Exhibit 10.1


 


INDEMNIFICATION
AGREEMENT


 


This
Indemnification Agreement (this “Agreement”), dated as of ___, 2022, is made by and between ADAMAS ONE CORP.,
a Nevada corporation (the “Company”), and the undersigned who is either a director, an officer, a director and officer,
or a key employee of the Company (the “Indemnitee”) with this Agreement to be deemed effective as of the date that
the Indemnitee first became director, officer, or key employee of the Company.


 


RECITALS


 


A.       The
Company is aware that competent and experienced persons are reluctant to serve as directors or officers of corporations unless they are
protected by comprehensive liability insurance and indemnification, due to the exposure to litigation costs and risks resulting from
their service to such corporations, and due to the fact that the exposure frequently bears no reasonable relationship to the compensation
of such directors and officers;


 


B.       The
Board of Directors of the Company (the “Board”) has concluded that, to retain and attract talented and experienced
individuals to serve as officers and directors of the Company, it is necessary for the Company contractually to indemnify officers and
directors and to assume for itself maximum liability for expenses and damages in connection with claims against such officers and directors
in connection with their service to the Company;


 


C.       Section
78.7502 of the Nevada Revised Statutes (the “NRS”), under which the Company is organized (“Section 78.7502”),
empowers the Company to indemnify by agreement its present and former officers, directors, employees, and agents and persons who serve,
at the request of the Company, as directors, officers, employees, or agents of other corporations, partnerships, joint ventures, trusts,
or other enterprises and expressly provides that the indemnification provided by Section 78.7502 is not exclusive; and


 


D.       The
Company desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company free from undue
concern for claims for damages arising out of or related to such services to the Company.


 


NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:


 


1.            Definitions.


 


1.1       Agent. 
For the purposes of this Agreement, “agent” of the Company means any person who is or was a director or officer
of the Company or a subsidiary of the Company; or is or was serving at the request of the Company or a subsidiary of the Company as a
director, officer, employee, or agent of another foreign or domestic corporation, partnership, joint venture, trust, or other enterprise
or an affiliate of the Company. The term “enterprise” includes any employee benefit plan of the Company, its subsidiaries,
affiliates, and predecessor corporations. 





     


     


    

1.2       Company.
For purposes of this Agreement, the “Company” includes, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a consolidation or merger that, if its separate existence had continued,
would have had power and authority to indemnify its directors, officers, and employees or agents so that any person who is or was a director,
officer, employee, or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a
director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the
same position under this Agreement with respect to the resulting or surviving corporation as such person would have with respect to such
constituent corporation if its separate existence had continued.


 


1.3       Expenses.
For the purposes of this Agreement, “expenses” includes all direct and indirect costs of any type or nature whatsoever
(including, without limitation, all attorneys’ fees and related disbursements and other out-of-pocket costs) actually and reasonably
incurred by the Indemnitee in connection with the investigation, defense, or appeal of a proceeding or establishing or enforcing a right
to indemnification or advancement of expenses under this Agreement, Section 78.7502 or otherwise; provided, however, that
expenses shall not include any judgments, fines, ERISA excise taxes or penalties or amounts paid in settlement of a proceeding.


 


1.4       Fines.
For purposes of this Agreement, references to “fines” includes any excise taxes assessed on a person with respect
to any employee benefit plan.


 


1.5       Liabilities.
For purposes of this Agreement, “liabilities” means judgments, fines, ERISA execute taxes or penalties, and amounts
paid in settlement in connection with a proceeding.


 


1.6       Other
Enterprises. For purposes of this Agreement, “other enterprises” includes employee benefit plans.


 


1.7       Proceeding.
For the purposes of this Agreement, “proceeding” means any threatened, pending, or completed action, suit, or other
proceeding, whether civil, criminal, administrative, or investigative.


 


1.8       Subsidiary.
For purposes of this Agreement, “subsidiary” means any corporation of which more than 50% of the outstanding voting
securities is owned directly or indirectly by the Company, by the Company and one or more of its subsidiaries, or by one or more of the
Company’s subsidiaries.


