Document:

Exhibit 10.33

 

THIS WARRANT AND THE SHARES ISSUABLE
UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. EXCEPT AS OTHERWISE SET
FORTH HEREIN NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR SUCH SECURITIES UNDER SAID ACT OR, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

XG SCIENCES, INC.

 

COMMON STOCK PURCHASE WARRANT

 

	Certificate No:___	______________ Warrants
	 	_________________ ___, 2015

 

This Common Stock Purchase
Warrant (this “Warrant”) certifies that, for value received, _______ _____________
_____________ _____________ (the “Holder”) is entitled, upon the terms and subject to the limitations
on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) and on or prior to 5:00 PM Eastern Time on ________________ __, 2022, that is, the seventh (7th) anniversary
from the date hereof (the “Expiration Date”) but not thereafter, to subscribe for and purchase from XG
Sciences, Inc., a Michigan corporation with offices at 3101 Grand Oak Dr., Lansing, MI 48911 (the
“Company”), up to _________________ shares (the “Shares” and each,
a “Share”) of the Company’s common stock, no par value per share (the
“Common Stock”) at a price of $16.00 per Share, as adjusted in accordance with Section 2 below (the
“Purchase Price”). This Warrant is being delivered in connection with the Company’s offering of up
to $18,000,000 in units (“Units”), with each Unit consisting of (i) one share of the Company’s
Series B Convertible Preferred Stock and (ii) warrants to purchase shares of Common Stock, pursuant to the terms of a
Subscription Agreement, dated ________, 2015 by and between the Company and the Holder (“Subscription
Agreement”).

 

Section 1.          Exercise
of Warrants. 

 

(a)          Upon
presentation and surrender at the principal executive office of the Company of this Warrant prior to the Expiration Date, along
with the Election to Purchase form attached here to as Exhibit A duly executed, together with a check to the Company in
the amount of the Purchase Price multiplied by the number of shares of Common Stock being purchased, the Company will deliver to
the holder hereof, certificates of Common Stock which in the aggregate represent the number of shares of Common Stock being purchased.
This Warrant may be partially exercised and, in the case of such partial exercise, the Company, upon surrender hereof, will deliver
to the Holder a new Warrant representing the number of shares which have not been exercised.

 

(b)          In
lieu of exercising this Warrant, the Holder may elect to receive Shares equal to the value of this Warrant (or the portion thereof
being canceled) by surrender of this Warrant at the principal office of the Company together with notice of such election, in which
event the Company shall issue to the Holder a number of Shares computed using the following formula:

 

    	 	-1-	 

     

    

 

Y (A-B)

X = ———————

A

 

“X” equals
the number of Shares to be issued to the Holder.

 

“Y” equals
the number of Shares purchasable under this Warrant.

 

“A” equals
the fair market value of one Share on the date of determination.

 

“B” equals
the per share Purchase Price (as adjusted to the date of such calculation).

 

(c)          Fair
Market Value. For purposes of this Section 1, the per share fair market value of the Shares means:

 

(i) If
the Common Stock is publicly traded, the per share fair market value of the Shares shall be (a) the daily volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on the trading market (including, without
limitation, the OTCQX and OTCQB markets maintained by the OTC Markets Group, Inc. and any successor-entities) which the
Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City
time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a trading market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is
not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the
“Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or

 

(ii)
If the Common Stock is not so publicly traded, the per share fair market value of the Shares shall be such fair market value
as is determined in good faith by the Board of Directors of the Company after taking into consideration factors it deems
appropriate, including, without limitation, recent sale and offer prices of the capital stock of the Company in private
transactions negotiated at arm’s length.

 

(d)          If
this Warrant shall be deemed “in the money” on the Expiration Date and the Holder has not exercise his, her or its
rights hereunder, the Company shall automatically effect a cashless exercise of this Warrant on behalf of the Holder in accordance
with the formula hereinabove.

