Document:

Exhibit
10.9(c)

 

ADAMAS
ONE CORP.

411
University Ridge, Suite 110

Greenville,
South Carolina 29601

 

CONFIDENTIAL

 

	May
    24, 2021
	 
	Target
    Capital 3 LLC
	 
	 

 

Re:
Issuance of Additional Shares

 

Dear
Sir or Madam:

 

This
letter agreement (this “Letter Agreement”) confirms the agreement between ADAMAS ONE CORP., a Nevada corporation (the
“Company”), and Target Capital 3 LLC, an Arizona limited liability company (the “Investor”), that
in connection with that certain Senior Secured Convertible Note Purchase Agreement by and between the Company and the Investor dated
May 24, 2021 (the “Note Purchase Agreement”), the Investor shall receive the rights set forth herein, subject to the
terms and conditions set forth herein. Each of the Company and the Investor is a “party” to this Letter Agreement,
and together, they are the “parties” hereto.

 

In
connection with the Note Purchase Agreement, the Investor is being issued: (i) the Company’s eight percent (8%) interest bearing
senior secured convertible promissory note maturing nine (9) months after the date of issue (the “Maturity Date”)
in the principal amount of $1,500,000 (the “Note”) that contains optional conversion rights permitting the Investor
to convert the outstanding principal and accrued interest on the Note into shares of the Company’s common stock, $0.001 par value
per share (“Common Stock”) at a price that reflects a 35% discount from the price paid by investors in any transaction
(“Conversion Price”) by the Company (the “Conversion Shares”), together with (ii) 50,000 transfer-restricted
shares of Common Stock (the “Incentive Shares”), and (iii) a three year warrant (“Warrant”) to
purchase Common Stock at an exercise price of 1.25 times the Conversion Price in an amount equal to fifty percent (50%) of the number
of shares received by the Investor from the conversion of the Note, which number of shares will increase to an amount equal to seventy
five percent (75%) of the number of shares received by the Investor from the conversion of the Note if either: (x) the Company has not
repaid the Note in full, or (y) the Company has not consummated an initial public offering of its Common Stock (the “IPO”)
pursuant to a registration statement declared effective by the Securities and Exchange Commission (“Registration Statement”)
by the Maturity Date (the “Warrant Shares”).

 

The
Company and the Investor have also entered into that Registration Rights Agreement dated May 24, 2021 (“Registration Rights
Agreement”) pursuant to which the Investor agreed to certain prohibitions on the sale of the Conversion Shares, Incentive Shares
and Warrant Shares following the Company’s IPO (the “Lock-Up”).

 

For
good and valuable consideration, the receipt of which is hereby acknowledged, if the closing price of one share of the Common Stock,
on its first day of trading on a national securities exchange immediately following the date upon which the Lock-Up expires, is below
the per share offering price in the said Registration Statement, the Company agrees to issue to the Investor, without further payment
by the Investor, a number of shares of Common Stock (“Additional Shares”) equal to the following formula:

 

Step
1: X multiplied by CP = Y

    Page 1 of 4 

     

    

Step
2: X multiplied by OP = W

 

Step
3: If W is equal to Y, there shall be no adjustment;

 

Step
4: If W is greater than Y, then W minus Y = Z

 

Step
5: Z divided by CP = A

 

Where:
“CP” is the actual closing price of the Common Stock on the first trading day after the Lock-Up expires;

 

“OP”
is the offering price of the Common Stock in the IPO;

 

“W”
is the product of the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares (if any) owned by the Investor on the
date that the Lock-Up expires multiplied by the offering price of the Common Stock in the IPO;

 

“X”
is the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares (if any) owned by the Investor on the date that the
Lock-Up expires;

 

“Y”
is the product of the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares (if any) owned by the Investor on the
date that the Lock-Up expires multiplied by the actual closing price of the Common Stock on the first trading day after the Lock-Up expires;

 

“Z”
is the result of the difference between (i) product of the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares
(if any) owned by the Investor on the date that the Lock-Up expires multiplied by the offering price of the Common Stock in the IPO and
(ii) the product of the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares (if any) owned by the Investor on the
date that the Lock-Up expires multiplied by the actual closing price of the Common Stock on the first trading day after the Lock-Up expires;

 

“A”
represents the number of shares to be issued to the Investor by the Company if the closing price of the Common Stock on the first trading
day after the Lock-Up expires is less than the offering price.

