Exhibit 10.3


 


EXECUTIVE
EMPLOYMENT AGREEMENT

STEVEN STAEHR


 


This
Employment Agreement (“Agreement”) is effective on October 1st, 2019 (the “Effective Date”)
between Adamas One Corp., a Nevada corporation (“Company”), and Steven Staehr (“Executive”). The
Company and Executive are sometimes referred to herein individually as a “Party” and collectively as the “Parties.


 


WITNESSETH:


 


WHEREAS,
the Company desires that Executive be retained by the Company, and render services to the Company, and Executive is willing to be so
employed and to render such services to the Company, all upon the terms and subject to the conditions contained herein in consideration
for, among other things, the Company’s agreement to provide Executive with Confidential Information pursuant to the terms of this
Agreement, and Executive’s receipt of Confidential Information pursuant to a relationship of trust and confidence and under conditions
of confidentiality and non-use and non-disclosure.


 


AGREEMENT:


 


NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:


 


1.           EMPLOYMENT.
Subject to and upon the terms and conditions contained in this Agreement, the Company hereby agrees to employ Executive and Executive
agrees to be employed by the Company, for the period set forth in paragraph 2 hereof, to render to the Company, its affiliates and/or
subsidiaries the services described in paragraph 3 hereof.


 


2.           TERM.
Executive’s employment under this Agreement shall commence as of the Effective Date hereof and shall continue for a period of Three
(3) years and shall automatically be renewed in Three (3) year increments unless earlier terminated within the sole discretion and unanimous
vote of the Board of Directors of the Company (the “Employment Term”). The Company must notify the Employee no later
than 90 days prior to the end of the 3 year period that it has chosen not to extend the contract with the Employee or the agreement shall
automatically renew. Employee upon extending Agreement shall receive the same number of Common Stock Shares as received with original
Agreement.


 


3.            DUTIES.


 


(a)       Executive
shall serve as the Chief Financial Officer (“CFO”) of the Company, reporting directly to the Board of Directors of
the Company (the “Board”). Executive shall be responsible for the management and running of the day-to-day financial
operations of the Company (the “Services”). Executive agrees to devote Executive’s primary business time, attention,
skills, and best efforts to the performance of the Services.


 


(b)       Executive
shall perform all duties and services incident to the positions held by him. The Company retains the right, by unanimous decision of
the Board, to change Executive’s title and duties, as may be determined to be in the best interests of the Company; provided, however,
that any such change in Executive’s duties shall be consistent with Executive’s training, experience, and qualifications.


 


(c)       Executive
agrees to abide by all bylaws and policies of the Company, promulgated from time to time by the Company, as well as all state and federal
laws, statutes and regulations.




     


     


    

4.            BEST
EFFORTS. Executive agrees to devote his best efforts and attention, as well as his energies and skill, to the performance of
the Services and the discharge of the duties and responsibilities attributable to his position.


 


5.            COMPENSATION.
The Company will pay Executive the following compensation for his services under this Agreement:


 


(a)       Base
Salary. For the duration of the Employment Term and as compensation for his services and covenants hereunder, the Company shall
pay to Executive consideration (the “Base Salary”) as follows:


 


	For
all pay periods ending

    on
    or before December 31,

    
	Annual
    Base Salary
	2019	100,000
	2020	125,000
	2021	200,000
	2022
    and thereafter	9%
    more than Base Salary in the prior year


 


(b)       Equity
Compensation. Executive shall receive 250,000 Restricted Common Stock Shares upon signing this agreement. For the duration of
the Employment Term and as compensation for his services and covenants hereunder, the Executive shall be entitled to restricted shares
of the common stock of the Company (the “Equity Compensation”), as of the first day of each calendar year, as follows:


 


	For
                                            all pay periods ending

    

    on
    or before December 31,

    
	Annual
    Equity Compensation
	2019	150,000
    Restricted Common Stock Shares
	2020	150,000
    Restricted Common Stock Shares
	2021	150,000
    Restricted Common Stock Shares
	2022
    and thereafter	150,000
    Restricted Common Stock Shares 

    plus 9% more than the prior year


 


(c)       Issuance
of Shares. Upon receipt of written notice from Executive, the Company shall issue to Executive the Equity Compensation to which
the Executive is entitled to in accordance with the schedule above.