 

(e)          The
rights represented by this Warrant may be exercised by the Holder, in whole or in part (with respect to shares of Common Stock),
subject to the conditions contained herein and at any time prior to the Expiration Date by: (i) surrender of this Warrant for calculation
(with the Election to Purchase form at the end hereof properly executed) at the principal executive office of the Company (or at
such other office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder
appearing on the books of the Company); (ii) payment to the Company of the Purchase Price for the number of shares of Common Stock
specified in the Election to Purchase form, together with the amount of applicable stock transfer taxes, if any; and/or (iii) delivery
to the Company of a duly executed agreement signed by the person(s) designated in the Election to Purchase form to the effect that
such person(s) agree(s) to be bound by all of the terms and conditions of this Warrant. This Warrant shall be deemed to have been
exercised, in whole or in part to the extent specified, immediately prior to the close of business on the date on which all of
the applicable provisions of this Section 1(c) are reasonably satisfied, and the person(s) designated in the Election to Purchase
form shall become the holder(s) of record of the shares of Common Stock issuable upon such exercise at that time and date.

 

    	 	-2-	 

     

    

 

(f)          As
soon as possible after any full or partial exercise of this Warrant, but in any event no more than ten (10) business days, the
Company, at its expense, will cause to be issued in the name of and delivered to the Holder of this Warrant, a certificate or certificates
for the number of fully paid and non-assessable shares of Common Stock to which that Holder shall be entitled on such exercise.
No fractional shares will be issued on exercise of this Warrant. If, on any exercise of this Warrant, a fractional share results,
the Company will pay the cash value of that fractional share, calculated on the basis of the Purchase Price. All such certificates
shall bear a restrictive legend to the effect that the shares of Common Stock represented by such certificate have not been registered
under the Securities Act, and the shares of Common Stock may not be sold or transferred in the absence of such registration or
an exemption therefrom, such legend to be substantially in the form of the bold face language appearing in Section 2 of this Warrant.

 

Section 2.          Legends.
Until the date on which a registration statement filed by the Company under the Securities Act of 1933, as amended (the “Securities
Act”) covering the issuance and sale or the resale of the Shares is declared effective by the U.S. Securities and Exchange
Commission (the “SEC”), any certificates evidencing the Shares shall bear a legend substantially in the following
form:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE
STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE
COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

Section 3.          Charges,
Taxes and Expenses. Issuance of certificates for Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid
by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event certificates for Shares are to be issued in a name other than
the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse
it for any transfer tax incidental thereto. 

 

Section 4.          Certain
Adjustments.

 

(a)          Stock
Dividends and Stock Splits. If the Company, at any time after the date hereof: (A) shall pay a stock dividend or
otherwise make a distribution or distributions on shares of its Common Stock in shares of Common Stock, (B)subdivide
outstanding shares of Common Stock into a larger number of shares, or (C) combine (including by way of reverse stock split)
outstanding shares of Common Stock into a smaller number of shares, then the Purchase Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock outstanding before such event and of which the
denominator shall be the number of shares of Common Stock outstanding after such event. Any adjustment made pursuant to this
Section shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or reclassification, and the number of shares issuable upon exercise of this Warrant, shall be proportionately
adjusted such that the aggregate Purchase Price of this Warrant shall remain unchanged.

 

    	 	-3-	 

     

    

 

(b)          Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation
of the Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one
or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another Person)
is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other
securities, cash or property, or (D) the Company effects any reclassification of the Common Stock or any compulsory share
exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property
(in any such case, a “Fundamental Transaction”), then upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each share of Common Stock that would have been issuable upon such conversion
absent such Fundamental Transaction, the same kind and amount of securities, cash or property as it would have been entitled
to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such
Fundamental Transaction, the holder of one share of Common Stock (the “Alternate Consideration”). For
purposes of any such conversion, the determination of the Purchase Price shall be appropriately adjusted to apply to
such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock
in such Fundamental Transaction, and the Company shall apportion the Purchase Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration, If holders
of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor
to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with
the foregoing provisions and evidencing the Holder’s right to exercise such warrant for the Alternate Consideration.
The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any
such successor or surviving entity to comply with the provisions of this paragraph (b) and insuring that this Warrant (or any
such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.

 

Section 5.          Transfer
of Warrant. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at
the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto as Exhibit B, duly executed by the Holder or its agent or attorney and funds sufficient to
pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

Section 6.          Miscellaneous.

 

(a)          No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof.

 

    	 	-4-	 

     

    

 

(b)          Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of
such Warrant or stock certificate.

