products or services with the Company within one year immediately preceding the termination of the Employee’s employment
with the Company.

 

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d.       The
term “Restricted Area” shall include any geographical location anywhere in the United States as well
as those countries listed on Exhibit A attached hereto. If the Restricted Area specified in this Agreement should be judged unreasonable
in any proceeding, then the Restricted Area shall be reduced so that the restrictions may be enforced as is judged to be reasonable.

 

e.       The
phrase “directly or indirectly” shall include the Employee either on his or her own account, or as a
partner, owner, promoter, joint venturer, employee, agent, consultant, advisor, manager, executive, independent contractor, officer,
director, or a stockholder of 5% or more of the voting shares of an entity in the Business of Company.

 

f.       The
term “Business” shall mean the business of researching, developing, manufacturing, or selling graphene
nanoplatelets and value-added products developed, manufactured or sold by the Company which contain graphene nanoplatelets.

 

3.           Duty
of Confidentiality. 

 

a.       All
Confidential Information is considered highly sensitive and strictly confidential. The Employee agrees that at all times during
the Term of this Agreement and after the termination of employment with the Company for as long as such information remains non-public
information, the Employee shall (i) hold in confidence and refrain from disclosing to any other party all Confidential Information,
whether written or oral, tangible or intangible, concerning the Company and its business and operations unless such disclosure
is accompanied by a non-disclosure agreement executed by the Company with the party to whom such Confidential Information is provided,
(ii) use the Confidential Information solely in connection with his or her employment with the Company and for no other purpose,
(iii) take all reasonable precautions necessary to ensure that the Confidential Information shall not be, or be permitted to be,
shown, copied or disclosed to third parties, without the prior written consent of the Company, (iv) observe all security policies
implemented by the Company from time to time with respect to the Confidential Information, and (v) not use or disclose, directly
or indirectly, as an individual or as a partner, joint venturer, employee, agent, salesman, contractor, officer, director or otherwise,
for the benefit of himself or herself or any other person, partnership, firm, corporation, association or other legal entity, any
Confidential Information, unless expressly permitted by this Agreement. Employee agrees that protection of the Company’s
Confidential Information constitutes a legitimate business interest justifying the restrictive covenants contained herein. Employee
further agrees that the restrictive covenants contained herein are reasonably necessary to protect the Company’s legitimate
business interest in preserving its Confidential Information

 

b.       In
the event that the Employee is ordered to disclose any Confidential Information, whether in a legal or regulatory proceeding or
otherwise, such disclosure shall be limited to the narrowest disclosure, as practically as possible, so required and, except to
the extent prohibited by law, Employee shall give the Company at least two (2) weeks’ notice, if practicable, of the basis
for any such compelled disclosure of Confidential Information and shall reasonably cooperate with the Company in limiting disclosure
and obtaining suitable confidentiality protections.

 

c.       Employee
acknowledge(s) that this "Confidential Information" is of value to the Company by providing it with a competitive advantage
over their competitors, is not generally known to competitors of the Company, and is not intended by the Company for general dissemination.
Employee acknowledges that this "Confidential Information" derives independent economic value, actual or potential, from
not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value
from its disclosure or use, and is the subject of reasonable efforts to maintain its secrecy. Therefore, the Parties agree that
all "Confidential Information" under this Agreement constitutes “Trade Secrets” under Section
445.1902 of the Michigan Statutes.

 

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d.       Notice
of Immunity under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (“DTSA”).
Notwithstanding any other provision of this Agreement, Employee shall not be held criminally or civilly liable under any federal
or state trade secret law for any disclosure of a trade secret that: (a) is made: (1) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating
a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.
Notwithstanding any other provision of this Agreement, if Employee files a lawsuit for retaliation by the Company for reporting
a suspected violation of law, Employee may disclose the Company’s trade secrets to Employee’s attorney and use the
trade secret information in the court proceeding if Employee: (x) files any document containing the trade secret under seal; and
(y) does not disclose the trade secret, except pursuant to court order.