 


(d)       Accrual
of Shares. In the event Executive does not request in writing that the Equity Compensation be issued during the period in which
it is earned, the un-issued shares shall accrue and the Executive may request the shares to be issued at any time.


 


(e)       Incentive
Plan. Executive shall also be eligible to participate in the Company’s annual incentive plan for executives, if applicable.
The criteria for determining the amount of the bonus, and the conditions that must be satisfied to entitle Executive to receive the bonus
for any year during the term of this Agreement shall be determined, in their sole discretion, by the Company’s Board of Directors
or its Compensation Committee.


 


(f)       Interest
on Unpaid Compensation. In the event that any compensation due to Executive has not been paid in accordance with the terms of
this Agreement, the Company shall pay to Executive that certain amount of compensation that is due and payable plus any accrued interest
at a rate of 10% per annum. The amount due the employee plus interest shall be paid to employee as soon as the Company has that amount
available in its banking accounts or line of credit or on a credit facility and in all instances prior to any employees receiving current
compensation before this employee has been brought current,




     


     


    

(g)       Acceleration.
In the event that all or at least 50% of the stock or assets of the Company are sold, all compensation owed to Executive under this
Agreement shall become immediately due and payable and Executive shall be paid a bonus equal to 125% of his Current Annual Base Salary
and issued 250,000 shares of the common stock of the Company.


 


6.            EXPENSES.


 


(a)       Reimbursement.
Executive shall be reimbursed for all business expenses incurred by him in connection with the performance of the Services under this
Agreement. The reimbursement of any such expense that is includible in gross income for federal income tax purposes shall be paid no
later than the end of the calendar month following the calendar month in which the expense was incurred. In addition, Executive will
be paid an allowance for automobile expenses of $450 per month, $150 for a mobile phone, housing allowance for Greenville’s headquarters,
Executive’s health insurance and fuel allowance with no requirement to report or account for such expenses. The company will advance
or reimburse the costs of maintaining Employee’s CPA license including the costs associated with approximately 40 -80 hours of
live instruction at time and place to be selected by Employee.


 


(b)       Travel.
Where Executive is required to travel for Company, Company shall pay costs of such travel as follows:


 


		i.	Air
                                            Transportation: Business Class air (when available) for Executive and one coach companion
                                            fare in form of actual ticket or cash amount at discretion of the Employee.



 


		ii.	Hotel:
                                            Choice of accommodations as selected by the Executive in his sole discretion.



 


		iii.	Per
                                            Diem: $110 for Executive for travel days.



 


		iv.	Ground
                                            Transportation: Exclusive sedan or van with driver to/from Executive’s home, airport,
                                            hotel and all destination sites.



 


7.            EXECUTIVE
BENEFITS.


 


(a)       Benefits.
During the Employment Term, Executive shall be entitled to participate in such group term insurance, disability insurance, health and
medical insurance benefits, life insurance and retirement plans or programs as are from time to time generally made available to executive
employees of the Company pursuant to the policies of the Company; provided that Executive shall be required to comply with the conditions
attendant to coverage by such plans and shall comply with and be entitled to benefits only to the extent former employees are eligible
to participate in such arrangements pursuant to the terms of the arrangement, any insurance policy associated therewith and applicable
law, and, further, shall be entitled to benefits only in accordance with the terms and conditions of such plans. The Company may withhold
from any benefits payable to Executive all federal, state, local and other taxes and amounts as shall be permitted or required to be
withheld pursuant to any applicable law, rule or regulation. Should there no Company Plan offered by the Company at any time the Company
will reimburse the Employee in full for the Employee obtained benefits plan for Employee and his family members he desires to be covered.




