Document:

Exhibit 10.1

 

XG SCIENCES, INC.

 

FORM OF SUBSCRIPTION AGREEMENT

 

Ladies/Gentlemen:

 

XG Sciences, Inc.,
a Michigan corporation (the "Company") is selling in this offering (this “Offering”) up to
$24,000,000 in shares of its common stock, no par value per share, at $8 per share (the “Shares”) to investors
pursuant to that certain registration statement on Form S-1, as filed with the Securities and Exchange Commission and initially
effective as of April 13, 2016 (the “Prospectus”) as may be post-effectively amended from time to time.

 

1.           Subscription.

 

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

 

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

 

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

 

2.           Subscriber’s
Acknowledgments and Agreements.

 

The undersigned understands,
acknowledges and agrees that:

 

2.1           If
a resident of any of the states listed below, the undersigned meets the suitability standards of this section:

 

(a)          Arkansas
investors must meet the following criteria:

 

(i)          A
minimum annual gross income of $70,000 and a minimum net worth of $70,0000, exclusive of automobile home and home furnishings;
or

 

(ii)         A
minimum net worth of $250,000 exclusive of automobile, home and home furnishings.

 

(b)          California
investors must meet the following criteria:

 

(i)          Only
“Accredited Investors” in California (as that term is defined in Rule 501 of Regulation D of the Securities Act of
1933, as amended) may invest in this offering.

 

(c)          Kentucky
investors must meet the following criteria:

 

    	 	Page 1	 

     

    

 

(i)          
A net income of at least $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those
years and a reasonable expectation of the same income level in the current year; or

 

(ii)         An
individual net worth, or joint net worth with that person’s spouse, in excess of $1,000,000, excluding the value of the person’s
primary resident.

 

(d)          Missouri
investors must meet the following criteria:

 

(i)          
A minimum annual gross income of $70,000 and a minimum net worth of $70,0000, exclusive of automobile home and home furnishings;
or

 

(ii)         A
minimum net worth of $250,000 exclusive of automobile, home and home furnishings.

 

(iii)        No
more than 10% of any one Missouri investor’s liquid net worth shall be invested in the Company’s securities.

 

(e)          New
Jersey investors must meet the following criteria:

 

(i)          Only
“Accredited Investors” in New Jersey (as that term is defined in Rule 501 of Regulation D of the Securities Act of
1933, as amended) may invest in this offering.

 

(f)          This
offering is no longer available to New Mexico investors.

 

(g)          Oklahoma
investors must meet the following criteria:

 

(i)          A
minimum annual gross income of $70,000 and a minimum net worth of $70,0000, exclusive of automobile home and home furnishings;
or

 

(h)          A
minimum net worth of $250,000 exclusive of automobile, home and home furnishings.

 

(i)          Pennsylvania
investors must meet the following criteria:

 

(i)          A
minimum annual gross income of $70,000 and a minimum net worth of $70,0000, exclusive of automobile home and home furnishings;
or

 

(ii)         A
minimum net worth of $250,000 exclusive of automobile, home and home furnishings.

 

(j)          Vermont
investors may invest pursuant to the following restrictions:

 

(i)          Accredited
investors in Vermont, as defined in 17 C.F.R. Section 230.501, may invest freely in this offering; and

 

(ii)         Non-accredited
Vermont investors may not purchase an amount in this offering that exceeds 10% of the investor’s “liquid net worth”,
defined as an investor’s total assets (not including home, home furnishings or automobiles) minus total liabilities.

 

    	 	Page 2	 

     

    

 

2.2           This
subscription may be accepted or rejected in whole or in part by the Company, in its sole discretion. The Company may also terminate
the Offering at any time.

 

2.3           
Except as provided under applicable securities laws, this subscription is and shall be irrevocable except that (a) the undersigned’s
execution and delivery of this Subscription Agreement will not constitute an agreement between the Company and the undersigned
until this Subscription Agreement is accepted on behalf of the Company and, if not so accepted, the undersigned’s subscription
and obligations hereunder will terminate and (b) the undersigned can, at any time prior to acceptance of this Subscription Agreement,
request in writing that the undersigned be released from the obligations hereunder, and the Company may, but need not, in its discretion,
elect to release the undersigned from the subscription and from such obligations.