 

So,
for example, if X = 100,000 shares; CP = $4.25 and OP = $5.00, then:

 

Step
1: 100,000 multiplied by $4.25 = $425,000;

 

Step
2: 100,000 multiplied by $5.00 = $500,000;

 

Step
3: $500,000 minus $425,000 = $75,000;

 

Step
4: $75,000 divided by $4.25 = 17,647.06;

 

Proof:
100,000 + 17,647.06 = 117,647.06 total shares multiplied by $4.25 = $500,000.

 

The
Company shall be obligated to deliver the non-registered Additional Shares of Common Stock within ten (10) business days after the expiration
date of the Lock-Up, which shares shall be duly authorized, validly issued and non-assessable and shall contain a legend stating that
they were issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities
Act”), the transfer of such shares being restricted thereunder.

    Page 2 of 4 

     

    

The
parties agree that the Additional Shares shall be Investor Registrable Securities under the Registration Rights Agreement dated May
24, 2021 by and between the Company and the Investor (“Registration Rights Agreement”) and shall have all of the
rights that the other such Investor Registrable Securities have in accordance therewith. In addition, at any time: (i) on or after
the expiration Lock-Up, and (ii) upon the issuance of the Additional Shares, the Investor may request in writing that the Company
file a registration statement with respect to all or part of such Additional Shares under the Securities Act on Form S-1 or any
similar long-form registration or on Form S-3 or any similar short-form registration if available (such requested registration, a
“Demand Registration”). Such request for a Demand Registration must specify the approximate number or dollar value
of Additional Shares requested to be registered by the Investor and (if known) the intended method of distribution. The Investor
will be entitled to select the placement agent or underwriter for the Demand Registration and the Company will pay all expenses of
such registration. Sections 3 (Registration Procedures), 5 (Indemnification and Contribution) and 8 (General Provisions) of that
Registration Rights shall apply to the Demand Registration as the context may require. The Company may postpone, for up to 90 days
from the date of the request (the “Suspension Period”), the filing or the effectiveness of a registration statement
for the Demand Registration by providing written notice to the Investor if the Company determines that the offer or sale of the
Additional Shares would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any
Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material
merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company and upon
advice of counsel, the sale of the Additional Shares pursuant to the registration statement would require disclosure of material
non-public information not otherwise required to be disclosed under applicable law, and (x) the Company has a bona fide business
purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company
or the Company’s ability to consummate such transaction, or (z) such transaction renders the Company unable to comply with the
requirements of the Securities and Exchange Commission, in each case under circumstances that would make it impractical or
inadvisable to cause the registration statement (or such filings) to become effective or to promptly amend or supplement the
registration statement on a post-effective basis, as applicable. The Company may delay or suspend the effectiveness of the Demand
Registration pursuant to this paragraph only once in any twelve (12)-month period. In addition, the Company need not comply with a
request for the Demand Registration if the Investor can include the Additional Shares in a piggyback registration statement that the
Company intends to file within thirty (30) days after receipt of the request for a Demand Registration, provided however, if the
piggyback registration statement is not filed within forty five (45) days after receipt of the request for a Demand Registration,
the Company shall proceed with the Demand Registration.

 

All
references to numbers of Incentive Shares, Conversion Shares and Warrant Shares in this Letter Agreement shall be appropriately adjusted
to reflect any stock dividend, split, combination or other recapitalization or similar transaction affecting the Common Stock occurring
after the date of this Letter Agreement.

 

This
Letter Agreement and any and all matters arising directly or indirectly herefrom, or relating directly or indirectly hereto, shall be
governed by, construed and enforced in accordance with the internal laws of the State of New York applicable to agreements made and to
be performed entirely in such state, without giving effect to the conflict or choice of law principles thereof. To the extent not prohibited
by applicable law that cannot be waived, each party hereto waives, and covenants that such party will not assert (whether as plaintiff,
defendant or otherwise), any right to trial by jury in any forum in respect of any issue, claim or proceeding arising out of this agreement
or the subject matter hereof or in any way connected with the dealings of any party hereto in connection with any of the above, in each
case whether now existing or hereafter arising and whether in contract, tort or otherwise.

