Document:

Exhibit
10.5

Promissory
Note

 

$5,100.00
as of September 29, 2021

 

FOR
VALUE RECEIVED, Adamas One Corp, a Nevada corporation, with offices at 411 University Ridge, Suite 110, Greenville, SC 29601 (herein
“Borrower”), hereby promises to pay to the order of PrivateCo, LLC, a New Mexico limited liability company,
with offices at 16000 N. 80th Street, Suite C, Scottsdale, AZ 85260 (herein “Lender”), without offset,
in immediately available funds in lawful money of the United States of America, without counterclaim or setoff and free and clear
of, and without any deduction or withholding for, any taxes or other payments, the principal sum of Five Thousand One Hundred
& 00/100 U.S. Dollars ($5,100.00) (this “Note”), with zero interest as provided in this Note. This
Note supersedes any and all previous promissory agreements between Borrower and Lender.

 

Section
1. Maturity. The entire remaining principal balance of this Note and the Agreed Non-Default Interest (as defined below) and
all other amounts payable hereunder shall be due and payable in full on or before September 30, 2022 (the “Maturity
Date”).

 

Section
2. Interest Rate. There will not be any interest on this Note.

 

Section
3. Prepayment. Borrower may prepay the sum of the remaining unpaid principal balance and any other amounts due and owing hereunder
in full at any time or in part from time to time.

 

Section
4. Certain Provisions Regarding Payments. All payments made under this Note shall be applied to the then remaining unpaid
principal balance until this Note is paid in full.

 

Section
5. Events of Default. The occurrence of any one or more of the following shall constitute an “Event of Default”
under this Note:

 

		(a)	Borrower
fails to pay when and as due and payable any amounts payable by Borrower to Lender under the terms of this Note within 10 days
after the date such payment is due (except no grace period shall be provided for the payment of principal and interest due on
the Maturity Date or upon acceleration of indebtedness following the occurrence of an Event of Default;

 

		(b)	Any
covenant, agreement or condition in this Note is not fully and timely performed, observed or kept, subject to any applicable grace
or cure periods expressly set forth in this Note;

 

		(c)	The
dissolution, winding-up or termination of the existence of the Borrower or any other person or entity who may become liable hereunder;

 

		(d)	The
making by Borrower, any guarantor or any other person or entity who may become liable hereunder of an assignment for the benefit
of its creditors;

 

		(e)	Borrower,
any guarantor or any other person or entity who may become liable hereunder becomes subject to any bankruptcy or insolvency proceeding;

 

		(f)	Borrower
sells or transfers all or substantially all its assets or there is a change in control of the Borrower there is a change in the
ownership of more than 51% of the existing equity ownership interests in the Borrower; or

     

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		(g)	Borrower
transfers any right or obligation under this Note without Lender’s prior written consent.

 

Section
6. Remedies. Notwithstanding any other provision of this Note, upon the occurrence of an Event of Default, Lender, in its
sole and absolute discretion, may at any time thereafter exercise any one or more of the following rights, powers and remedies:

 

		(a)	Lender
may accelerate the Maturity Date and declare the unpaid principal balance and all accrued and unpaid interest on this Note, and
all other amounts payable hereunder, immediately due and payable, and upon such declaration the same shall at once be due and
payable.

 

		(b)	Lender
may set off the amount owed by Borrower to Lender, whether or not matured and regardless of the adequacy of any other collateral
securing this Note, against any and all accounts, credits, money, securities or other property now or hereafter on deposit with,
held by or in the possession of Lender to the credit or for the account of Borrower, without notice to or the consent of Borrower.

 

		(c)	Lender
may exercise any of its other rights, powers and remedies under this Note or at law or in equity including, but not limited to
foreclosing upon the security, if any, provided for herein and availing itself of all other rights to possession and collection
afforded pursuant to Lender’s security interest in such security, or enforcing the guaranty provided herein by any guarantor
thereof.