 

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

 

2.5           The
Subscriber shall have the option to accept delivery of the Shares in any of the following formats: i) the Shares may be issued
in book entry format and held electronically at the Company’s transfer agent, VStock Transfer, LLC (“Transfer Agent”),
ii) the Shares may be delivered, through the facilities of The Depository Trust Company, to a brokerage house, and shall be registered
in such name or names and shall be in such denominations, as the Subscriber may request by written notice to the Company, or iii)
the Shares may be issued via physical stock certificate. The cost of original issue tax stamps and other transfer taxes, if any,
and any fees from the Transfer Agent in connection with the issuance and delivery of the Shares by the Company to the Subscriber
shall be borne by the Company.

 

2.6           After
this Offering is completed, the Company intends to seek either (i) a listing of its common stock on a securities exchange registered
with the Securities and Exchange Commission (SEC) under Section 6(a) of the Securities Exchange Act of 1934, as amended, such as
the NASDAQ Capital Market or the New York Stock Exchange (NYSE), or (ii) the quotation of its common stock on the OTCQB or OTCQX
marketplaces operated by OTC Markets Group, Inc. (the act of achieving such listing or quotation, generally referred to hereafter
as a “Public Listing”), but there can be no assurance that the Company will ever achieve a Public Listing (See
Risk Factors – Risks Related to the Offering in the Prospectus). The Subscriber understands that until such time as the Company
achieves a Public Listing of its Shares, a public market will not exist for the Shares and it may be difficult to sell the Shares
purchased in this Offering.

 

3.           Governing
Law; Arbitration; Venue.

 

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

 

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

 

3.3           The
headings of this Subscription Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Subscription Agreement. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or
plural, as the context may require.

 

    	 	Page 3	 

     

    

 

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

 

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

 

    	 	Page 4	 

     

    

 

	Date:	 	 

 

	Subscriber’s Name:	 

 

Type of Subscriber:

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

 

Number of Shares Subscribed For: _____________

 

Purchase Price Per Share:              x               
$8.00

 

Aggregate Purchase Price:            $_____________

 

	 	 	 
	Signature of Subscriber	 	Signature of Co-Subscriber
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 
	 	 	 
	Taxpayer I.D. Number	 	Taxpayer I.D. Number of Co-Subscriber
	 	 	 
	Subscriber’s mailing address:	 	Co-Subscriber’s mailing address
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Phone #:	 	 	Phone #:	 
	Email:	 	 	Email:	 

 

Subscriber’s Election for how it would like to receive
shares:

 

	_______	Please issue the Shares electronically in book entry format to be held at VStock Transfer, LLC, the Company’s Transfer Agent.
	 	 
	_______	Please issue the Shares and deliver them electronically, through the facilities of The Depository Trust Company, to such brokerage house as indicated by the Subscriber in separate written instructions. Instructions must include name of Brokerage Firm, DTC Participant Number, Account Name and Account number.
	 	 
	_______	Please issue a stock certificate for the Shares and deliver it to the Subscriber’s address above.(1)

 

Accepted:

 

XG SCIENCES, INC.

 

	By: 	 	 	Date:	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 

 

(1) Subscribers are encouraged to discuss with their financial
advisor(s) whether holding physical stock certificates in a public company in light of the current regulatory environment is an
appropriate way to hold such securities as many brokerage houses will no longer accept physical stock certificates for deposit.

 

    	 	Page 5	 

     

    

 

EXHIBIT A

 

COMPANY WIRE INSTRUCTIONS

 

	Bank Receiving Funds:	 	Fifth Third Bank
	 	 	38 Fountain Square
	 	 	Cincinnati, OH 45263
	 	 	USA
	 	 	513-358-5385 (Wire Dept.)
	 	 	 
	Bank Contact:	 	Thomas Ruis
	 	 	517.342.4019
	 	 	 
	Routing/ABA Number:	 	042000314
	 	 	 
	SWIFT Code:	 	FTBCUS3C
	 	 	 
	For Credit To:	 	XG Sciences Inc.
	 	 	3101 Grand Oak Drive
	 	 	Lansing, MI 48906
	 	 	USA
	 	 	517.703.1110
	 	 	 
	Account Number:	 	XXXXXXXXXX

 

    	 	Page 6Exhibit 10.2

 

XG SCIENCES, INC.

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (this “Agreement”) is made and entered into as of the _____ day of ______________________, 20__ by
and between XG Sciences, Inc., a Michigan corporation (the “Corporation”), and ___________________________ (“Indemnitee”).