     


     


    

(b)       Vacation.
Executive shall be entitled to 2 weeks paid vacation plus one additional week beginning each year of the employees employment
after the first day of each calendar year after December 31 similar to annual compensation schedule above up to a maximum of 5 weeks
paid vacation in accordance with the Company’s policies, as may be established from time to time by the Company for its executive
staff, which shall be taken at such time or times as shall be mutually agreed upon by the Parties. Vacation time shall accrue if unused
during the fiscal year. Employee may also elect to take any accrued vacation as a payout rather than remain as accrued and unused for
the prior years.


 


(c)       Finished
Stones. In addition, Executive shall receive monthly not less than Two and one-half (2.5) carats of finished stones of Executive’s
choosing beginning upon Agreement date. Any unused monthly carat amounts are accrued and may be applied to a selected stone(s) up to
the current monthly amount plus accrued carats .


 


8.            DEATH
AND DISABILITY.


 


(a)       Death.
The Employment Term shall terminate on the date of Executive’s death, in which event the Company shall, within 30 days of the date
of death, pay to his estate, Executive’s Base Salary, any unpaid bonus awards (including any bonus award for a plan year that has
ended prior to the time employment terminated where the award was scheduled to be paid after the date employment terminated), reimbursable
expenses and benefits owing to Executive through the date of Executive’s death together with any benefits payable under any life
insurance program in which Executive is a participant.


 


(b)       Disability.
The Employment Term shall terminate upon Executive’s Disability. For purposes of this Agreement, “Disability” shall
mean that Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. For
purposes of determining Executive’s Disability, the CEO may rely on a determination by the Social Security Administration that
Executive is totally disabled or a determination by the Company’s disability insurance carrier that Executive has satisfied the
above definition of Disability. In case of such termination, Executive shall be entitled to receive his Base Salary, any unpaid bonus
awards (including any bonus award for a plan year that has ended prior to the time employment terminated where the award was scheduled
to be paid after the date employment terminated), reimbursable expenses and benefits owing to Executive through the date of termination
within 30 days of the date of the Company’s determination of Executive’s Disability, together with any benefits payable under
any disability insurance program in which Executive is a participant. Except as otherwise contemplated by this Agreement, Executive will
not be entitled to any other compensation upon termination of his employment pursuant to this subparagraph 8(b).


 


9.                   TERMINATION
OF EMPLOYMENT.


 


(a)       Termination
With Cause By Company. The Company may terminate this Agreement at any time during the Employment Period for “Cause”
upon written notice to Executive, upon which termination shall be effective immediately. For purposes of this Agreement, “Cause”
means the following:


 


i.       Conviction
of felony theft or felony embezzlement from the Company; or


 


(b)       Termination
Without Cause By Company. The Company may not terminate this Agreement at any time during the Employment Period without “Cause”
upon 90 days written notice to Executive.




     


     


    

(c)       Termination
By Executive. Executive may terminate this Agreement at any time by providing the Company 30 days’ written notice, with
or without “Good Reason.”


 


(d)       Compensation
upon Termination. In the event that the Company terminates the Executive’s employment hereunder due to a Termination “for
cause,” the Executive shall be entitled to any Base Salary, unpaid bonus, reimbursable expenses and benefits owing to Executive
through the day on which Executive is terminated plus 90 days. Except as otherwise contemplated by this Agreement, Executive will not
be entitled to any other compensation upon termination “for cause” of this Agreement. If Executive is terminated “without
cause” or if this Agreement is terminated by Executive, Executive is entitled any Base Salary, unpaid bonus, reimbursable expenses
and benefits owing to Executive through the day on which Executive is terminated through the balance of the current employment agreement
remaining. Full Compensation (as herein defined) plus a severance payment comprising of 100% of his annual Base Salary for the year of
termination and 200,000 shares of the common stock of the Company. “Full Compensation” shall mean all total executive
compensation accruable under this Agreement, which shall include payment of all accruable Base Salary, Equity Compensation and Performance
Bonuses that is payable to Executive under this Agreement as if earned in full.