 

(c)          Saturdays.
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

(d)          Authorized
Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares of Common Stock to provide for the issuance of the Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the
Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Shares may be issued as provided herein without violation of any applicable law or regulation, or
of any requirements of any trading market upon which the Common Stock may be listed. The Company covenants that all Shares which
may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with suchissue).

 

(e)          Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the laws of the State of Michigan.

 

(f)          Restrictions.
The Holder acknowledges that the Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon
resale imposed by state and federal securities laws.

 

(g)          Nonwaiver.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice the Holder’s rights, powers or remedies.

 

(h)          Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
to the Holder at the address provided herein by Holder in Exhibit C, attached hereto. If the Holder has not provided contact
information in Exhibit C, the Company shall be entitled to use the contact information provided by such Holder in the Subscription
Agreement.

 

(i)          Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for
the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

 

(j)          Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

    	 	-5-	 

     

    

 

(k)          Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Shares.

 

(l)          Amendment.
This Warrant may only be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

(m)          Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

(n)          Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a
part of this Warrant.

 

(Signature Page Follows)

 

    	 	-6-	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed by its duly authorized officer and this Warrant to be dated as of the date first
above written.

 

	 	XG SCIENCES, INC. 
	 	 	 
	 	By:  	 
	 	 	Philip Rose, Chief Executive Officer 

 

    	 	-7-	 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO: XG SCIENCES, INC.

 

(1)         The
undersigned hereby elects to purchase _____ Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)         Payment
shall take the form of (check applicable box):

 

 ̈
wire transfer in lawful money of the United States;

 ̈
cashier’s check drawn on a U.S. bank; or

 ̈
in accordance with the formula set forth in Section 1(b), to exercise this Warrant with respect to the number of shares of Common
Stock purchasable pursuant to the cashless exercise procedure set forth in Section 1(b).

 

The undersigned requests that the certificates
for the shares of such Common Stock be issued in the name(s) of, and delivered to, the person(s) whose name(s) and address(es)
are set forth below:

 

	 
	(Please type or print name and address)
	 
	 
	(Social Security or tax identification number)
	 	 
	and delivered to: 	 
	(Please type or print name and address)

 

and, if such number of shares of Common
Stock shall not be all the Common Stock evidenced by this Warrant, that a new Warrant of like tenor for the balance of the shares
of Common Stock subject to the Warrant be registered in the name of, and delivered to, the Holder at the address stated below.

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:  	 

 

	Signature of Authorized Signatory of Investing Entity: 	 

 

	Name of Authorized Signatory:  	 

 

	Title of Authorized Signatory:  	 

 

	Date:	 

 

    	 	-8-	 

     

    

  

EXHIBIT B

 

WARRANT ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned does
hereby assign and transfer to ________________, Federal Identification No. __________, a warrant to purchase ____________ shares
of the capital stock of XG Sciences, Inc. represented by warrant certificate no. _____, standing in the name of the undersigned
on the books of said corporation. The undersigned does hereby irrevocably constitute and appoint ______________, attorney to transfer
the warrants of said corporation, with full power of substitution in the premises.

 

	Dated:  _________________ 	 	[Holder]
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	-9-	 

     

    

 

EXHIBIT C

 

WARRANT HOLDER’S CONTACT INFORMATION

 

	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Telephone Number:  	 	 

 

	Email:	 	 

 

    	 	-10-Exhibit
10.34

 

XG
SCIENCES, INC.

 

PROMISSORY NOTE

 

	_________________  __, 201_	$[                 ]

 

Effective as of the
date set forth above (the “Effective Date”), XG Sciences, Inc., a Michigan corporation (the “Company”),
for value received, promises to pay to the order of [                       ]
(the “Holder”), the sum of [                 ]
DOLLARS ($[             ]) (the “Principal Amount”),
plus simple interest thereon from the Effective Date of this Promissory Note (this “Note”) until paid
at an annual interest rate, calculated on the basis of a 360 day year, equal to eight percent (8%) per annum.

 

The Principal Amount,
and the interest thereon, shall be payable at the principal office of the Company or by mail to the registered address of the
Holder at any time on or prior to June 30, 2016 (the “Maturity Date”), or upon the occurrence of an
Event of Default as defined in Section 3 hereof. Subject to Section 3.9 herein, payment of this Note shall be made at any time
on or prior to the Maturity Date.