    Page 3 of 4 

     

    

This
Letter Agreement may be executed in two or more counterparts, including by facsimile signature, each of which shall be deemed an original
and all of which together shall constitute one instrument.

 

This
Letter Agreement constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof,
and any other written or oral agreements relating to the subject matter hereof existing between the parties are expressly canceled. This
Letter Agreement can only be amended with the written consent of the Investor and the Company.

 

This
Letter Agreement is limited by its terms and does not and shall not serve to amend or waive any provision of the Note Purchase Agreement
or Registration Rights Agreement except as expressly provided for herein. Except to the extent expressly modified by this Letter Agreement,
all of the provisions of the Note Purchase Agreement and Registration Rights Agreement shall remain in full force and effect, without
modification or amendment and are ratified in all respects.

 

This
Letter Agreement is solely for the benefit of the parties hereto, and is not assignable by any party without the prior written consent
of the other party.

 

The
rights described in this Letter Agreement shall terminate and be of no further force or effect on the date that the Company issues the
Additional Shares to the Investor.

 

	 	Very
    truly yours,	 
	 	 	 	 
	 	ADAMAS
    ONE CORP.	 
	 	 	 	 
	 	By:	 /s/ John
    Grdina	 
	 	 	John
    Grdina	 
	 	 	Chief
    Executive Officer	 

 

	Agreed
    and accepted:
	 	 
	TARGET
    CAPITAL3 LLC
	 	 
	By:	/s/ Dmitriy
    Shapiro
	 	 	 	 
	Name:	Dmitriy
    Shapiro
	 	 
	Title:	Manager
	 	 
	Dated:
May 25, 2021

Page 4 of 4Exhibit 10.9(d)

 

ADAMAS
ONE CORP. 

411
University Ridge, Suite 110 

Greenville,
South Carolina 29601

 

CONFIDENTIAL

 

	June
    03, 2021
	 
	Target
    Capital 3 LLC
	 
	 

 

Re:
Issuance of Additional Shares

 

Dear
Sir or Madam:

 

This
letter agreement (this “Letter Agreement”) confirms the agreement between ADAMAS ONE CORP., a Nevada corporation (the
“Company”), and Target Capital 3 LLC, a Arizona limited liability company (the “Investor”), that
in connection with that certain Senior Secured Convertible Note Purchase Agreement by and between the Company and the Investor dated
June 03, 2021 (the “Note Purchase Agreement”), the Investor shall receive the rights set forth herein, subject to
the terms and conditions set forth herein. Each of the Company and the Investor is a “party” to this Letter Agreement,
and together, they are the “parties” hereto.

 

In
connection with the Note Purchase Agreement, the Investor is being issued: (i) the Company’s eight percent (8%) interest bearing
senior secured convertible promissory note maturing nine (9) months after the date of issue (the “Maturity Date”)
in the principal amount of $1,100,000 (the “Note”) that contains optional conversion rights permitting the Investor
to convert the outstanding principal and accrued interest on the Note into shares of the Company’s common stock, $0.001 par value
per share (“Common Stock”) at a price that reflects a 35% discount from the price paid by investors in any transaction
(“Conversion Price”) by the Company (the “Conversion Shares”), together with (ii) 36,667 transfer-restricted
shares of Common Stock (the “Incentive Shares”), and (iii) a three year warrant (“Warrant”) to
purchase Common Stock at an exercise price of 1.25 times the Conversion Price in an amount equal to fifty percent (50%) of the number
of shares received by the Investor from the conversion of the Note, which number of shares will increase to an amount equal to seventy
five percent (75%) of the number of shares received by the Investor from the conversion of the Note if either: (x) the Company has not
repaid the Note in full, or (y) the Company has not consummated an initial public offering of its Common Stock (the “IPO”)
pursuant to a registration statement declared effective by the Securities and Exchange Commission (“Registration Statement”)
by the Maturity Date (the “Warrant Shares”).