 

WITNESSETH:

 

WHEREAS, highly
competent persons have become more reluctant to serve corporations as directors, officers or in other capacities unless they are
provided with adequate indemnification against inordinate risks of claims and actions against them arising out of their service
to and activities on behalf of the corporation;

 

WHEREAS, the
uncertainties relating to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the
Board of Directors of the Corporation has determined that the increased difficulty in attracting and retaining such persons is
detrimental to the best interests of the Corporation's stockholders and that the Corporation should act to assure such persons
that there will be increased certainty of such protection in the future;

 

WHEREAS, it
is reasonable, prudent and necessary for the Corporation contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Corporation
free from undue concern that they will not be so indemnified; and

 

WHEREAS, the
Indemnitee does not regard the protection available under the Corporation's Articles of Incorporation, Bylaws and insurance as
adequate in the present circumstances, and may not be willing to serve the Corporation without adequate protection, and the Corporation
desires the Indemnitee to continue to serve the Corporation.

 

NOW, THEREFORE,
in consideration of Indemnitee’s agreement to provide services to the Corporation and/or certain of its affiliates as contemplated
hereby, the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto stipulate and agree as follows:

 

ARTICLE
I

Definitions

 

Section 1.1.          As
used herein, the following words and terms shall have the following respective meanings (whether singular or plural):

 

“Articles
of Incorporation” means the Articles of Incorporation of the Corporation (as they may be amended or restated from time
to time).

 

“Board of
Directors” means the board of directors of the Corporation.

 

“Bylaws”
means the bylaws of the Corporation (as they may be amended or restated from time to time).

 

     

     

    

 

“Change of
Control” means:

 

(i)          The
acquisition by any individual, entity or group (within the meaning of Section 13(d)(5) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of forty percent (40%) or more of either (1) the then outstanding shares of common
stock of the Corporation (the “Outstanding Corporation Common Stock”) or (2) the combined voting power of the
then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding
Corporation Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions
shall not constitute a Change of Control: (A) any acquisition directly from the Corporation, (B) any acquisition by the Corporation,
(C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any entity controlled
by the Corporation or (D) any acquisition by any entity pursuant to a transaction which complies with clauses (1) and (2) of subsection
(iii) of this definition; 

 

(ii)         Individuals
who, as of the date hereof, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent
to the date hereof whose election, or nomination for election by the Corporation’s stockholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member
of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors; or

 

(iii)        Consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Corporation
(a “Business Combination”), in each case, unless, following such Business Combination, (1) all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Corporation Common Stock and
Outstanding Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly,
more than forty percent (40%) of, respectively, the then outstanding shares of common stock and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting
from such Business Combination (including, without limitation, an entity that as a result of such transaction owns the Corporation
or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Corporation Common
Stock and Outstanding Corporation Voting Securities, as the case may be, and (2) at least a majority of the members of the board
of directors of the corporation, or the similar managing body of a non-corporate entity, resulting from such Business Combination
were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors,
providing for such Business Combination.

 

“Covered Capacity”
means, with respect to any person, that such person (or a person for whom he is serving as a legal representative) is or was a
director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as director, manager,
officer, trustee, general partner, member, fiduciary, employee or agent of (i) a subsidiary of the Corporation or (ii) any other
enterprise.

 

“Expenses”
include all direct and indirect costs, fees and expenses of any type or nature, including, without limitation, all attorneys’
fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators
and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax
transmission charges, secretarial services and all other disbursements or expenses in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of or otherwise participating
in a Proceeding, including reasonable compensation for time spent by Indemnitee for which he is not otherwise compensated by the
Corporation or any third party. “Expenses” also include expenses incurred in connection with any appeal resulting from
any Proceeding, including the premium for, security for, and other costs relating to, any cost bond, supersedeas bond or other
appeal bond or its equivalent. “Expenses” do not include amounts paid in settlement by Indemnitee or the amount of
judgments or fines against Indemnitee.

 

    	 	2	 

     

    

 

“Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the five years previous to his selection or appointment has been, retained to represent: (i) the Corporation or Indemnitee
in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. The term “Independent Counsel” does not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement, the Bylaws of the Corporation or under any agreement between Indemnitee
and the Corporation.

 

“MCL”
means the Michigan Compiled Laws.

 

“Proceeding”
includes a threatened, pending or completed action, suit, arbitration, alternate dispute resolution, investigation, inquiry, administrative
hearing, appeal or any other actual, threatened or completed proceedings with or brought in the right of the Corporation or otherwise
and whether civil, criminal, administrative or investigative in nature.