 

Section
7. Remedies Cumulative .All of the rights and remedies of Lender under this Note are cumulative of each other and of any and
all other rights at law or in equity, and the exercise by Lender of any one or more of such rights and remedies shall not preclude
the simultaneous or later exercise by Lender of any or all such other rights and remedies. No single or partial exercise of any
right or remedy shall exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised
at any time and from time to time. No failure by Lender to exercise, nor delay in exercising, any right or remedy shall operate
as a waiver of such right or remedy or as a waiver of any Event of Default.

 

Section
8. Costs and Expenses of Enforcement. Borrower agrees to pay to Lender on demand all costs and expenses incurred by Lender
in seeking to collect this Note or to enforce any of Lender’s rights and remedies under this Note, including court costs and reasonable
attorneys’ fees and expenses, whether or not suit is filed hereon, or whether in connection with bankruptcy, insolvency or appeal.

 

Section
9. Service of Process. Borrower hereby consents to process being served in any suit, action, or proceeding instituted in connection
with this Note by (i) the mailing of a copy thereof by certified mail, postage prepaid, return receipt requested, to Borrower
and (ii) serving a copy thereof upon the agent, if any, designated and appointed by Borrower as Borrower’s agent for service of
process. Borrower irrevocably agrees that such service shall be deemed to be service of process upon Borrower in any such suit,
action, or proceeding. Nothing in this Note shall affect the right of Lender to serve process in any manner otherwise permitted
by law and nothing in this Note will limit the right of Lender otherwise to bring proceedings against Borrower in the courts of
any jurisdiction or jurisdictions, subject to any provision or agreement for arbitration or dispute resolution set forth in the
Loan Agreement.

     

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Section
10. Successors and Assigns. Whenever used herein, the words “Borrower” and “Lender” shall be deemed
to include their respective heirs, personal representatives, successors and assigns. This paragraph shall not constitute a consent
by Holder for the Borrower to assign or transfer any property securing payment hereof or any rights, powers, obligations or duties
of Borrower hereunder; provided, however, that Borrower hereby expressly acknowledges and agrees that Lender shall have the right
to assign this Note without the consent of Borrower. Any assignment of by Borrower of Lender’s rights to the PubCo capital
stock under Section 3 shall require the express written consent of Lender, in its sole discretion, and such consent shall specifically
reference such Section 3 and the Lender’s rights to such PubCo capital stock thereunder.

 

Section
11. General Provisions. Time is of the essence with respect to Borrower’s obligations under this Note, subject to applicable
notice and/or cure periods. If more than one person or entity executes this Note as Borrower, all of said parties shall be jointly
and severally liable for payment of the Indebtedness. Borrower and each party executing this Note as Borrower hereby severally
(a) waive demand, presentment for payment, notice of dishonor and of nonpayment, protest, notice of protest, notice of intent
to accelerate, notice of acceleration and all other notices (except any notices which are specifically required by this Note or
any other Loan Document), filing of suit and diligence in collecting this Note or enforcing any of the security herefore; (b)
agree to any substitution, subordination, exchange or release of any such security or the release of any party primarily or secondarily
liable hereon; (c) agree that Lender shall not be required first to institute suit or exhaust its remedies hereon against Borrower
or others liable or to become liable hereon or to perfect or enforce its rights against them or any security herefore; (d) consent
to any extensions or postponements of time of payment on this Note for any period or periods of time and to any partial payments,
before or after maturity, and to any other indulgences with respect hereto, without notice thereof to any of them; (e) submit
(and waive all rights to object) to non-exclusive personal jurisdiction of any state or federal court sitting in the State of
Arizona or the state and county in which payment on this Note is to be made for the enforcement of any and all obligations under
this Note and the other Loan Documents; (f) waive the benefit of all homestead and similar exemptions as to this Note; (g) agree
that their liability under this Note shall not be affected or impaired by any determination that any title, security interest
or lien taken by Lender to secure this Note is invalid or unperfected; and (h) subordinate to the loan and the Note any and all
rights against Borrower and any security for the payment on this Note, whether by subrogation, agreement or otherwise, until this
Note is paid in full. A determination that any provision of this Note is unenforceable or invalid shall not affect the enforceability
or validity of any other provision and the determination that the application of any provision of this Note to any person or circumstance
is illegal or unenforceable shall not affect the enforceability or validity of such provision as it may apply to other persons
or circumstances. This Note may not be amended except in a writing specifically intended for such purpose and executed by the
party against whom enforcement of the amendment is sought. Title and headings in this Note are for convenience only and shall
be disregarded in construing it. Whenever a time of day is referred to herein, unless otherwise specified such time shall be the
local time of the place where payment on this Note is to be made.