 

The
Company and the Investor have also entered into that Registration Rights Agreement dated June 03, 2021 (“Registration Rights
Agreement”) pursuant to which the Investor agreed to certain prohibitions on the sale of the Conversion Shares, Incentive Shares
and Warrant Shares following the Company’s IPO (the “Lock-Up”).

 

For
good and valuable consideration, the receipt of which is hereby acknowledged, if the closing price of one share of the Common Stock,
on its first day of trading on a national securities exchange immediately following the date upon which the Lock-Up expires, is below
the per share offering price in the said Registration Statement, the Company agrees to issue to the Investor, without further payment
by the Investor, a number of shares of Common Stock (“Additional Shares”) equal to the following formula:

 

Step
1: X multiplied by CP = Y 

    Page 1 of 4

     

    

Step
2: X multiplied by OP = W

 

Step
3: If W is equal to Y, there shall be no adjustment;

 

Step
4: If W is greater than Y, then W minus Y = Z

 

Step
5: Z divided by CP = A

 

Where:
“CP” is the actual closing price of the Common Stock on the first trading day after the Lock-Up expires;

 

“OP”
is the offering price of the Common Stock in the IPO and on the first trading day after the Lock-Up expires;

 

“W”
is the product of the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares (if any) owned by the Investor on the
date that the Lock-Up expires multiplied by the offering price of the Common Stock in the IPO and on the first trading day after the
Lock-Up expires;

 

“X”
is the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares (if any) owned by the Investor on the date that the
Lock-Up expires;

 

“Y”
is the product of the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares (if any) owned by the Investor on the
date that the Lock-Up expires multiplied by the actual closing price of the Common Stock on the first trading day after the Lock-Up expires;

 

“Z”
is the result of the difference between (i) product of the number of Incentive Shares, Conversion Shares (if any) and Warrant Shares
(if any) owned by the Investor on the date that the Lock-Up expires multiplied by the offering price of the Common Stock in the IPO and
on the first trading day after the Lock-Up expires and (ii) the product of the number of Incentive Shares, Conversion Shares (if any)
and Warrant Shares (if any) owned by the Investor on the date that the Lock-Up expires multiplied by the actual closing price of the
Common Stock on the first trading day after the Lock-Up expires;

 

“A”
represents the number of shares to be issued to the Investor by the Company if the closing price of the Common Stock on the first trading
day after the Lock-Up expires is less than the offering price.

 

So,
for example, if X = 100,000 shares; CP = $4.25 and OP = $5.00, then:

 

Step
1: 100,000 multiplied by $4.25 = $425,000;

 

Step
2: 100,000 multiplied by $5.00 = $500,000;

 

Step
3: $500,000 minus $425,000 = $75,000;

 

Step
4: $75,000 divided by $4.25 = 17,647.06;

 

Proof:
100,000 + 17,647.06 = 117,647.06 total shares multiplied by $4.25 = $500,000.

 

The
Company shall be obligated to deliver the non-registered Additional Shares of Common Stock within ten (10) business days after the expiration
date of the Lock-Up, which shares shall be duly authorized, validly issued and non-assessable and shall contain a legend stating that
they were issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities
Act”), the transfer of such shares being restricted thereunder.

    Page 2 of 4

     

    