 

4.           Limited
Right of Disclosure. Except as otherwise permitted by this Agreement, Employee shall limit disclosure of pertinent Confidential
Information to Employee’s attorney, if any (“Representative(s)”), for the sole purpose of evaluating
Employee’s relationship with the Company. Paragraph 3 of this Agreement shall bind all such Representative(s).

 

5.           Return
of Company Property and Confidential Materials. All tangible property, including cell phones, laptop computers and other
Company purchased property, as well as all Confidential Information, Customer and Prospective Customer information and property,
provided to Employee is the exclusive property of the Company and must be returned to the Company in accordance with the instructions
of the Company either upon termination of the Employee’s employment or at such other time as is requested by the Company.
Employee agree(s) that upon termination of employment for any or no reason whatsoever Employee shall return all copies, in whatever
form or media, including hard copies and electronic copies, of Confidential Information to the Company, and Employee shall delete
any copy of the Confidential Information on any computer file or database maintained by Employee and shall certify in writing that
he/she has done so. In addition to returning all Confidential Information to the Company as described above, Employee will destroy
any analysis, notes, work product or other materials relating to or derived from the Confidential Information.

 

6.           Agreement
Not to Circumvent. Employee agrees not to pursue any transaction or business relationship that is directly competitive
to the Business of the Company that makes use of any Confidential Information during the Term of this Agreement, other than through
the Company or on behalf of the Company. It is further understood and agreed that, after the Employee’s employment with the
Company has been terminated, the Employee will direct all communications and requests from any third parties regarding Confidential
Information or Business opportunities which use Confidential Information through the Company’s then chief executive officer
or president. Employee acknowledges that any violation of this covenant may subject Employee to the remedies identified in Paragraph
9 in addition to any other available remedies.

 

7.           Title
to Work Product. Employee agrees that all work products (including strategies, manufacturing processes, products and planned
products for competing in the graphene industry, technical materials and diagrams, computer programs, financial plans and other
written materials, websites, presentation materials, course materials, advertising campaigns, slogans, videos, pictures and other
materials) created or developed by the Employee for the Company during the term of the Employee’s employment with the Company
or any successor to the Company until the date of termination of the Employee (collectively, the “Work Product”),
shall be considered a work made for hire and that the Company shall be the sole owner of all rights, including copyright, in and
to the Work Product.

 

If the Work Product,
or any part thereof, does not qualify as a work made for hire, the Employee agrees to assign, and hereby assigns, to the Company
for the full term of the copyright and all extensions thereof all of its right, title and interest in and to the Work Product.
All discoveries, inventions, innovations, works of authorship, computer programs, improvements and ideas, whether or not patentable
or copyrightable or otherwise protectable, conceived, completed, reduced to practice or otherwise produced by the Employee in
the course of his or her services to the Company in connection with or in any way relating to the Business of the Company or capable
of being used or adapted for use therein or in connection therewith shall forthwith be disclosed to the Company and shall belong
to and be the absolute property of the Company unless assigned by the Company to another entity.

 

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Employee hereby assigns
to the Company all right, title and interest in all of the discoveries, inventions, innovations, works of authorship, computer
programs, improvements, ideas and other work product; all copyrights, trade secrets, and trademarks in the same; and all patent
applications filed and patents granted worldwide on any of the same for any work previously completed on behalf of the Company
or work performed under the terms of this Agreement or the Employment Agreement. Employee, if and whenever required to do so (whether
during or after the termination of his or her employment), shall at the expense of the Company apply or join in applying for copyrights,
patents or trademarks or other equivalent protection in the United States or in other parts of the world for any such discovery,
invention, innovation, work of authorship, computer program, improvement, and idea as aforesaid and execute, deliver and perform
all instruments and things necessary for vesting such patents, trademarks, copyrights or equivalent protections when obtained and
all right, title and interest to and in the same in the Company absolutely and as sole beneficial owner, unless assigned by the
Company to another entity. Notwithstanding the foregoing, work product conceived by the Employee, which is not related to the Business
of the Company, will remain the property of the Employee.