 

The following is a
statement of the rights of the Holder and the conditions to which this Note is subject, and to which the Holder, by the acceptance
of this Note, agrees:

 

1.          Definitions.
As used in this Note, the following terms, unless the context otherwise requires, have the following meanings:

 

“Affiliate”
has the meaning ascribed to it in Rule 144 promulgated under the Act.

 

“Business
Day” means a weekday on which banks are open for general banking business in Lansing, Michigan.

 

“Company”
shall include, in addition to the Company identified in the opening paragraph of this Note, any corporation or other entity which
succeeds to the Company’s obligations under this Note, whether by permitted assignment, by merger or consolidation, operation
of law or otherwise. 

 

“Holder”
means any person who shall at the time be the registered holder of this Note.

 

“Lost
Note Documentation” means documentation satisfactory to the Company with regard to
a lost, destroyed, stolen or mutilated Note, including, without limitation, if required by the Company, an affidavit of lost note
and an indemnification agreement by Holder in favor of the Company with respect to such lost, destroyed, stolen or mutilated Note.

 

     

     

    

 

2.          Termination
of Rights. All rights with respect to this Note shall terminate upon payment in full of
the Principal Amount and any and all interest accrued hereunder. Notwithstanding the foregoing, Holder agrees to surrender this
Note to the Company (or Lost Note Documentation where applicable) as soon as practicable after the Note has been paid in full.

 

3.          Events
of Default. Upon the occurrence of the following events (constituting an “Event
of Default”), Holder may declare the entire unpaid Principal Amount and accrued interest
on this Note immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are
hereby expressly waived (it being acknowledged that the Holder may otherwise exercise any other right, power or remedy which the
Holder may have under law, either by suit in equity or by action at law, or both): 

 

3.1           Default
in the payment of principal of the Note and accrued interest thereon when due; or

 

3.2           In
the event that all of the Company’s outstanding convertible secured debt securities as of the Effective Date hereof are
not converted into equity securities on or prior to December 31, 2015; or

 

3.3           The
Company makes any payments in cash to redeem any other currently outstanding debt securities prior to the date on which all of
the Principal Amount and accrued interest on this Note have been paid in full; or

 

3.4           The
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution of bankruptcy
or insolvency proceedings against it under any bankruptcy, insolvency or other applicable federal or state law, or the consent
by it to, or acquiescence in, the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee,
or other similar official, of the Company, or of any substantial part of its property, or the making by it of an assignment for
the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due; or

 

3.5           Within
sixty (60) calendar days after the commencement of proceedings against the Company seeking any bankruptcy, insolvency, liquidation,
dissolution or similar relief under any present or future statute, law or regulation, such action shall not have been dismissed
or all orders or proceedings thereunder affecting the operations or the business of the Company stayed, or the stay of any such
order or proceedings shall thereafter be set aside, or, within sixty (60) days after the appointment without the consent or acquiescence
of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the
Company, such appointment shall not have been vacated; or

 

3.6           The
Company’s Board of Directors or a majority of the stockholders adopt a resolution for the liquidation, dissolution or winding
up of the Company; or

 

3.7           The
Company shall fail to observe or perform any other material covenant, obligation, condition or agreement contained in this Note;
provided that, if such failure is capable of remedy, the Company shall have thirty (30) calendar days to remedy such failure after
the Company’s receipt of written notice to the Company of such failure.

 

    	 	2	 

     

    

 

3.8           Cross-Default.
Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a material breach
of the representation and warranties in the Subscription Agreement (as defined below), or a material default by the Company of
any covenant or other term or condition contained in any of the other Transaction Documents, after the passage of all applicable
notice and cure or grace periods, shall be considered a material default under this Note, in which event the Holder shall be entitled
(but in no event required) to apply all rights and remedies of the Holder under the terms of this Note and the Transaction Documents
by reason of a default under such Transaction Documents or hereunder. “Transaction Documents”
means this Note, the Subscription Agreement by and between the Holder as of the Effective Date hereof (“Subscription
Agreement”), and the Warrant issued to the Holder in connection with the execution
of the Subscription Agreement, and any other promissory note or debt instrument previously issued by the Company in favor of the
Holder. Each of the loan transactions will be cross-defaulted with each other loan transaction and with all other existing and
future debt of Company to the Holder.