The
parties agree that the Additional Shares shall be Investor Registrable Securities under the Registration Rights Agreement dated June
03, 2021 by and between the Company and the Investor (“Registration Rights Agreement”) and shall have all of the rights
that the other such Investor Registrable Securities have in accordance therewith. In addition, at any time: (i) on or after the expiration
Lock-Up, and (ii) upon the issuance of the Additional Shares, the Investor may request in writing that the Company file a registration
statement with respect to all or part of such Additional Shares under the Securities Act on Form S-1 or any similar long-form registration
or on Form S-3 or any similar short-form registration if available (any such requested registration, a “Demand Registration”).
Each request for a Demand Registration must specify the approximate number or dollar value of Additional Shares requested to be registered
by the Investor and (if known) the intended method of distribution. The Investor will be entitled to select the placement agent or underwriter
for the Demand Registration and to request: (a) up to four (4) Demand Registrations in which the Company will pay all expenses of such
registration, and (b) an unlimited number of Demand Registrations in which the Investor will pay all Registration Expenses, in each case,
whether or not any such registration is consummated. Sections 3 (Registration Procedures), 5 (Indemnification and Contribution) and 8
(General Provisions) of that Registration Rights shall apply to any Demand Registration as the context may require. The Company may postpone,
for up to 90 days from the date of the request (the “Suspension Period”), the filing or the effectiveness of a registration
statement for a Demand Registration by providing written notice to the Investor if the Company determines that the offer or sale of the
Additional Shares would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary
to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation,
tender offer, recapitalization, reorganization, financing or other transaction involving the Company and upon advice of counsel, the
sale of the Additional Shares pursuant to the registration statement would require disclosure of material non-public information not
otherwise required to be disclosed under applicable law, and (x) the Company has a bona fide business purpose for preserving the
confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability
to consummate such transaction, or (z) such transaction renders the Company unable to comply with the requirements of the Securities
and Exchange Commission, in each case under circumstances that would make it impractical or inadvisable to cause the registration statement
(or such filings) to become effective or to promptly amend or supplement the registration statement on a post-effective basis, as applicable.
The Company may delay or suspend the effectiveness of a Demand Registration pursuant to this paragraph only once in any twelve (12)-month
period. In addition, the Company need not comply with a request for a Demand Registration if the Investor can include the Additional
Shares in a piggyback registration statement that the Company intends to file within thirty (30) days after receipt of the request for
a Demand Registration, provided however, if the piggyback registration statement is not filed within forty five (45) days after receipt
of the request for a Demand Registration, the Company shall proceed with the Demand Registration.

 

All
references to numbers of Incentive Shares, Conversion Shares and Warrant Shares in this Letter Agreement shall be appropriately adjusted
to reflect any stock dividend, split, combination or other recapitalization or similar transaction affecting the Common Stock occurring
after the date of this Letter Agreement.

 

This
Letter Agreement and any and all matters arising directly or indirectly herefrom, or relating directly or indirectly hereto, shall be
governed by, construed and enforced in accordance with the internal laws of the State of New York applicable to agreements made and to
be performed entirely in such state, without giving effect to the conflict or choice of law principles thereof. To the extent not prohibited
by applicable law that cannot be waived, each party hereto waives, and covenants that such party will not assert (whether as plaintiff,
defendant or otherwise), any right to trial by jury in any forum in respect of any issue, claim or proceeding arising out of this agreement
or the subject matter hereof or in any way connected with the dealings of any party hereto in connection with any of the above, in each
case whether now existing or hereafter arising and whether in contract, tort or otherwise. 

    Page 3 of 4

     

    

This
Letter Agreement may be executed in two or more counterparts, including by facsimile signature, each of which shall be deemed an original
and all of which together shall constitute one instrument.

 

This
Letter Agreement constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof,
and any other written or oral agreements relating to the subject matter hereof existing between the parties are expressly canceled. This
Letter Agreement can only be amended with the written consent of the Investor and the Company.

 

This
Letter Agreement is limited by its terms and does not and shall not serve to amend or waive any provision of the Note Purchase Agreement
or Registration Rights Agreement except as expressly provided for herein. Except to the extent expressly modified by this Letter Agreement,
all of the provisions of the Note Purchase Agreement and Registration Rights Agreement shall remain in full force and effect, without
modification or amendment and are ratified in all respects.

 

This
Letter Agreement is solely for the benefit of the parties hereto, and is not assignable by any party without the prior written consent
of the other party.

 

The
rights described in this Letter Agreement shall terminate and be of no further force or effect on the date that the Company issues the
Additional Shares to the Investor.

 

	 	Very
    truly yours,	 
	 	 	 	 
	 	ADAMAS
    ONE CORP.	 
	 	 	 	 
	 	By:	 /s/ John
    Grdina	 
	 	 	John
    Grdina	 
	 	 	Chief
    Executive Officer	 

  

	Agreed
    and accepted:
	 	 
	TARGET
    CAPITAL3 LLC
	 	 
	By:	/s/
    Dmitriy Shapiro
	 	 	 	 
	Name:	Dmitriy
    Shapiro
	 	 
	Title:	Manager
	 	 
	Dated:
    June 03, 2021

    Page 4 of 4

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