 


1.9       Serving
at the Request of the Company. For purposes of this Agreement, “serving at the request of the Company” includes
any service as a director, officer, employee, or agent of the Company that imposes duties on, or involves services by, such director,
officer, employee, or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good
faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this
Agreement.




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2.            Agreement
to Serve. The Indemnitee agrees to serve and/or continue to serve as an agent of the Company, at the will of the Company (or under
separate agreement, if such agreement exists), in the capacity the Indemnitee currently serves as an agent of the Company, faithfully
and to the best of his ability, so long as he is duly appointed or elected and qualified in accordance with the applicable provisions
of the charter documents of the Company or any subsidiary of the Company; provided, however, that the Indemnitee may at
any time and for any reason resign from such position (subject to any contractual obligation that the Indemnitee may have assumed apart
from this Agreement), and the Company and any subsidiary shall have no obligation under this Agreement to continue the Indemnitee in
any such position.


 


3.            Directors’
and Officers’ Insurance. The Company shall, to the extent that the Board determines it to be economically reasonable, maintain
a policy of directors’ and officers’ liability insurance (“D&O Insurance”), on such terms and conditions
as may be approved by the Board.


 


4.            Mandatory
Indemnification. Subject to Section 9 below, the Company shall indemnify the Indemnitee:


 


4.1       Third-Party
Actions. If the Indemnitee is a person who 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 Company) by reason of the fact that the Indemnitee is or was the agent of the Company, or by reason of anything
done or not done by the Indemnitee in any such capacity, against any and all expenses and liabilities of any type whatsoever incurred
by the Indemnitee in connection with such proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably
believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe the Indemnitee’s conduct was unlawful, unless either the Indemnitee’s act or failure to act constituted
a breach of the Indemnitee’s fiduciary duties as a director or officer or the Indemnitee’s breach of those duties involved
intentional misconduct, fraud, or a knowing violation of law; and


 


4.2       Derivative
Actions. If the Indemnitee is a person who was or is a party or is threatened to be made a party to any proceeding by or in the right
of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was an agent of the Company, or by
reason of anything done or not done by the Indemnitee in any such capacity, against any and all expenses and liabilities incurred by
the Indemnitee in connection with such proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed
to be in, or not opposed to, the best interests of the Company, unless either the Indemnitee’s act or failure to act constituted
a breach of the Indemnitee’s fiduciary duties as a director or officer or the Indemnitee’s breach of those duties involved
intentional misconduct, fraud, or a knowing violation of law; except that no indemnification under this subsection shall be made
in respect of any claim, issue, or matter as to which the Indemnitee shall have been adjudged by a court of competent jurisdiction, after
the exhaustion of all appeals therefrom, to be liable to the Company or for amounts paid in settlement to the Company, unless and only
to the extent that the court in which such proceeding was brought or another court of competent jurisdiction determines upon application
that, in view of all the circumstances of the case, the Indemnitee is fairly and reasonable entitled to indemnity for such expenses as
the court deems proper; and




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4.3       Exception
for Amounts Covered by Insurance. Notwithstanding the foregoing, the Company shall not be obligated to indemnify the Indemnitee for
expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties and
amounts paid in settlement) to the extent such have been paid to the Indemnitee by D&O Insurance.


 


5.            Partial
Indemnification and Contribution.


 


5.1       Partial
Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or
a portion of any expenses or liabilities of any type whatsoever incurred by the Indemnitee in connection with a proceeding but is not
entitled, however, to indemnification for all of the total amount thereof, then the Company shall nevertheless indemnify the Indemnitee
for such total amount except as to the portion thereof to which the Indemnitee is not entitled to indemnification.


 


5.2       Contribution.
If the Indemnitee is not entitled to the indemnification provided in Section 4 for any reason other than the statutory limitations set
forth in the NRS, then in respect of proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in
such proceeding), the Company shall contribute to the amount of expenses and liabilities paid or payable by the Indemnitee in such proportion
as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and the Indemnitee on the other hand from
the transaction from which such proceeding arose and (ii) the relative fault of the Company on the one hand and of the Indemnitee on
the other hand in connection with the events that resulted in such expenses, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among
other things, the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent the circumstances
resulting in such expenses, judgments, fines, or settlement amounts. The Company agrees that it would not be just and equitable if contribution
pursuant to this Section 5 were determined by pro rata allocation or any other method of allocation which does not take account of the
foregoing equitable considerations.