 

3.9           Remedies
Upon Event of Default. If any Event of Default occurs described under this Section 3.9,
the outstanding principal amount of this Note, plus accrued but unpaid interest, liquidated damages and other amounts owing in
respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due and payable in
cash. If any Event of Default occurs, the Holder shall have the right to demand acceleration of the Note (which demand must be
in writing), and if the Holder so demands, the outstanding principal amount of this Note, plus accrued but unpaid interest and
other amounts owing in respect thereof through the date of acceleration must be paid in full within five (5) days of such written
demand. Commencing five (5) days after the occurrence of any Event of Default that results in the eventual acceleration of this
Note, the interest rate on this Note shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate
permitted under applicable law. In connection with such acceleration described herein, the Holder need not provide, and the Company
hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration
of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and the Holder shall have
all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant to this Section 3.9.
No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon. 

 

4.          Use
of Proceeds. The Company shall use the Principal Amount of this Note for general corporate
purposes and as working capital.

 

5.          Representations
and Acknowledgments of the Holder. The Holder hereby represents, warrants, acknowledges
and agrees that:

 

    	 	3	 

     

    

 

5.1           Investment.
The Holder is acquiring this Note for the Holder’s own account, and not directly or indirectly for the account of any other
person. The Holder is acquiring the Note for investment and not with a view to distribution or resale thereof except in compliance
with the Securities Act of 1933, as amended, and any applicable state law regulating securities. 

 

5.2           Access
to Information. The Holder has received and has had the opportunity to review the complete
Articles of Incorporation and Bylaws, each as in effect as of the date of the Effective Date. The Holder has also had the opportunity
to ask questions of, and to receive answers from, appropriate executive officers of the Company with respect to the terms and
conditions of the transactions contemplated hereby and with respect to the business, affairs, financial condition and results
of operations of the Company. The Holder has had access to such financial and other information as is necessary in order for the
Holder to make a fully informed decision as to investment in the Company, and has had the opportunity to obtain any additional
information necessary to verify any of such information to which the Holder has had access.

 

5.3           Pre-Existing
Relationship. The Holder further represents and warrants that the Holder has both (a) a
pre-existing relationship with the Company or one or more of its officers or directors consisting of personal or business contacts
of a nature and duration which enable the Holder to be aware of the character, business acumen and general business and financial
circumstances of the Company or the officer or director with whom such relationship exists, and (b) such business or financial
expertise as to be able to protect the Holder’s own interests in connection with the purchase of the Note.

 

5.4           Speculative
Investment. The Holder’s investment in the Company represented by the Note is highly
speculative in nature and is subject to a high degree of risk of loss in whole or in part; the amount of such investment is within
the Holder’s risk capital means and is not so great in relation to the Holder’s total financial resources as would
jeopardize the personal financial needs of the Holder and, if applicable, the Holder’s family in the event such investment
were lost in whole or in part.

 

5.5           Accredited
Investor. The Holder presently qualifies as an “accredited investor” within
the meaning of Regulation D of the rules and regulations promulgated under the Act.

 

5.6           No
Voting or Other Rights. This Note does not entitle Holder to any voting rights or other
rights as a stockholder of the Company.  

 

6.            Representations,
Warranties, & Covenants of the Company. The Company represents and warrants that:

 

6.1           The
issuance of this Note has been duly authorized by all necessary corporate action on the part of the Company.

 

6.2           The
execution, delivery and performance by the Company and the issuance and sale of the Note and the consummation by it of the transactions
contemplated hereby and thereby to which it is a party do not and will not: (i) conflict with or violate any provision of the
Company Organizational Documents (as defined in the Subscription Agreement), or (ii) conflict with or result in a violation of
any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset
of the Company is bound or affected; except in the case of clause (ii), such as could not have or reasonably be expected to result
in a Material Adverse Effect. For the purposes of this Note, a “Material Adverse Effect”
means (i) a material adverse effect on the legality, validity or enforceability of this Note or any other document executed in
order to facilitate the transaction contemplated hereunder, (ii) a material adverse effect on the results of operations, assets,
business, prospects or condition (financial or otherwise) of the Company, or (iii) have a material adverse effect on the Company’s
ability to perform in any material respect on a timely basis its obligations under this Note.