 


10.            DISCLOSUREOF
TRADE SECRETS AND OTHER PROPRIETARY INFORMATION.


 


(a)       Executive
acknowledges that he is prohibited from disclosing any confidential information about the Company, including but not limited trade secrets,
formulas, and financial information, to any party who is not a director, officer or authorized agent of the Company or its subsidiaries
and affiliates. The Company will provide Executive with valuable confidential information belonging to the Company or its subsidiaries
or its affiliates above and beyond any confidential information previously received by Executive and will associate Executive with the
goodwill of the Company or its subsidiaries or its affiliates above and beyond any prior association of Executive with that goodwill.
In return, Executive promises never to disclose or misuse such confidential information and never to misuse such goodwill.


 


(b)       Executive
will not, during the Employment Term, directly or indirectly, as an Executive, employer, agent, manager or engage in or participate in
any other business that is directly competitive with the Company’s business without written consent from the Board of Directors.


 


(c)       Executive
will not, during the Employment Term and for a period of 2 months thereafter, directly or indirectly, work in the United States as an
employee, employer, consultant, agent, manager, officer, or in any other individual or representative capacity for any person or entity
who is competitive with the business of the Company.


 


(d)       Executive
will not, during the Employment Term and for a period of 2 months thereafter, on his behalf or on behalf of any other business enterprise,
directly or indirectly, under any circumstance other than at the direction and for the benefit of the Company, (i) solicit for employment
or hire any person employed by the Company or any of its subsidiaries, or (ii) call on, solicit, or take away any person or entity who
was a customer of the Company or any of its subsidiaries or affiliates during Executive’s employment with the Company, in either
case for a business that is competitive with the business of the Company.


 


(e)       If
Executive breaches any provision of Section 10 of this Agreement, the Company shall provide Notice to Executive, in accordance with Section
13, herein, and shall provide Executive with 60 days to cure (the “Cure Period”) any breach before proceeding with any and
all remedies available at law or in equity.




     


     


    

(f)       It
is expressly agreed by Executive that the nature and scope of each of the provisions set forth above are reasonable and necessary. If,
for any reason, any aspect of the above provisions as it applies to Executive is determined by a court of competent jurisdiction to be
unreasonable or unenforceable under applicable law, the provisions shall be modified to the extent required to make the provisions enforceable.
Executive acknowledges and agrees that his services are of unique character and expressly grants to the Company or any subsidiary or
affiliate of the Company or any successor of any of them, the right to enforce the above provisions through the use of all remedies available
at law or in equity, including, but not limited to, injunctive relief.


 


11.          COMPANY
PROPERTY.


 


(a)       Any
patents, inventions, discoveries, applications, processes, models or financial statements designed, devised, planned, applied, created,
discovered or invented by Executive during the Employment Term, regardless of when reduced to writing or practice, which pertain to any
aspect of the Company’s or its subsidiaries’ or affiliates’ business as described above shall be the sole and absolute
property of the Company, and Executive shall promptly report the same to the Company and promptly execute any and all documents that
may from time to time reasonably be requested by the Company to assure the Company the full and complete ownership thereof.


 


(b)       All
records, files, lists, including computer generated lists, drawings, documents, equipment and similar items relating to the Company’s
business which Executive shall prepare or receive from the Company shall remain the Company’s sole and exclusive property. Upon
termination of this Agreement, Executive shall promptly return to the Company all property of the Company in his possession. Executive
further represents that he will not copy or cause to be copied, print out or cause to be printed out any software, documents or other
materials originating with or belonging to the Company. Executive additionally represents that, upon termination of his employment with
the Company, he will not retain in his possession any such software, documents or other materials.