 


6.            Mandatory
Advancement of Expenses.


 


6.1       Advancement.
Subject to Section 9 below, the Company shall advance all expenses incurred by the Indemnitee in connection with any proceeding to which
the Indemnitee is a party or is threatened to be made a party by reason of the fact that the Indemnitee is or was an agent of the Company
or by reason of anything done or not done by the Indemnitee in any such capacity. The Indemnitee hereby undertakes to promptly repay
such amounts advanced only if, and to the extent that, it shall ultimately by determined that the Indemnitee is not entitled to be indemnified
by the Company under the provisions of this Agreement, the Articles of Incorporation or Bylaws of the Company, the NRS, or otherwise.
The advances to be made hereunder shall be paid by the Company to the Indemnitee within thirty (30) days following delivery of a written
request therefor by the Indemnitee to the Company.




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6.2       Exception.
Notwithstanding the foregoing provisions of this Section 6, the Company shall not be obligated to advance any expenses to the Indemnitee
arising from a lawsuit filed directly by the Company against the Indemnitee if an absolute majority of the members of the Board reasonably
determines in good faith, within thirty (30) days of the Indemnitee’s request to be advanced expenses, that the facts known to
them at the time such determination is made demonstrate clearly and convincingly that the Indemnitee acted in bad faith. If such a determination
is made, the Indemnitee may have such decision reviewed in the manner set forth in Section 8.5 hereof, with all references therein to
“indemnification” being deemed to refer to “advancement of expenses,” and the burden of proof shall be on the
Company to demonstrate clearly and convincingly that, based on the facts known at the time, the Indemnitee acted in bad faith. The Company
may not avail itself of this Section 6.2 as to a given lawsuit if, at any time after the occurrence of the activities or omissions that
are the primary focus of the lawsuit, the Company has undergone a change in control. For this purpose, a change in control shall mean
a given person of group of affiliated persons or groups increasing their beneficial ownership interest in the Company by at least twenty
(20) percentage points without advance Board approval.


 


7.            Notice
and Other Indemnification Procedures.


 


7.1       Notification.
Promptly after receipt by the Indemnitee of notice of the commencement of or the threat of commencement of any proceeding, the Indemnitee
shall, if the Indemnitee believes that indemnification with respect thereto may be sought from the Company under this Agreement, notify
the Company of the commencement or threat of commencement thereof.


 


7.2       Insurance.
If, at the time of the receipt of a notice of the commencement of a proceeding pursuant to Section 7.1 hereof, the Company has D&O
Insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such D&O
Insurance policies.


 


7.3       Defense.
In the event the Company shall be obligated to advance the expenses for any proceeding against the Indemnitee, the Company, if appropriate,
shall be entitled to assume the defense of such proceeding, with counsel approved by the Indemnitee (which approval shall not be unreasonably
withheld), upon the delivery to the Indemnitee of written notice of its election to do so. After delivery of such notice, approval of
such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under
this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same proceeding, provided that
(a) the Indemnitee shall have the right to employ the Indemnitee’s own counsel in any such proceeding at the Indemnitee’s
expense; (b) the Indemnitee shall have the right to employ the Indemnitee’s own counsel in connection with any such proceeding,
at the expense of the Company, if such counsel serves in a review, observer, advice, and counseling capacity and does not otherwise materially
control or participate in the defense of such proceeding; and (c) if (i) the employment of counsel by the Indemnitee has been previously
authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be conflict of interest between the Company
and the Indemnitee in the conduct of any such defense, or (iii) the Company shall not, in fact, have employed counsel to assume the defense
of such proceeding, then the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company.




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8.            Determination
of Right to Indemnification.