 

Section
12. Notices. Any notice, request, or demand to or upon Borrower or Lender shall be deemed to have been properly given or made
when delivered in accordance with the terms of this Note regarding notices.

     

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Section
13. No Usury. It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with applicable
state law or applicable United States federal law (to the extent that it permits Lender to contract for, charge, take, reserve,
or receive a greater amount of interest than under state law) and that this Section shall control every other covenant and agreement
in this Note. If applicable state or federal law should at any time be judicially interpreted so as to render usurious any amount
called for under this Note, or contracted for, charged, taken, reserved, or received with respect to the Loan, or if Lender’s
exercise of the option to accelerate the Maturity Date, or if any prepayment by Borrower results in Borrower having paid any interest
in excess of that permitted by applicable law, then it is Lender’s express intent that all excess amounts theretofore collected
by Lender shall be credited on the principal balance of this Note, and the provisions of this Note shall immediately be deemed
reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any
new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called
for hereunder or thereunder. All sums paid or agreed to be paid to Lender for the use or forbearance of the Loan shall, to the
extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan.

 

Section
14. Lost Note. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction or mutilation of this
Note or any other security document which is not of public record, and, in the case of any such loss, theft, destruction or mutilation,
upon cancellation of this Note or other security document, Borrower will issue, in lieu thereof, a replacement note or other security
document in the same principal amount thereof and otherwise of like tenor.

 

Section
15. Choice of Law. This Note and its validity, enforcement and interpretation shall be governed by the laws of the State of
Arizona (without regard to any principles of conflicts of laws) and applicable United States federal law.

 

Section
16. Waiver of Jury Trial. BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY
IN RESPECT OF ANY CLAIM BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED
TO BE EXECUTED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF LENDER
RELATING TO THE ADMINISTRATION OF THE LOAN EVIDENCED BY THIS NOTE OR ENFORCEMENT OF THE LOAN DOCUMENTS EVIDENCING AND/OR SECURING
THE LOAN, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT
BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY
LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.
BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR LENDER
TO ACCEPT THIS NOTE AND MAKE THE LOAN.

 

Section
17. Venue; Jurisdiction. BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE OR ANY OF THE OTHER LOAN DOCUMENTS
MAY BE BROUGHT IN THE COURTS OF THE STATE OF ARIZONA OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION
OF SUCH COURT. BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH
COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT FORUM.

     

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Section
18. Obligations Joint and Several. If Borrower is comprised of more than one Person, the obligations of such Persons under
this Note shall be joint and several. Borrower represents that Borrower has full power, authority and legal right to execute and
deliver this Note and that the indebtedness evidenced hereby constitutes a valid and binding obligation of Borrower. Each party
constituting Borrower acknowledges that it received the proceeds of the loan evidenced by this Note and is not signing as an accommodation
party. The obligations of each person or entity executing this Note as Borrower shall be joint and several, and no such person
or entity shall be a mere accommodation maker, but each shall be primarily and directly liable hereunder.

 

Section
19. Counterparts. If this Note is to be executed by more than one Person, then this Note may be executed in one or more counterparts,
each of which shall constitute an original and all of which, taken together, shall constitute one and the same instrument.

 

IN
WITNESS WHEREOF, Borrower and Lender have duly executed this Note effective as of the date first above written.

 

Borrower:

 

Adamas
One Corp.