 

ARTICLE
II

Services by Indemnitee

 

Section 2.1.          Indemnitee
agrees to serve or continue to serve in his current capacity or capacities as a director, officer, employee, agent or fiduciary
of the Corporation. Indemnitee may also serve, as the Corporation may reasonably request from time to time, as a director, officer,
employee, agent or fiduciary of any other corporation, partnership, limited liability company, association, joint venture, trust,
employee benefit plan or other enterprise in which the Corporation has an interest. Indemnitee and the Corporation each acknowledge
that they have entered into this Agreement as a means of inducing Indemnitee to serve the Corporation in such capacities. Indemnitee
may at any time and for any reason resign from such position or positions (subject to any other contractual obligation or any obligation
imposed by operation of law). The Corporation shall have no obligation under this Agreement to continue Indemnitee in any such
position for any period of time and shall not be precluded by the provisions of this Agreement from removing Indemnitee from any
such position at any time.

 

ARTICLE
III

Third Party Proceedings

 

Section 3.1.          The
Corporation shall indemnify Indemnitee if he was or is a party or is threatened to be made a party to any Proceeding, except an
action by or in the right of the Corporation, by reason of the fact that he is or was serving or acting in a Covered Capacity,
against Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in accordance
with Article VIII in connection with the Proceeding if he: (a) is not liable pursuant to MCL 450.1541a and (b) acted in
good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation,
and, with respect to any criminal action or Proceeding, had no reasonable cause to believe his or her conduct was unlawful. The
termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does
not, of itself, create a presumption that Indemnitee is liable pursuant to MCL 450.1541a or did not act in good faith and in a
manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation or that, with respect
to any criminal action or proceeding, he had reasonable cause to believe that his or her conduct was unlawful.

 

ARTICLE
IV

Derivative Actions

 

Section 4.1.          The
Corporation shall indemnify Indemnitee if he was or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Corporation to procure a judgment in its favor, by reason of the fact that Indemnitee
is or was serving or acting in a Covered Capacity, against Expenses actually and reasonably incurred by Indemnitee in accordance
with Article VIII and amounts paid in settlement thereof if Indemnitee: (a) is not liable pursuant to MCL 450.1541a, and
(b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation.
Indemnification may not be made for any claim, issue or matter as to which Indemnitee has been adjudged by a court of competent
jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Corporation or for amounts paid in settlement to the
Corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction
determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to
indemnity for such Expenses as the court deems proper.

 

    	 	3	 

     

    

 

ARTICLE
V

Party Who is Wholly or Partially Successful

 

Section 5.1.          Notwithstanding
any other provisions of this Agreement, to the extent that Indemnitee is a party to or a participant in and is successful on the
merits or otherwise in any Proceeding or in defense of any claim, issue or matter in any Proceeding, in whole or in part, to which
Indemnitee was or is a party or is otherwise involved by reason of the fact that he is or was serving or acting in a Covered Capacity,
the Corporation shall indemnify and hold harmless Indemnitee against all Expenses actually and reasonably incurred by Indemnitee
in accordance with Article VIII in connection with any Proceeding or defense. If Indemnitee is not wholly successful in
the Proceeding, the Corporation shall indemnify and hold harmless Indemnitee against all Expenses actually and reasonably incurred
by him or on his behalf in connection with each claim, issue or matter on which Indemnitee was successful. The termination of any
claim, issue or matter in the Proceeding by dismissal, with or without prejudice, by reason of settlement, judgment, order or otherwise,
shall be deemed to be a successful result as to such Proceeding, claim, issue or matter, so long as there has been no finding that
Indemnitee (i) is liable pursuant to MCL 450.1541a or (ii) did not act in good faith and in a manner which Indemnitee reasonably
believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal proceeding or action,
had no reasonable cause to believe his or her conduct was unlawful.

 

ARTICLE
VI

Expenses as Witness

 

Section 6.1.          To
the extent Indemnitee is, by reason of his or her serving or acting in a Covered Capacity, a witness in any Proceeding to which
Indemnitee is not a party, Indemnitee shall be indemnified and held harmless against all Expenses actually and reasonably incurred
by him or on his behalf in accordance with Article VIII in connection with the Proceeding and his or her acting as a witness
in it.