 


8.1       Success
on Merits. To the extent the Indemnitee has been successful on the merits or otherwise in defense of any proceeding referred to in
Section 4.1 or 4.2 of this Agreement or in the defense of any claim, issue, or matter described therein, the Company shall indemnify
the Indemnitee against expenses actually and reasonably incurred by the Indemnitee in connection with the investigation, defense, or
appeal of such proceeding, or such claim, issue, or matter, as the case may be.


 


8.2       Proof
by Company. In the event that Section 8.1 is inapplicable, or does not apply to the entire proceeding, the Company shall nonetheless
indemnify the Indemnitee unless the Company shall prove by clear and convincing evidence to a forum listed in Section 8.3 below that
the Indemnitee has not met the applicable standard of conduct required to entitle the Indemnitee to such indemnification.


 


8.3       Termination
of Proceeding. The termination of any proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere its
equivalent, does not, of itself, create a presumption that a person (a) did not act in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the Company, (b) with respect to any criminal action or proceeding, that the
person had reasonable cause to believe that the person’s conduct was unlawful, or (c) the person’s act or failure to act
constituted a breach of the person’s fiduciary duties as a director or officer or the person’s breach of those duties involved
intentional misconduct, fraud, or a knowing violation of law.


 


8.4       Applicable
Forums. The Indemnitee shall be entitled to select the forum in which the validity of the Company’s claim under Section 8.2
hereof that the Indemnitee is not entitled to indemnification will be heard from among the following, except that the Indemnitee
can select a forum consisting of the stockholders of the Company only with the approval of the Company and, if the Indemnitee is a director
or officer at the time of such determination, the determination shall be made in accordance with (a), (b), (c) or (d) below at the election
of the Company:


 


(a)       A
majority vote of the directors who are not parties to the proceeding for which indemnification is being sought even though less than
a quorum;


 


(b)       By
a committee of directors who are not parties to the proceeding for which indemnification is being sought designated by a majority vote
of such directors, even though less than a quorum;


 


(c)       If
there are no directors who are not parties to the proceeding for which indemnification is sought, or if such directors so direct, by
independent legal counsel in a written opinion;


 


(d)       The
stockholders of the Company;




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(e)       A
panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by the Indemnitee and the last of whom
is selected by the first two arbitrators so selected; or


 


(f)       A
court having jurisdiction of subject matter and the parties.


 


8.5       Submission.
As soon as practicable, and in no event later than thirty (30) days after the forum has been selected pursuant to Section 8.4 above,
the Company shall, at its own expense, submit to the selected forum its claim that the Indemnitee is not entitled to indemnification,
and the Company shall act in the utmost good faith to assure the Indemnitee a complete opportunity to defend against such claim.


 


8.6       Appeals.
If the forum selected in accordance with Section 8.4 hereof is not a court, then after the final decision of such forum is rendered,
the Company or the Indemnitee shall have the right to apply to a court of Nevada, the court in which the proceeding giving rise to the
Indemnitee’s claim for indemnification is or was pending, or any other court of competent jurisdiction, for the purpose of appealing
the decision of such forum, provided that such right is executed within sixty (60) days after the final decision of such forum
is rendered. If the forum selected in accordance with Section 8.4 hereof is a court, then the rights of the Company or the Indemnitee
to appeal any decision of such court shall be governed by the applicable laws and rules governing appeals of the decision of such court.


 


8.7       Expenses
for Interpretation. Notwithstanding any other provision in this Agreement to the contrary, the Company shall indemnify the Indemnitee
against all expenses incurred by the Indemnitee in connection with any hearing or proceeding under this Section 8 involving the Indemnitee
and against all expenses incurred by the Indemnitee in connection with any other proceeding between the Company and the Indemnitee involving
the interpretation or enforcement of the rights of the Indemnitee under this Agreement unless a court of competent jurisdiction finds
that each of the material claims and/or defenses of the Indemnitee in any such proceeding was frivolous or not made in good faith.