 

	By:	/s/
    John Grdina	 
	Name: John Grdina	 
	Title: CEO	 
	 	 
	Lender:	 
	 	 
	PrivateCo, LLC	 
	 	 
	By:	/s/
    John Grdina	 
	Name: John Grdina	 
	Title: ManagerExhibit
10.6

 

THIS
NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS. THIS NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE SOLD. OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT AND ANY APPLICABLE
STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO CUBESCAPE, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

 

CONVERTIBLE
TERM NOTE

 

	Issuance Date: August
    __, 2019	Principal
    Amount: $100,000

 

FOR VALUE RECEIVED, ADAMAS ONE
CORP., a Nevada corporation (the “Borrower”), hereby promises to pay to NICHOLAS VASSILAKOS,
a NEW YORK RESIDENT (the “Holder”) or its registered assigns or successors in interest, on order,
the sum of ONE HUNDRED THOUSAND and no cents ($100,000.00) (the “Principal Amount”) together
with any accrued and unpaid interest hereon, on the second anniversary of the date of this Note (the “Maturity Date”)
if not sooner paid.

 

The
following terms shall apply to this Note:

 

1.                 
Interest Rate. Interest payable on this Note shall accrue on the Issuance Date and shall be computed on the basis of a
365-day year and actual days elapsed at a rate per annum (the “Interest Rate”) equal to seven percent (7%)
per annum. Interest on the Principal Amount shall be payable in full on the Maturity Date, whether by acceleration or otherwise.
Interest shall be payable in shares of restricted Common Stock (“Interest Shares”) in a number of fully paid
and nonassessable shares (provided, that if the issuance would result in the issuance of a fraction of a share of Common Stock,
the Borrower shall round such fraction of a share of Common Stock up to the nearest whole share) of Common Stock equal to the
quotient of (a) the amount of Interest payable less any cash Interest paid and (b) the Interest Conversion Price (as defined below)
in effect on the Interest payment date. When Interest Shares are paid, then the Borrower shall issue and deliver, to the address
set forth herein, a certificate, registered in the name of the Holder or its designee, for the number of Interest Shares to which
the Holder shall be entitled. The Borrower shall pay any and all taxes that may be payable with respect to the issuance and delivery
of Interest Shares; provided that the Borrower shall not be required to pay any tax that may be payable in respect of any
issuance of Interest Shares to any Person other than the Holder or with respect to any income tax due by the Holder with respect
to such Interest Shares. In the event of the redemption or conversion of all or any portion of the Principal Amount. accrued interest
on the amount so redeemed or converted shall be paid (through the issuance of Interest Shares) on the date of redemption or conversion,
as the case may be.

 

For
purposes of this Note, “Interest Conversion Price” means the greater of: (i) four dollars ($4.00); (ii) the
public offering price per share of Common Stock issued and sold by the Borrower; or (iii) that price which shall be computed as
100% of the arithmetic average price of the Common Stock for the ten (10) consecutive Trading Days immediately preceding the applicable
Interest payment date.

     

     

    

For
purposes of this Note, “Trading Day(s)” means any day on which the Common Stock is traded on the NASDAQ Capital
Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities
exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not
include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day
that the Common Stock is suspended from trading.

 

2.             Payment of Principal Amount. The Borrower shall pay the Holder the entire Principal Amount of this Note, if not earlier
converted or redeemed, on the Maturity Date in one lump sum payment.

 

3.             Borrower Redemption of Principal Amount. The Borrower will have the option of prepaying the outstanding Principal Amount
(“Optional Amortizing Redemption”), in whole or in part, by paying to the Holder a sum of money equal to one
hundred percent (100%) of the Principal Amount to be redeemed, together with accrued but unpaid Interest thereon and any and all
other sums due, accrued or payable to the Holder arising under this Note (the “Redemption Amount”) on the Redemption
Payment Date (as defined below). The Borrower shall deliver to the Holder a notice of redemption (the “Notice of Redemption”)
specifying the date for such Optional Redemption (the “Redemption Payment Date”), which date shall be not less
than seven (7) business days after the date of the Notice of Redemption (the “Redemption Period”). On the Redemption
Payment Date, the Redemption Amount shall be paid in good funds to the Holder. In the event the Borrower fails to pay the Redemption
Amount on the Redemption Payment Date as set forth herein, then such Notice of Redemption will be null and void.