 

ARTICLE
VII

Exclusions

 

Section 7.1.          Notwithstanding
the foregoing, indemnification, unless ordered by a court pursuant to MCL 450.1564c or for the advancement of Expenses made pursuant
to Section 8.1, shall not be made to or on behalf of the Indemnitee if he or she is adjudged by a court of competent jurisdiction,
after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud or a knowing violation of law. 

 

Section 7.2.          Notwithstanding
any provision in this Agreement, the Corporation is not obligated under this Agreement to make any indemnification payments in
connection with any claim made against Indemnitee:

 

(a)           For
which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement or other
indemnity provision or otherwise;

 

(b)           For
an accounting of profits made from the purchase and sale, or sale and purchase, by Indemnitee of securities of the Corporation
within the meaning of Section 16(b) of the Exchange Act; or

 

    	 	4	 

     

    

 

(c)          Except
as provided for in Sections 8.1 of this Agreement, in connection with any Proceeding or any part of any Proceeding, initiated
by Indemnitee, including those initiated against the Corporation or its officers, directors or employees, unless (i) the Board
of Directors authorizes the Proceeding or part thereof before its initiation, (ii) the Proceeding was commenced following a Change
of Control or (iii) the Corporation provides the indemnification in its sole discretion, pursuant to the powers vested in the Corporation
under applicable law.

 

ARTICLE
VIII

Advancement of Expenses

 

Section 8.1.          Notwithstanding
any other provision of this Agreement and to the fullest permitted by applicable law, the Corporation shall advance the Expenses
incurred by Indemnitee in connection with any Proceeding to which Indemnitee was or is a party or is otherwise involved by reason
of the fact that he is or was serving or acting in a Covered Capacity, as soon as practicable but in any event not more than ten
(10) days after receipt by the Corporation of a statement requesting the advances, whether the statement is submitted before or
after final disposition of any Proceeding. Unless otherwise required by law, the Corporation shall not require that Indemnitee
provide any form of security for repayment of or charge any interest on any amounts advanced pursuant to this Section 8.1.
The advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to any belief
or determination as to Indemnitee’s ultimate entitlement to be indemnified. Advances shall include any and all reasonable
Expenses incurred in pursuing a Proceeding to enforce the right of advancement, including Expenses incurred in preparing statements
to the Corporation to support the advances claimed. Indemnitee qualifies for advances, to the fullest extent permitted by applicable
law, solely upon the execution and delivery to the Corporation of an undertaking providing that Indemnitee undertakes to repay
the advance to the extent it is ultimately determined that Indemnitee is not entitled to be indemnified by the Corporation under
the provisions of this Agreement, the Articles of Incorporation or an agreement between the Corporation and Indemnitee. This section
does not apply to any claim made by Indemnitee for any indemnification payment that is excluded pursuant to Section 7.2
of this Agreement.

 

ARTICLE
IX

Notices

 

Section 9.1.          Indemnitee
agrees to notify the Corporation in writing promptly after being served with any summons, citation, subpoena, complaint, indictment,
inquiry, information request or other document relating to any Proceeding or matter which may be subject to indemnification, hold
harmless or exoneration rights or the advancement of expenses; provided, however, that the failure of Indemnitee to so notify
the Corporation shall not relieve the Corporation of any obligation it may have to Indemnitee under this Agreement or otherwise.
Indemnitee may deliver to the Corporation a written application to indemnify and hold harmless Indemnitee in accordance with this
Agreement. The application may be delivered from time to time and may be amended and supplemented and at such times as Indemnitee
deems appropriate in his or her sole discretion. After a written application for indemnification is delivered by Indemnitee, Indemnitee’s
entitlement to indemnification shall be determined pursuant to Articles X, XI and XII of this Agreement.

 

ARTICLE
X

Procedures

 

Section 10.1.          To
the fullest extent permitted by law, the indemnification provided for in this Agreement shall be deemed mandatory. To the extent
that, under applicable law, any indemnification provided for in this Agreement is treated as discretionary, any indemnification
determination, unless ordered by a court or advanced pursuant to Section 8.1 of this Agreement, may be made by the Corporation
only as authorized in the specific case upon a determination that the indemnification of Indemnitee is proper in the circumstances.
Such determination must be made:

 

(i)             by
the stockholders of the Corporation;

 

    	 	5	 

     

    

 

(ii)           by
the Board of Directors by a majority vote of a quorum consisting of directors who are not parties to the Proceeding;

 

(iii)          if
a majority vote of a quorum of directors not parties to the Proceeding so orders, by Independent Counsel in a written opinion;
or

 

(iv)          if
a quorum consisting of directors who are not parties to the Proceeding cannot be obtained, by Independent Counsel in a written
opinion.