 

    	 	4	 

     

    

 

6.3           Provided
the same would not be in violation of any federal securities laws, the Company shall permit, during normal business hours and
upon reasonable request and reasonable notice, Holders or representatives thereof, for purposes reasonably related to such Holder’s
interests in connection with this Note, to examine the publicly available, non-confidential records and books of account of, and
visit and inspect the properties, assets, operations and business of the Company, and to discuss the publicly available, non-confidential
affairs, finances and accounts of the Company with any of its officers, consultants, directors, and key employees.

 

6.4           The
Company shall keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently
applied, reflecting all financial transactions of the Company, and in which, for each fiscal year, all proper reserves for depreciation,
depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made.

 

6.5           This
Note constitutes a legally binding and valid obligation of the Company enforceable in accordance with its terms, except to the
extent that such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, arrangement, moratorium, fraudulent
conveyance or other laws or court decisions relating to or affecting the rights of creditors generally, and such enforcement may
be limited by equitable principles of general applicability.

 

7.          Miscellaneous.

 

7.1           Waiver
and Amendment. Any provision of this Note may be amended, waived or modified only upon the
written consent of the Company and Holder. The Company and all endorsers of this Note hereby waive notice, presentment, protest
and notice of dishonor.

 

7.2           Transfer.
Neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the Company’s
prior written consent, which the Company may withhold in its sole discretion; provided, however, that this Note may be assigned,
conveyed or transferred without the prior written consent of the Company to any Affiliate of Holder (including an affiliated venture
capital fund) who executes and delivers to the Company an acknowledgement that such Affiliate agrees to be subject to, and bound
by, all the terms and conditions of this Note and satisfies the Company that such transfer complies with state and federal securities
laws. Subject to the foregoing, the rights and obligations of the Company and Holder under this Note shall be binding upon and
benefit their respective permitted successors, assigns, heirs, administrators and transferees.

 

7.3           Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State
of Michigan, excluding that body of law relating to conflict of laws.

 

    	 	5	 

     

    

 

7.4           Lost
or Stolen Note. Upon receipt of Lost Note Documentation by the Company of the loss, theft,
destruction, or mutilation of this Note and, in the case of any such loss, theft or destruction, upon receipt of an indemnity
reasonably satisfactory to the Company, or in the case of any such mutilation, upon surrender and cancellation of such Note, the
Company, at its expense, will make and deliver a new Note, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Note. 

 

7.5           Notices.
Any notice required or permitted hereunder shall be given in writing and shall be conclusively deemed effectively given upon personal
delivery or delivery by courier, or on the first Business Day after transmission if sent by confirmed facsimile transmission or
two (2) Business Days after being deposited with an international courier service of recognized standing or seven (7) calendar
days after deposit in the international mail, first class mail postage prepaid, addressed as set forth below the Company’s
or the Holder’s name, as applicable, on the signature page hereto, or at such other address as the Company or the Holder
may designate by ten (10) Business Days’ advance written notice to the other party hereto.

 

7.6           Severability.
If one or more provisions of this Note are held unenforceable under applicable law, such provision
shall be excluded from this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall
be enforceable in accordance with its terms. 

 

7.7           Heading;
References. All headings used herein are used for convenience only and shall not
be used to construe or interpret this Note. Except where otherwise indicated, all references herein to Sections refer to Sections
hereof.

 

7.8           Entire
Agreement. This instrument and the Subscription Agreement represent the entire agreement
between the parties hereto with respect to this Note and its terms and conditions.

  

[Remainder of Page
Intentionally Left Blank] 

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Promissory Note to be issued as of the Effective Date.

 

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

 

	 	Address:	3101 Grand Oak Drive
	 	 	Lansing, Michigan, 48911
	 	 	Facsimile: 517.703.1113
	 	 	Telephone: 517.703.1110
	 	 	Attention: _____________

 

HOLDER:

 

	 	By:	 
	 	Name:  	 
	 	Title:	 

 

	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	7

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