 

4.             Conversion of Note.

 

(a)           Conversion; Conversion Price; Valuation Event. This Note may be converted, either in whole or in part, up to the full Principal
Amount and accrued Interest hereof (the “Conversion Amount”) into shares of Common Stock (calculated as to
each such conversion to the nearest whole share) (the “Shares”), at any time (subject to Section 4.(b)
below) and from time to time on any business day, subject to compliance with this Section 4. The number of Shares
into which this Note may be converted is equal to the dollar amount of the Principal Amount being converted divided by the Conversion
Price. The “Conversion Price” shall be the greater of: (i) four dollars ($4.00); or (ii) 80% of the public
offering price per share of Common Stock issued and sold by the Borrower after the date of this Note. The number of shares of
Common Stock issuable upon conversion of any Conversion Amount pursuant to this Agreement shall be determined by dividing (x)
such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”).

 

                                                                    
i.          In the event that the Borrower shall at any time after the date
of this Note and prior to its conversion or Maturity: (i) declare a dividend or make a distribution on the outstanding Common
Stock payable in shares of its capital stock, (ii) subdivide the outstanding Common Stock into a greater number of shares of Common
Stock, (iii) combine the outstanding Common Stock into a smaller number of shares, or (iv) issue any shares of its capital stock
by reclassification of the Common Stock (including any such reclassification in connection with a consolidation or merger in which
the Borrower is the continuing corporation), then, in each case, the Conversion Price in effect at the time of the record date
for the determination of stockholders entitled to receive such dividend or distribution or of the effective date of such subdivision,
combination, or reclassification shall be adjusted so that it shall equal the price determined by multiplying such Conversion
Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such
action, and the denominator of which shall be the number of shares of Common Stock outstanding after giving effect to such action.
Such adjustment shall be made successively whenever any event listed above shall occur and shall become effective at the close
of business on such record date or at the close of business on the date immediately preceding such effective date, as applicable.
All calculations under this Section 4 shall be made to the nearest cent or to the nearest one-hundredth of a Share,
as the case may be. No adjustment in the Conversion Price shall be required if such adjustment is less than $0.01; provided, however,
that any adjustments which by reason of this Section 4 are not required to be made shall be carried forward and taken
into account in any subsequent adjustment.

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ii.           In case of any reclassification or change of the shares of Common Stock issuable upon conversion of this Note (other than
a change in par value or from a specified par value to no par value, or as a result of a subdivision or combination, but including
any change in the shares into two or more classes or series of shares), or in case of any consolidation or merger of another corporation
into the Borrower in which the Borrower is the continuing corporation and in which there is a reclassification or change (including
a change to the right to receive cash or other property) of the shares of Common Stock (other than a change in par value, or from
no par value to a specified par value, or as a result of a subdivision or combination, but including any change in the shares
into two or more classes or series of shares), the Holder of this Note shall have the right thereafter to receive upon conversion
of this Note solely the kind and amount of shares of stock and other securities, property, cash, or any combination thereof receivable
upon such reclassification, change, consolidation, or merger. Thereafter, appropriate provision shall be made for adjustments
which shall be as nearly equivalent as practicable to the adjustments set forth herein. The above provisions shall similarly apply
to successive reclassifications and changes of shares of Common Stock and to successive consolidations, mergers, sales, leases,
or conveyances.

 

(b)              
Voluntary Conversion. Beginning on the 181st day following the issuance date of this Note, the Holder shall
have the right, but not the obligation, to convert all or any portion of the then aggregate outstanding Principal Amount of this
Note, together with interest due hereon, into Shares, subject to the terms and conditions set forth herein. The Shares to be issued
upon such conversion are herein referred to as the “Conversion Shares.”

    3

     

    

                                                                    
i.            In the event that the Holder elects to convert any amounts outstanding under this Note into Shares, the Holder shall give thirty
(30) days’ notice of such election by delivering an executed and completed notice of conversion (a “Notice of Conversion”)
to the Borrower, which Notice of Conversion shall provide a breakdown in reasonable detail of the Principal Amount and accrued
interest being converted.On each Conversion Date (as hereinafter defined) and in accordance with its Notice of Conversion,
the Holder shall make the appropriate reduction to the Principal Amount and accrued interest as entered in its records. The later
of (A) the date specified by Holder in the notice of Conversion, or (B) the 31st day following the date on which a
Notice of Conversion is delivered or faxed to the Borrower in accordance with the provisions hereof, shall be deemed a “Conversion
Date”. A form of Notice of Conversion to be employed by the Holder is annexed hereto as Exhibit A.