 

Notwithstanding the
foregoing, if at any time during the two (2) year period prior to the date of any written application for indemnification submitted
by Indemnitee in connection with a particular Proceeding there shall have occurred a Change of Control, the Board of Directors
shall direct (unless Indemnitee otherwise agrees in writing) that the indemnification determination shall be made by Independent
Counsel in a written opinion.

 

Section 10.2.          If
the determination of Indemnitee’s entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel
must be selected as provided in this Section 10.2. The Independent Counsel shall be selected by Indemnitee and Indemnitee
must give written notice to the Corporation advising it of the Independent Counsel’s identity so selected, unless Indemnitee
requests in writing that the Independent Counsel be selected by the Board of Directors. If the Independent Counsel is selected
by the Board of Directors, the Corporation must given written notice to Indemnitee setting forth the identity of the Independent
Counsel. In either event, Indemnitee or the Corporation, as the case may be, may, within ten (10) days after the written notice
of selection is received, deliver to the other party a written objection to the selection. These objections may be asserted only
on the grounds that the Independent Counsel selected does not meet the requirements of an “Independent Counsel” as
defined in Article I of this Agreement, and the objection must set forth with particularity the factual basis of the assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If within twenty (20) days after
submission by Indemnitee of a request for indemnification, no Independent Counsel has been selected, either the Corporation or
Indemnitee may petition a court with jurisdiction over the parties for resolution of the objection and/or the appointment of a
person to be Independent Counsel selected by the court.

 

Section 10.3.          The
Corporation agrees to pay the reasonable fees and Expenses of Independent Counsel in accordance with Article VIII and to
fully indemnify and hold the Independent Counsel harmless against any and all Expenses, claims, liabilities and damages arising
out of or relating to this Agreement or the Independent Counsel’s engagement.

 

Section 10.4.          The
Corporation must promptly advise Indemnitee in writing if a determination is made that Indemnitee is not entitled to indemnification
and must include a description of the reasons or basis for denial. If it is determined Indemnitee is entitled to indemnification,
the payment to Indemnitee must be made as soon as practicable but in no event more than ten (10) days after the determination.
Indemnitee must reasonably cooperate with the persons making the determination and, upon request, must provide such persons with
documents and information (which are not privileged or otherwise protected) reasonably available to Indemnitee and reasonably necessary
to the determination. All Expenses incurred by Indemnitee in cooperating with the persons making the determination shall be paid
by the Corporation (irrespective of the determination as to indemnification) and the Corporation hereby indemnifies and agrees
to hold Indemnitee harmless from those Expenses.

 

ARTICLE
XI

Presumptions

 

Section 11.1.          In
determining whether Indemnitee is entitled to indemnification under this Agreement, the person or persons making the determination
must presume that Indemnitee is entitled to indemnification under this Agreement and the Corporation has the burden of proof to
overcome that presumption. Moreover, if at any time during the two (2) year period prior to the date of any written application
for indemnification submitted by Indemnitee in connection with a particular Proceeding or other matter there shall have occurred
a Change of Control, the foregoing presumption may only be overcome by clear and convincing evidence. Neither of the following
is a defense to an action seeking a determination granting indemnity to Indemnitee or creates a presumption that Indemnitee has
not met the applicable standard of conduct: (i) the failure of the Corporation (including its directors or Independent Counsel)
to have made a determination before the beginning of an action seeking a ruling that indemnification is proper nor (ii) an actual
determination by the Corporation (including its directors or Independent Counsel) that Indemnitee has not met the applicable standard
of conduct.

 

    	 	6	 

     

    

 

Section 11.2.          If
the persons or entity selected under Article X of this Agreement to determine whether Indemnitee is entitled to indemnification
has not made a determination within thirty (30) days after receipt by the Corporation of the request for it, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee is entitled to such indemnification, absent
(i) a misstatement by Indemnitee of a material fact or an omission of material fact necessary to make his or her statements not
materially misleading made in connection with the request for indemnification (which misstatement or omission is shown by the Corporation
to be of sufficient importance that it would likely alter the applicable determination) or (ii) a final judicial determination
that indemnification is expressly prohibited under applicable law. The thirty (30) day period may be extended for a reasonable
time, not to exceed fifteen (15) additional days, if the persons or entity making the determination requires the additional time
for obtaining or evaluating documents or information.

