Exhibit 10.8


 


THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.


 


PROMISSORY NOTE


	Principal Amount: $1,500,000	 	Dated as of June 30, 2021


 


AULT DISRUPTIVE TECHNOLOGIES
CORPORATION, a Delaware corporation (the “Maker”), promises to pay to the order of Ault Disruptive Technologies Company,
LLC or its registered assigns or successors in interest (the “Payee”) the principal sum of One Million
Five Hundred Thousand dollars ($1,500,000) in lawful money of the United States of America, on the terms and conditions described below.
All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker
to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.


 


1.           Principal. Advances
of principal may be made upon the request of Maker to Payee up to an aggregate of $1,500,000. References to the principal balance of
this Promissory Note (this “Note”) shall be the amount that has been advanced. Principal shall
be payable promptly after the earlier of the date on which the Maker consummates an initial public offering of its securities or the date
on which the Company determines not to conduct an initial public offering of its securities. The principal balance may be prepaid at any
time.


 


2.           Interest. No
interest shall accrue on the unpaid principal balance of this Note.


 


3.           Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally
to the reduction of the unpaid principal balance of this Note.


 


4.           Events
of Default. The following shall constitute an event of default (“Event of Default”):


 


(a)         Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date
when due.


 


(b)         Voluntary
Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization, rehabilitation
or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee,
custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the making by it of any
assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of
corporate action by Maker in furtherance of any of the foregoing.


 


(c)         Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker
in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its property, or ordering the winding-up
or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days.


 






    	 	 	 



    	 



    

 


5.           Remedies.


 


(a)         Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.


 


(b)         Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.


 


6.           Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.


 


7.           Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.


 


8.           Notices. Any
notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered,
(iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery or (iv) sent by
facsimile or (v) to the following addresses or to such other address as either party may designate by notice in accordance with this Section:


 


If to Maker:




Ault Disruptive Technologies Corporation


11411 Southern Highlands Parkway, Suite
240


Las Vegas, Nevada 89141


Attn: Henry C.W. Nisser


 


If to Payee:


 


Ault Disruptive Technologies Company,
LLC


11411 Southern Highlands Parkway, Suite
240


Las Vegas, Nevada 89141


Attn: Henry C.W. Nisser


 


Notice shall be deemed given on the
earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected
on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.


 


9.           Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.


 






    	 	 	 



    	 



    

 


10.         Jurisdiction. The
courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a
dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and the parties submit to the
exclusive jurisdiction of the courts of New York.


 


11.         Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


 


12.         Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any amounts contained in the trust account in which the proceeds of the
initial public offering (the “IPO”) conducted by the Maker and the proceeds of the sale of securities in
a private placement to occur prior to the effectiveness of the IPO, as described in greater detail in the registration statement and prospectus
to be filed with the Securities and Exchange Commission in connection with the IPO, will be placed, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim from the trust account or any distribution therefrom for any reason whatsoever.


 


13.         Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker
and the Payee.


 


14.         Assignment. No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise)
without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.


 


15.         Further
Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any other
necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give full
effect to this Promissory Note.


 


 


 


 


 


[Signature page follows]


 






    	 	 	 



    	 



    

 


IN WITNESS WHEREOF, Maker,
intending to be legally bound hereby, has caused this Note to be duly executed on the day and year first above written.


 


	 	 	AULT DISRUPTIVE TECHNOLOGIES CORPORATION
	 	 	 
	 	 	By:	 	/s/ William B. Horne
	 	 	 	 	Name: William B. Horne
	 	 	 	 	Title:   Chief Executive Officer