 


12.       CONSENT
TO JURISDICTION AND VENUE. The Executive hereby consents and agrees that federal and state courts located in Maricopa County,
Arizona shall have personal jurisdiction and proper venue with respect to any dispute between the Executive and the Company. In any dispute
with the Company, the Executive will not raise, and hereby expressly waives, any objection or defense to any such jurisdiction as an
inconvenient forum.


 


13.       NOTICE.
Except as otherwise expressly provided, any notice, request, demand or other communication permitted or required to be given under
this Agreement shall be in writing, shall be deemed conclusively to have been given: (a) on the first business day following the day
timely deposited with Federal Express (or other equivalent national overnight courier) or United States Express Mail, with the cost of
delivery prepaid or for the account of the sender; (b) on the fifth business day following the day duly sent by certified or registered
United States mail, postage prepaid and return receipt requested; or (c) when otherwise actually received by the addressee on a business
day (or on the next business day if received after the close of normal business hours or on any non-business day).


 


14.       INTERPRETATION;
HEADINGS. The parties acknowledge and agree that the terms and provisions of this Agreement have been negotiated, shall be construed
fairly as to all parties hereto, and shall not be construed in favor of or against any party. The paragraph headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.


 


15.       SUCCESSORS
AND ASSIGNS; ASSIGNMENT; INTENDED BENEFICIARIES. Executive’s rights, powers, duties or obligations hereunder may be assigned
by Executive in Executive’s sole discretion. This Agreement shall be binding upon and inure to the benefit of Executive and his
heirs and legal representatives and the Company and its successors. Successors of the Company shall include, without limitation, any
corporation or corporations acquiring, directly or indirectly, all or substantially all of the assets of the Company, whether by merger,
consolidation, purchase, lease or otherwise, and such successor shall thereafter be deemed “the Company” for the purpose
hereof.




     


     


    

16.       NO
WAIVER BY ACTION. Any waiver or consent from the Company respecting any term or provision of this Agreement or any other aspect
of the Executive’s conduct or employment shall be effective only in the specific instance and for the specific purpose for which
given and shall not be deemed, regardless of frequency given, to be a further or continuing waiver or consent. The failure or delay of
the Company at any time or times to require performance of, or to exercise any of its powers, rights or remedies with respect to, any
term or provision of this Agreement or any other aspect of the Executive’s conduct or employment in no manner (except as otherwise
expressly provided herein) shall affect the Company’s right at a later time to enforce any such term or provision.


 


17.       COUNTERPARTS;
GOVERNING LAW; AMENDMENTS; ENTIRE AGREEMENT; SURVIVAL OF TERMS. This Agreement may be executed in two counterpart copies, each
of which may be executed by one of the parties hereto, but all of which, when taken together, shall constitute a single agreement binding
upon all of the parties hereto. This Agreement and all other aspects of the Executive’s employment shall be governed by and construed
in accordance with the applicable laws pertaining in the State of Arizona (other than those that would defer to the substantive laws
of another jurisdiction). Each and every modification and amendment of this Agreement shall be in writing and signed by the parties hereto,
and any waiver of, or consent to any departure from, any term or provision of this Agreement shall be in writing and signed by each affected
party hereto.


 


18.       ENTIRE
AGREEMENT. The entire understanding and agreement between the Parties has been incorporated into this Agreement, and this Agreement
supersedes all other agreements and understandings between Executive and the Company and Dolce with respect to the relationship of Executive
with the Company or its affiliates or subsidiaries.


 


[Signature
page follows.] 




     


     


    

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date set forth above.


 


	(“COMPANY”)	(“EXECUTIVE”)
	ADAMAS ONE CORP.	 	 	 
	 	 	 
	/s/
    John G. Grdina	 	/s/
    Steven Staehr 10/1/2019
	By:  	John
    G. Grdina	 	By:	Steven
    Staehr
	Its:	Chairman
    & CEO	 	Its:	CFO