 

Section 11.3.          The
termination of any Proceeding or any claim therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere
does not (except as expressly provided elsewhere in this Agreement) of itself adversely affect the right of Indemnitee to indemnification
or create a presumption that Indemnitee did not meet any particular standard of conduct, did not act in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe his or her conduct was unlawful.

 

Section 11.4.          In
determining good faith, Indemnitee must be deemed to have acted in good faith and in a manner which he reasonably believed to be
in or not opposed to the best interests of the Corporation if Indemnitee’s action is based on the records or books of account
of the Corporation, including financial statements, or on information, opinions, reports or statements supplied to Indemnitee by
the directors or officers of the Corporation or other enterprise in the course of their duties, or on the advice of legal counsel
for the Corporation or the enterprise or on information or records given or reports made by an independent certified public accountant
or by an appraiser or other expert.

 

Section 11.5.          The
knowledge and actions or failures to act of any other director, officer, trustee, partner, member, fiduciary, agent or employee
of the Corporation or other enterprise shall not be imputed to Indemnitee for the purposes of determining his or her right to indemnification.

 

ARTICLE
XII

Remedies of Indemnitee

 

Section 12.1.          If
a determination is made that Indemnitee is not entitled to indemnification under this Agreement, any judicial Proceeding or arbitration
begun pursuant to this Agreement must be conducted in all respects as a de novo trial or arbitration, on the merits, and Indemnitee
shall not be prejudiced by reason of the adverse determination. In such a Proceeding or arbitration, Indemnitee is presumed to
be entitled to indemnification and the Corporation has the burden of proving Indemnitee is not entitled to be indemnified. Moreover,
if at any time during the two (2) year period prior to the date of any written application for indemnification submitted by Indemnitee
in connection with a particular Proceeding or other matter there shall have occurred a Change of Control, the Corporation will
be deemed to have satisfied such burden only if it meets the standard of proof by clear and convincing evidence. The Corporation
may not refer to or introduce into evidence any determination made pursuant to Section 11.1 of this Agreement adverse to
Indemnitee for any purpose. If Indemnitee begins a judicial Proceeding or arbitration seeking indemnification, Indemnitee is not
required to reimburse the Corporation for any advances pursuant to Section 8.1 of this Agreement until a final determination
is made with respect to Indemnitee’s right to indemnification, after all rights of appeal have been exhausted or lapsed.

 

    	 	7	 

     

    

 

Section 12.2.          If
it has been determined that Indemnitee is entitled to indemnification, the Corporation is bound by that determination in any judicial
Proceeding or arbitration commenced by Indemnitee seeking to compel the indemnification, absent (i) a misstatement by Indemnitee
of a material fact or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading connected
with the request for indemnification (which misstatement or omission is shown by the Corporation to be of sufficient importance
that it would likely alter the applicable determination) or (ii) a prohibition of the indemnification under applicable law. In
any Proceeding or arbitration commenced by Indemnitee seeking indemnification, the Corporation is precluded from asserting that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and must stipulate that the Corporation
is bound by all the provisions of this Agreement.

 

ARTICLE
XIII

Contribution; Joint Liability

 

Section 13.1.          To
the fullest extent permissible under applicable law, if the indemnification rights provided for in this Agreement are unavailable
to Indemnitee in whole or in part for any reason whatsoever (other than by reason of the language of any express exclusion contained
in this Agreement), the Corporation, instead of indemnifying and holding harmless Indemnitee, must contribute to the payment thereof,
in the first instance, by paying the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to
contribute to the payment, and the Corporation hereby waives and relinquishes any right of contribution it may have at any time
against Indemnitee. The Corporation shall not enter into any settlement of any Proceeding in which the Corporation is jointly liable
with Indemnitee, or would be joined in the Proceeding, unless the settlement provides for a full and final release of all claims
asserted against Indemnitee. The Corporation hereby agrees to fully indemnify and hold harmless Indemnitee from any claims for
contribution which may be brought by officers, directors or employees of the Corporation other than Indemnitee who may be jointly
liable with Indemnitee.

 

ARTICLE
XIV

Subrogation

 

Section 14.1.          If
any payment is made under this Agreement, the Corporation is subrogated to the extent of such payment to all the rights of recovery
of Indemnitee, who must within a reasonable period of time after payment execute all papers required and take all action necessary
to secure those rights, including the execution of such documents as are necessary to enable the Corporation to bring suit to enforce
those rights.