 

8.           Restrictive
Covenant. The Company and its affiliated entities are engaged in the Business of researching, developing, manufacturing,
and selling graphene nanoplatelets and value-added products which contain graphene nanoplatelets. The covenants contained in this
Paragraph 8 (the “Restrictive Covenants”) are given and made by Employee to induce the Company to employ
Employee under the terms of the Employment Agreement, and Employee acknowledges sufficiency of consideration for these Restrictive
Covenants. Employee expressly covenants and agrees that, during the Restrictive Period (as defined below), he/she will abide by
the following restrictive covenants unless an exception is specifically provided, in writing signed by Company, in certain situations
in such Restrictive Covenants.

 

		a.	Non-Solicitation. Employee agrees and acknowledges that, during the Restrictive Period,
he/she will not, directly or indirectly, in one or a series of transactions, as an individual or as a partner, joint venturer,
employee, agent, salesperson, contractor, officer, director or otherwise, for the benefit of himself or herself or any other person,
partnership, firm, corporation, association or other legal entity:

 

		(i)	solicit or induce, or attempt to solicit or induce, any Customer or Prospective Customer of the
Company to patronize or do business with any other company (or business) that is in the Business conducted by the Company in the
Restricted Area; or

 

		(ii)	request or advise any Customer, supplier or vendor, or any Prospective Customer, prospective supplier
or prospective vendor, of the Company, who was a Customer, Prospective Customer, supplier, prospective supplier, vendor or prospective
vendor within one (1) year immediately preceding the termination of the Employee’s employment with the Company, to withdraw,
curtail, cancel or refrain from doing business with the Company in any capacity related to the Business; or

 

		(iii)	manage, operate, be connected with, employed by, or on behalf of, in any manner, any Customer,
or Prospective Customer, of the Company in any capacity related to the Business,
either myself or on behalf of any other entity that may employ, engage or associate with me in any fashion.

 

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		(iv)	sell goods related to the Business to, or perform services related to the Business for, or on behalf
of, in any manner, any Customer, or Prospective Customer, of the Company either myself or on behalf of any other entity that may
employ, engage or associate with me in any fashion.

 

		(v)	recruit, solicit or otherwise induce any proprietor, partner, stockholder, lender, director, officer,
sales agent, joint venturer, investor, lessor, supplier, Customer, agent, representative, or any other person which has an agency
or business relationship with the Company or any affiliated entity to discontinue, reduce or detrimentally modify such agency or
business relationship with the Company.

 

		(vi)	employ, recruit or solicit, or attempt to employ, recruit or solicit, for employment any person
or agent who is then (or was at any time within twelve (12) months prior to the date Employee or any entity related to Employee
seeks to employ such person) employed or retained by the Company. Notwithstanding the forgoing, (A) to the extent the Employee
works for a firm or corporation after his or her termination from the Company and he or she does not have any personal knowledge
and/or control over the solicitation of or the employment of a Company employee or agent, then this provision shall not be enforceable
as it relates to that employee or agent, and (B) nothing contained herein shall prevent Employee or his affiliates from employing
any person who, without any encouragement, direction, or communication by Employee or his affiliates, responds to a general media
advertisement or non-directed search inquiry (including the use of employment agencies provided no direction was given to target
an employee of the Company).

