The graphite has filled up the pores in the friction plates. The clutch springs now squeeze all the oil out from between the plates making them stick together as they form a bit of a vaccum, until some oil can seep into them between the plates. Then it slips because the oil film prevents disc to disc contact.
Not only are your friction discs contaminated, I believe your metal discs are, too. Further, if there is any more graphite floating around in the engine/trans, it will find its way to replacement clutch disks for a repeat lesson in what-not-to-put-in-a-motorcycle-engine-with-a-wet-clutch.
Cheers,