 

ARTICLE
XV

Severability

 

Section 15.1.          If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, but not limited to, each
portion of any paragraph containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to
be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible,
the provisions of this Agreement (including, but not limited to, each such portion of any paragraph containing any such provision
held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, illegal or unenforceable.

 

ARTICLE
XVI

Miscellaneous

 

Section 16.1.          Non-Exclusivity
of Rights. The rights of Indemnitee under this Agreement are not exclusive of any other rights to which Indemnitee may at any
time be entitled under the law, the Articles of Incorporation, the Bylaws or any agreement. The indemnification and advancement
of Expenses for Indemnitee who has ceased to be a director, officer, employee or agent shall continue in full force and effect
and shall inure to the benefit of the heirs, executors and administrators of Indemnitee. The rights of Indemnitee under this Agreement
shall be contract rights. No amendment, alteration or repeal of this Agreement can limit or restrict any right of Indemnitee under
this Agreement with respect to any action taken before the amendment, alteration or repeal. If a change in applicable law permits
greater indemnification than that which would be afforded under this Agreement, it is the intent of the Corporation that Indemnitee
shall enjoy by this Section 16.1 the greater benefits so afforded. Except as provided in this Section 16.1 with respect
to changes in applicable law which broaden the right of Indemnitee to be indemnified by the Corporation, no supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto.

 

    	 	8	 

     

    

 

Section 16.2.          Acknowledgment
of Certain Matters. Both the Corporation and Indemnitee acknowledge that in certain instances, applicable law or public policy
may prohibit indemnification of Indemnitee by the Corporation under this Agreement or otherwise. Indemnitee understands and acknowledges
that the Corporation has undertaken or may be required in the future to undertake, by the Securities and Exchange Commission, to
submit the question of indemnification to a court in certain circumstances for a determination of the Corporation’s right
under public policy to indemnify Indemnitee.

 

Section 16.3.          Waivers.
The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively
or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is
to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power
or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power
or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise
of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power
or privilege hereunder.

 

Section 16.4.          Enforcement.
The Corporation expressly confirms and agrees that it has entered into this Agreement in order to induce the Indemnitee to continue
to serve as an officer or director of the Corporation, and acknowledges that the Indemnitee is relying upon this Agreement in continuing
in such capacity.

 

Section 16.5.          Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with
respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with
respect to the matters covered hereby are superseded by this Agreement.

 

Section 16.6.          Certain
Rights. The right to be indemnified or to the advancement or reimbursement of Expenses (i) is intended to be retroactive and
shall be available as to events occurring prior to the date of this Agreement and (ii) shall continue after any rescission or restrictive
modification of such provisions as to events occurring prior thereto. Nothing in this Agreement, expressed or implied, is intended
to confer any rights or remedies under or by reason of this Agreement on any person other than the parties to this Agreement and
their respective heirs, personal representatives, successors and assigns.

 

Section 16.7.          Governing
Law; Venue. This Agreement shall be construed in accordance with and governed by the laws of the State of Michigan without
regard to any principles of conflict of laws that, if applied, might permit or require the application of the laws of a different
jurisdiction. The parties hereby agree that any dispute that may arise between them arising out of or in connection with this Agreement
shall be adjudicated before a court located in Ingham County, Michigan and they hereby submit to the exclusive jurisdiction of
the courts of the State of Michigan located in Lansing, Michigan, and of the federal courts having jurisdiction in such district
with respect to any action or legal proceeding commenced by either party, and irrevocably waive any objection they now or hereafter
may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is
an inconvenient forum, relating to or arising out of this Agreement.

 

    	 	9	 

     

    

 

Section 16.8.          Headings.
The Article and Section headings in and referred to in this Agreement are for convenience of reference only, and shall not be deemed
to alter or affect the meaning or interpretation of any provisions hereof.

 

Section 16.9.          Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall
be deemed to be one and the same instrument.

 

Section 16.10.         Use
of Certain Terms. As used in this Agreement, the words “herein,” “hereof,” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section,
subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

[signatures appear on following page]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, this Agreement has been
duly executed and delivered to be effective as of the date first above written.

 

	 	XG SCIENCES, INC.
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	INDEMNITEE
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Name:	 

 

    	 	11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]