 

		b.	Non-Competition. Employee agrees and acknowledges that, during the Restrictive Period,
he or she will not, directly or indirectly, for himself , or on behalf of others, as an individual on Employee's own account, or
as a partner, joint venturer, employee, agent, salesman, contractor, officer, director or otherwise, for him/herself or any other
person, partnership, firm, corporation, association or other legal entity, enter into, engage in, accept employment from,
or provide any services to, or for, any business that is in the Business of the Company, or engage in any activity that is
competitive with the Company in the Business and in the Restricted Area. The parties agree that this non-competition provision
is intended to cover situations where a future business opportunity in which the Employee is engaged or a future employer of the
Employee is selling the same or similar products and services in a Business which may compete with the Company’s products
and services to Customers and Prospective Customers of the Company in the Restricted Area. This provision shall not cover future
business opportunities or employers of the Employee that sell different types of products or services in the Restricted Area so
long as such future business opportunities or employers are not in the Business of the Company or if the Employee is not involved
in the activities of the future employer or related to the Business of the Company. This provision is not intended to prohibit
Employee from returning to employment in the field of marketing and general management, especially in thermosets and composites.
It is intended to prohibit Employee from accepting employment in a business that directly competes with Business of the Company.

 

		c.	Restrictive Period. As used in this Agreement, “Restrictive Period”
means the period of Employee’s employment and for a period of two (2) years following termination of such employment for
any reason, provided that any such Restrictive Period shall automatically and immediately terminate upon any dissolution, liquidation
or voluntary or involuntary case seeking the dissolution, liquidation
or reorganization of the Company under the bankruptcy or other similar laws are any similar proceeding seeking the appointment
of a receiver or similar official for the Company or to take possession of all or a substantial portion of its property or to operate
all or a substantial portion of its business.

 

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9.           Acknowledgements
of Employee.

 

		a.	The Employee understands and acknowledges that any violation of this Agreement shall constitute
a material breach of this Agreement and the Employment Agreement, and it may cause irreparable harm and possible loss to the Company
for which monetary damages may be an insufficient remedy. Therefore, the Parties agree that in addition to any other remedies available,
the Company will be entitled to the relief identified in Paragraph 10 below.

 

		b.	The Restrictive Covenants shall be construed as agreements independent of any other provision in
this Agreement and the existence of any claim or cause of action of Employee against the Company shall not constitute a defense
to the enforcement of these Restrictive Covenants.

 

		c.	Employee agrees that the Restrictive Covenants are reasonably necessary to protect the legitimate
business interests of the Company.

 

		d.	Employee agrees that this Agreement may be enforced by the Company’s successor in interest
by way of merger, business combination or consolidation where a majority of the surviving entity is not owned by Company’s
shareholders who owned a majority of the Company’s voting shares prior to such transaction and Employee acknowledges and
agrees that successors are intended beneficiaries of this Agreement.

 

		e.	Employee agrees that if any portion of the Restrictive Covenants is held by a court of competent
jurisdiction to be unreasonable, arbitrary or against public policy for any reason, such shall be modified accordingly as to time,
geographic area and line of business so as to be enforceable to the fullest extent possible as to time, area and line of business.

 

		f.	Employee acknowledges that any violations of the Agreement will be a material breach of this Agreement
and may subject the Employee, and/or any individual(s), partnership, corporation, joint venture or other type of business with
whom the Employee is then affiliated or employed, to monetary and other damages.

 

		g.	Employee agrees that any failure of the Company to enforce the Restrictive Covenants against any
other employee, for any reason, shall not constitute a defense to enforcement of the Restrictive Covenants against the Employee.

 

10.         Specific
Performance; Injunction. The Parties agree and acknowledge that the restrictions contained in Paragraphs 1-8 are
reasonable in scope and duration and are necessary to protect the Company. If any provision of Paragraphs 1-8 as applied
to any party or to any circumstance is judged by a court to be invalid or unenforceable, the same shall in no way affect any other
circumstance or the validity or enforceability of any other provision of this Agreement. If any such provision, or any part thereof,
is held to be unenforceable because of the duration of such provision or the area covered thereby, the court making such determination
shall have the power to reduce the duration and/or area of such provision, and/or to delete specific words or phrases, and in its
reduced form, such provision shall then be enforceable and shall be enforced.

