There is no indication as to what feature may cause this from the licensing tool/exception message. Normally, however, the exception should be thrown on the line using a feature that is restricted.
If you are having the exception thrown when you set the LicenseKey property, then the problem is not using a restricted feature, but it is rather the license is not the right one.
Do you have any trial keys for the Grid and the Editor in the Xceed Component Licenser (Start Menu -> All Programs -> Xceed Components -> Xceed Component Licenser)? If so, delete those keys, and test your application, to see if this resolves the issue.
André
Software Developer and Tech Support
Xceed Software Inc.