 


9.            Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement
in the following circumstances:


 


9.1       Claims
Initiated by Indemnitee. To indemnify or advance expenses to the Indemnitee with respect to proceedings or claims initiated or brought
voluntarily by the Indemnitee and not by way of defense, except with respect to proceedings specifically authorized by the Board
or brought to establish or enforce a right to indemnification and/or advancement of expenses arising under this Agreement, the charter
documents of the Company or any subsidiary or any statute or law or otherwise, but such indemnification or advancement of expenses may
be provided by the Company in specific cases if the Board finds it to be appropriate; or


 


9.2       Unauthorized
Settlements. To indemnify the Indemnitee hereunder for any amounts paid in settlement of a proceeding unless the Company consents
in advance in writing to such settlement, which consent shall not be unreasonably withheld; or




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9.3       Securities
Law Actions. To indemnify the Indemnitee on account of any suit in which judgment is rendered against the Indemnitee for an accounting
of profits made from the purchase or sale by the Indemnitee of securities of the company pursuant to the provisions of Section 16(b)
of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any federal, state, or local statutory law; or


 


9.4       Unlawful
Indemnification. To indemnify the Indemnitee if a final decision by a court having jurisdiction in the mater shall determine that
such indemnification is not lawful. In this respect, the Company and the Indemnitee have been advised that the U.S. Securities and Exchange
Commission takes the position that indemnification for liabilities arising under the federal securities laws is against public policy
and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication.


 


10.            Non-Exclusivity.
The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other
rights that the Indemnitee may have under any provision of law, the Company’s Articles of Incorporation or Bylaws, the vote of
the Company’s stockholders or disinterested directors, other agreements, or otherwise, both as to action in the Indemnitee’s
official capacity and to action in another capacity while occupying the Indemnitee’s position as an agent of the Company, and the
Indemnitee’s rights hereunder shall continue after the Indemnitee has ceased acting as an agent of the Company and shall inure
to the benefit of the heirs, executors, and administrators of the Indemnitee.


 


11.            General
Provisions.


 


11.1       Interpretation
of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification
and advancement of expenses to the Indemnitee to the fullest extent now or hereafter permitted by law, except as expressly limited herein.


 


11.2       Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable for any reason whatsoever, then:(a)
the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions
of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable that are not themselves
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, without limitation, all portions of any paragraphs of this Agreement containing any such provision
held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as to
give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section 11.1 hereof.


 


11.3       Modification
and Waiver. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver.




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11.4       Subrogation.
In the event of full payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary or desirable to secure
such rights and to enable the Company effectively to bring suit to enforce such rights.


 


11.5       Counterparts.
This Agreement may be executed in one or more counterparts, which shall together constitute one agreement.


 


11.6       Successors
and Assigns. The terms of this Agreement shall bind, and shall inure to the benefit of, the successors and assigns of the parties
hereto. The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the
benefit of the heirs, executors and administrators of such a person.


 


11.7       Notice.
All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed duly given; (a)
if delivered by hand and receipted for by the party addressee; or (b) if mailed by certified or registered mail, with postage prepaid,
on the third business day after the mailing date. Addresses for notice to either party are as shown on the signature page of this Agreement
or as subsequently modified by written notice.


 


11.8       Governing
Law. This Agreement shall be governed exclusively by and construed according to the laws of the state of Nevada, as applied to contracts
between Nevada residents entered into and to be performed entirely within Nevada.


 


11.9       Consent
to Jurisdiction. The Company and the Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the state of
Nevada for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement.


 


11.10       Attorneys’
Fees. In the event Indemnitee is required to bring any action to enforce rights under this Agreement (including, without limitation,
the expenses of any proceeding described in Section 3), the Indemnitee shall be entitled to all reasonable fees and expenses in bringing
and pursuing such action, unless a court of competent jurisdiction finds each of the material claims of the Indemnitee in any such action
was frivolous and not made in good faith. 




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IN
WITNESS WHEREOF, the parties hereto have entered into this Indemnification Agreement effective as of the date first written above.


 


ADAMAS
ONE CORP., a Nevada corporation










	 	 	 	 
	By:	 	 	 
	Name: 	 	 	[Print
    Name of Indemnitee]
	Title:	 	 	 
	 	 	 	 
	 	 	 	[Signature
    of Indemnitee]



   


[Signature
Page of Indemnification Agreement]