 

Any unauthorized use
or disclosure of Confidential Information in violation of Paragraphs 2-7 above or violation of the Restrictive Covenant
in Paragraph 8 shall constitute a material breach of this Agreement and may cause irreparable harm
and potential loss to the Company for which monetary damages may be an insufficient remedy. Therefore, in addition to any other
remedy available, the Company will be entitled to all available civil remedies, including:

 

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		a.	Temporary and permanent injunctive relief, without the necessity of posting a bond, restraining
Employee or Representatives and any other person, partnership, firm, corporation, association or other legal entity acting in concert
with Employee from any actual or threatened unauthorized disclosure or use of Confidential Information, in whole or in part, or
from rendering any service to any other person, partnership, firm, corporation, association or other legal entity to whom such
Confidential Information in whole or in part, has been disclosed or used or is threatened to be disclosed or used; and

 

		b.	Temporary and permanent injunctive relief, without the necessity of posting a bond, restraining
the Employee from violating, directly or indirectly, the restrictions of the Restrictive Covenant in any capacity identified in
Paragraph 8, supra, and restricting third parties from aiding and abetting any violations of the Restrictive Covenant; and

 

		c.	Compensatory damages, including actual loss from misappropriation and unjust enrichment, and any
and all legal fees, including without limitation, all attorneys’ fees, court costs, and any other related fees and/or costs
incurred by the Company in enforcing this Agreement.

 

Notwithstanding the
forgoing, the Company acknowledges and agrees that the Employee will not be liable for the payment of any damages or fees owed
to the Company through the operation of Paragraph 10c above, unless and until a court of competent jurisdiction has determined
that the Company or any successor is entitled to such recovery.

 

Nothing in this Agreement
shall be construed as prohibiting the Company from pursuing any other legal or equitable remedies available to it for actual or
threatened breach of the provisions of Paragraphs 1 – 8 of this Agreement, and the existence of any claim or cause
of action by Employee against the Company shall not constitute a defense to the enforcement by the Company of any of the provisions
of this Agreement. The Company and its affiliates have fully performed all obligations entitling it to the covenants of Paragraphs
1 – 8 of this Agreement and therefore such prohibitions are not executory or otherwise subject to rejection under the bankruptcy
code.

 

11.         Duty
to Disclose Agreement and to Report New Employer. Employee acknowledges that the Company has a legitimate business purpose
in the protection of its Confidential Information. Employee also recognizes and agrees that the Company has the right to such information
as is reasonably necessary to inform the Company whether the terms of this Agreement are being complied with. Accordingly, Employee
agrees that Employee will promptly notify any new employer of his or her obligations contained here. Employee also will provide
the Company with the identity of his or her new employer(s) and a description of the services being provided by him/her in sufficient
detail to allow the Company to reasonably determine whether such activities fall within the scope of activities prohibited by the
provisions of this Agreement

 

12.         Representations
as to Prior or Other Agreements. Employee represents and warrants that he/she is able to perform the contemplated duties
of employment without being in breach of confidentiality agreements or disclosing proprietary information of any third party, and
that no proprietary information of any third party shall be disclosed to the Company. Employee further represents and warrants
that he/she is not prohibited from entering into this Agreement or performing services under it by any non-competition, non-solicitation,
anti-piracy agreement, relationship agreement, or any other restrictions. Employee agrees to indemnify and hold the Company harmless
from all claims or causes of action by any person or entity against the Company arising out of any alleged breach by Employee of
any such agreement or any other restrictions inconsistent with the foregoing representations.

 

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 13.        Company
Use of Employee Name, Image and Voice. The Company may use and publish Employee’s name and picture, including audio
or video tape recordings, for purposes relating to its business without a specific release from Employee.