 

                                                                  
ii.             Pursuant to the terms of a Notice of Conversion, the Borrower shall deliver to the Holder a certificate representing the Conversion
Shares within three (3) business days after the expiration of the period set forth in Section 4(b)(iii) below (the
“Delivery Date”). In the case of the exercise of the conversion rights set forth herein the conversion privilege
shall be deemed to have been exercised and the Conversion Shares issuable upon such conversion shall be deemed to have been issued
upon the Conversion Date (which date shall not be less than 30 days from the Notice of Conversion). On the date of conversion,
the Holder shall be treated for all purposes as the record holder of such Shares, unless the Holder provides the Borrower written
instructions to the contrary.

 

                                                                 
iii.             Upon the receipt of a Conversion Notice from Holder, the Borrower shall have fifteen (15) business days to redeem the Principal
Amount and accrued Interest specified in the Conversion Notice. If upon expiration of the period specified above, the Borrower
does not redeem the amount specified in the Conversion Notice, the Borrower shall deliver the Shares to the Holder as specified
herein.

 

(c)        Forced Conversion. If the Borrower completes a public offering of its Common Stock, then the Borrower shall have the right
to require the Holder to convert all, or any part, of this Note for Shares in accordance with this Section 4(c) and
the mechanics set forth in this Section 4 (the “Forced Conversion”) on the Forced Conversion Date
(as defined below). The Borrower may exercise its right to require a Forced Conversion by delivering a written notice thereof
by facsimile or overnight courier to Holder (the “Forced Conversion Notice” and the date the Holder received
such notice is referred to as the “Forced Conversion Notice Date”). The Forced Conversion Notice shall (x)
state the date on which the Forced Conversion shall occur (the “Forced Conversion Date”) which date shall not
be less than five (5) days nor more than twenty (20) days following the Forced Conversion Notice Date, and (y) state the aggregate
Conversion Amount of this Note which is being converted in such Forced Conversion from the Holder pursuant to this Section 4(c)
on the Forced Conversion Date. At any time prior to the Forced Conversion Date, the Conversion Amount subject to such Forced
Conversion may be converted, in whole or in part, by the Holder into Common Shares pursuant to Section 4(b). All such
Conversion Amounts converted by the Holder after the Forced Conversion Notice Date shall reduce the Conversion Amount of this
Note required to be converted on the Forced Conversion Date. In the event the average closing price of the Common Stock for the
five (5) Trading Days immediately preceding, but not including, the Maturity Date is equal to or greater than $4.00 (subject to
adjustment for stock splits, dividends, etc.), then on the Maturity Date, Holder must convert all remaining Principal due under
this Note.

    4

     

    

(d)        Fractional Shares. No fractional shares of Common Stock or scrip representing fractional shares of Common Stock shall be
delivered upon conversion of this Note. Instead of any fractional shares of Common Stock which otherwise would be delivered upon
conversion of this Note, the Company shall round up the number of Shares delivered to Holder to the nearest whole Share.

 

(e)        Surrender of Notes. Upon any redemption or conversion of the entire remaining Principal amount under this Note, the Holder
shall either deliver this Note by hand to the Borrower at its principal executive offices or surrender the same to the Borrower
at such address by nationally recognized overnight courier.

 

5.             Issuance of Replacement Note. Upon any partial conversion of this Note, a replacement Note containing the same date and
provisions of this Note shall, at the written request of the Holder, be issued by the Borrower to the Holder for the outstanding
Principal Amount of this Note and accrued Interest which shall not have been converted or paid.