 

14.         Termination.
Employee agrees to bring any claims that he/she may have against the Company within one hundred eighty (180) days of the day that
Employee knew, or should have known, of the facts giving rise to the cause of action and waives any longer, but not shorter, statutory
or other limitations periods. This includes, but is not limited to, the initial filing of a charge with the Equal Employment Opportunity
Commission and/or state equivalent civil rights agency. However, Employee understands that he/she will thereafter have the right
to pursue any claim in the manner prescribed in any right to sue letter that is issued by an agency.

 

15.         Nondisparagement.
Employee shall not make any disparaging or defamatory comments about the Company, whether true or not, except to comply with any
summons, court order or subpoena. Company shall not make any disparaging or defamatory comments about the Company, whether true
or not, except to comply with any summons, court order or subpoena. However, nothing in this Paragraph 15 shall prohibit
any party from testifying truthfully in any proceeding or providing truthful information as legally required to provide such information
in connection with this Agreement or otherwise.

 

16.         Waiver
of Jury Trial. THE COMPANY AND EMPLOYEE EACH WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND
ANY RIGHTS UNDER THIS AGREEMENT OR UNDER ANY INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED IN CONNECTION HEREWITH OR HEREAFTER OR
RELATED IN ANY FASHION TO EMPLOYEE’S EMPLOYMENT WITH COMPANY.

 

17.         Governing
Law, Venue and Personal Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the
laws of state of Michigan without regard to any statutory or common-law provision pertaining to conflicts of laws. The parties
agree that courts of competent jurisdiction in Ingham County, Michigan and the United States District Court for the Western District
of Michigan shall have concurrent jurisdiction for purposes of entering temporary, preliminary and permanent injunctive relief
and with regard to any action arising out of any breach or alleged breach of this Agreement. Employee waives personal service of
any and all process upon Employee and consents that all such service of process may be made by certified or registered mail directed
to Employee at the address stated in the signature section of this Agreement, with service so made deemed to be completed upon
actual receipt thereof. Employee waives any objection to jurisdiction and venue of any action instituted against Employee as provided
herein and agrees not to assert any defense based on lack of jurisdiction or venue. Employee further agrees that any action arising
out of this Agreement or the relationship between the parties established herein shall be brought only in courts of competent jurisdiction
in Ingham County, Michigan or the United States District Court for the Western District of Michigan.

 

18.         Successors
and Assigns. This Agreement will be binding upon and inure to the benefit of the Parties and their respective successors,
permitted assigns and, in the case of Employee, heirs, executors, and/or personal representatives. The Company may freely assign
or transfer this Agreement to an affiliated company or to a successor following a merger, consolidation, sale of assets, or other
business transaction. Executive may not assign, delegate or otherwise transfer any of Executive’s rights, interests
or obligations in this Agreement without the prior written approval of the Company.

 

19.         Entire
Agreement. This Agreement is the entire agreement of the Parties with regard to the matters addressed herein, and supersedes
all prior negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the signatories
in connection with the subject matter of this Agreement, except however, that this Agreement shall be read in pari materia
with the Employment Agreement executed by Employee. This Agreement may be modified only by written instrument which is signed by the Company and Employee and
which describes such modification.

 

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20.         Severability.
In case any one or more provisions contained in this Agreement shall, for any reason, be held invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof and this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had not been contained herein.

 

21.         Waiver.
The waiver by the Company of a breach or threatened breach of this Agreement by Employee cannot be construed as a waiver of any
subsequent breach by Employee unless such waiver so provides by its terms. The refusal or failure of the Company to enforce any
specific restrictive covenant in this Agreement against Employee, or any other person for any reason, shall not constitute a defense
to the enforcement by the Company of any other restrictive covenant provision set forth in this Agreement.

 

22.         Consideration.
Employee acknowledges and agrees that the execution by the Company of the Employment Agreement with the Employee constitutes
full, adequate and sufficient consideration to Employee for the covenants of Employee under this Agreement.