 

6.             Events of Default. Upon the occurrence and continuance of an Event of Default beyond any applicable grace period, the Holder
may make all sums of Principal, Interest and other fees then remaining unpaid hereon and all other amounts payable hereunder immediately
due and payable. In the event of such an acceleration, the amount due and owing to the Holder shall be 100% of the outstanding
Principal amount of the Note (plus accrued and unpaid Interest and fees, if any) (the “Default Payment”). The
Default Payment shall be first applied to accrued and unpaid Interest due on the Note and then to outstanding Principal balance
of the Note.

 

The
occurrence of any of the following events is an “Event of Default”:

 

                                       (i)             Failure to Pay Principal, Interest or other Fees. The Borrower fails to pay when due any installment of Principal or Interest
hereon in accordance herewith, and such failure shall continue for a period of thirty (30) days following the date upon which
any such payment was due.

 

                                       (ii)            Receiver or Trustee. The
Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee
for it or for a substantial part of its property or business; or such a receiver or trustee shall otherwise be appointed.

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(iii)           Judgments. Any money judgment, writ or similar final process shall be entered or filed against the Borrower or its property
or other assets for more than $1,000,000, and shall remain unvacated, unbonded or unstayed for a period of thirty (30) days.

 

                                     
(iv)          Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any
bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower.

 

7.              Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder hereof in the exercise of any power, right
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

8.              Notices. Any notice herein required or permitted to be given shall be in ·writing and shall be deemed effectively
given: (a) upon personal delivery to the party notified, (b) when sent by confirmed facsimile if sent during normal business hours
of the recipient, if not, then on the next business day, (c) five days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications shall be sent to the Borrower at: Adamas One Corp.,
10645 N. Tatum Road, Phoenix, Arizona 85028, Legal@AdamasOne.com and to the Holder at the address and email address
set forth on the signature page of this Note, or at such other address as the Borrower or the Holder may designate by ten (10)
days advance written notice to the other parties hereto.

 

9.              Amendment Provision. The term “Note” and all reference thereto, as used throughout this instrument, shall mean
this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented, and any successor
instrument issued hereunder, as it may be amended or supplemented.

 

10.            Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit
of the Holder and its successors and assigns, and may not be assigned by the Borrower without the consent of the Holder.

 

11.            Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Nevada, without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of Nevada or in the federal courts located in the State of Nevada.
Both parties-agree to submit to the jurisdiction of such courts. The prevailing party shall be entitled to recover from the other
party its reasonable attorney’s fees and costs. In the event that any provision of this Note is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or unenforceability of any other provision of this Note. Nothing
contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the
Borrower in any other jurisdiction to collect on the Borrower’s obligations to

    6

     

    

12.            Construction. Each party acknowledges that its legal counsel participated in the preparation of this Note and, therefore,
stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in
the interpretation of this Note to favor any party against the other.

 

IN
WITNESS WHEREOF, the Borrower has caused this Note to be signed in its name effective as of this __day of May, 2019.

 

	 	ADAMS ONE CORP.
	 	 	 
	 	By:	/s/ Jay Grdina	 
	 	 	Jay Grdina, CEO/President

  

HOLDER:

NICHOLAS
VASSILAKOS

 

Address:         70
Davenport Ave                

       New
Rochelle, NY 10805        

  

Facsimile
Number: 516-352-2966                   

    7

     

    

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

(To
be executed by the Holder in order to convert all or part of the Note into Shares)

 

Adamas
One Corp.

10645
N. Tatum Road

Phoenix,
Arizona 85028

 

The
undersigned hereby converts $_______ of the principal due on [May ___, 2021] under the Convertible Term Note issued by Adamas
One Corp. dated May ___, 2019 by delivery of Shares in Adamas One Corp. on and subject to the conditions set forth in the Note.

 

		1.	Date
of Notice:                       _________________________

 

		2.	Date of
                                                                                                                                                               Conversion:             
                               _________
                                                                                                                                                               (must be at least 31 days From Date of Notice)

 

		3.	Conversion
Amount:             _________________________

 

		4.	Conversion
Price:                   _________________________

 

		5.	Shares
To Be Delivered:        _________________________

 

	 	By:	 	 
	 	 	 
	 	Name:	 	 
	 	 	 
	 	Title:	 	 

    A-1

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