  

23.         Notices.
All notices required by this Agreement shall be in writing, shall be personally delivered or sent by U.S. Registered or Certified
Mail, return receipt requested, and shall be addressed to the signatories at the addresses shown on the signature page of this
Agreement.

 

24.         Acknowledgements.
Employee acknowledge(s) that he or she has reviewed this Agreement prior to signing it, that he or she knows and understands
the contents, purposes and effect of this Agreement, and that he or she has been given a signed copy of this Agreement for his
or her records. Employee further acknowledges and agrees that he or she has entered into this Agreement freely, without any duress
or coercion.

 

25.         Captions.
Captions to paragraphs and sections of this Agreement have been included solely for the sake of convenient reference and are entirely
without substantive effect.

  

26.         Counterparts.
This Agreement may be executed in counterparts, by facsimile or Adobe Acrobat pdf file each of which shall be deemed an original
for all intents and purposes.

 

[Signatures Appear
on the Following Page]

 

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IN WITNESS WHEREOF,
THE UNDERSIGNED STATE THAT THEY HAVE CAREFULLY READ THIS AGREEMENT AND KNOW AND UNDERSTAND THE CONTENTS THEREOF AND THAT THEY AGREE
TO BE BOUND AND ABIDE BY THE REPRESENTATIONS, COVENANTS, PROMISES AND WARRANTIES CONTAINED HEREIN.

 

	By:	/s/ Andrew J. Boechler	8/26/20	 
	 	Employee Signature	Date	 

  

	Employee Name:	Andrew J. Boechler	 
	 	 	 
	Employee Address:	8705 E. Granite Pass Road	 
	 	Scottsdale, AZ  85266	 

  

XG Sciences,
Inc.

3101 Grand
Oak Drive

Lansing, MI
48911

 

	By:	/s/Steven C. Jones	8/26/20	 
	 	 	Date	 

  

	Name:	Steven C. Jones	 
	 	 	 
	Title:	Authorized Representative	 

 

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EXHIBIT A

 

Countries Covered Under Definition of Restricted
Area in Section 2(d)

 

The following list of countries is deemed to include any dependent
territories or other areas recognized as a constituent country or municipality of each of the countries listed

 

	
        Asia

        Bahrain

        Brunei

        China (including Hong Kong & Taiwan)

        Cyprus

        Georgia

        India

        Indonesia

        Israel

        Japan

        Kuwait

        Malaysia
	
         

        Oman

        Philippines

        Qatar

        Russia

        Saudi Arabia

        Singapore

        South Korea

        Thailand

        Turkey

        United Arab Emirates

        Vietnam

	 	 
	
        Europe

        Austria

        Belgium

        Bulgaria

        Croatia

        Cyprus

        Czech Republic

        Denmark

        Estonia

        Finland

        France

        Germany

        Greece

        Hungary

        Iceland

        Ireland

        Italy
	
         

        Latvia

        Lithuania

        Luxembourg

        Malta

        Monaco

        Montenegro

        Netherlands

        Poland

        Portugal

        Romania

        Slovakia

        Slovenia

        Spain

        Sweden

        United Kingdom

	 	 
	
        South America

        Argentina

        Brazil

        Chile

        Columbia

        Ecuador
	
         

        Paraguay

        Peru

        Uruguay

        Venezuela

 

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        North America, Central America & Caribbean

        Antigua & Barbuda
	Honduras

	
        Bahamas

        Barbados

        Belize

        Canada

        Costa Rica

        Dominica

        Dominican Republic

        El Salvador

        Grenada

        Guatemala
	
        Jamaica

        Mexico

        Nicaragua

        Panama

        Saint Kitts & Nevis

        Saint Lucia

        Saint Vincent and the Grenadines

        Trinidad and Tobago

        United States of America

	 	 
	
        Africa

        Canary Islands

        Egypt

        Morocco

        South Africa
	 
	 	 
	Oceania

Australia

New Zealand

	 

  

    	 	 	EMPLOYEE’S INITIALS
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