Document:

Exhibit
10.20(e)

 

FIFTH
AMENDMENT TO CONSULTING AGREEMENT

 

This
Fifth Amendment to the Consulting Agreement dated June 3, 2021 and amended on March 30, 2022, April 25, 2022, May 16, 2022 and June
17, 2022 (the “Amendment”) is made and entered into as of July 19, 2022 and shall be effective as of July 16, 2022,
by and between Alchemy Advisory LLC, a Limited Liability Company organized under the laws of Puerto Rico (the
“Consultant”) and located at _________________________________________, and Adamas One Corp., a Nevada corporation
(the “Company”) and having its principal place of business at 411 University Ridge, Suite 110, Greenville, South
Carolina 29601. The Company and the Consultant are collectively referred to herein as the “Parties”.

 

RECITALS

 

A.
The Company currently engages the Consultant pursuant to the terms and conditions of that certain Consulting Agreement dated June 3,
2021 as amended on March 30, 2022, April 25, 2022, May 16, 2022 and June 17, 2022 (the “Consulting Agreement”).

 

B.
The Company and the Consultant desire to amend the Consulting Agreement to extend the term set forth therein and to modify the compensation
arrangement set forth therein, as provided in greater detail below.

 

NOW,
THEREFORE, in consideration of the mutual agreements and covenants hereinafter set forth and for other valuable consideration, the Company
and the Consultant hereby agree as follows:

 

AGREEMENT

 

1.
Definitions. Unless otherwise defined, capitalized terms used herein shall have the meanings assigned to them in the Consulting
Agreement.

 

2. Term.
Section 2 of the Consulting Agreement is hereby amended and restated in its entirety to read as follows:

 

“TERM.
Consultant’s engagement with the Company shall commence on the June 3, 2021 and shall continue until August 15, 2022.”

 

3. Compensation.
As a condition to the extension of the term of this Agreement, the Company shall issue to the Consultant, upon the signing by the
Company of this Agreement, 50,000 shares (“Shares”) of the Company’s restricted common stock, $0.001 par
value per share (“Common Stock”), as a consideration for the extension of this Consulting Agreement. All such
Shares shall be issued and delivered by the Company to the Consultant within five (5) business days after the date of the execution
of this Agreement by the Company. All of such Shares will be duly authorized, validly issued, fully paid and non-assessable and
without any lien of the Company. Should the Company fail to issue the Shares within such five (5) business days, the Company hereby
agrees to pay to the Consultant, as liquidated damages and not as a penalty, the cash sum of $1,000.00 per day for every day until
all of such Shares have been delivered to the Consultant. For all relevant purposes, the number of Shares to be issued and delivered
to the Consultant shall be appropriately adjusted to take into account any stock split, stock dividend, reverse stock split,
recapitalization, issuance of additional share (regardless of the purpose and regardless of the price) or similar change in the
Company’s common stock, which may occur between the date of the execution of this Amendment and closing date of the
Company’s initial public offering (“IPO”). For clarity, in the event the Company undertakes a reverse stock
split prior to the IPO, the Company agrees to issue additional shares so that the Consultant will have a total of 50,000 restricted
shares of Common Stock from this grant on the date immediately post-reverse stock split and on the date of the closing of the IPO.
However, notwithstanding the foregoing, the Consultant shall not receive shares of Common Stock that would cause it to be the
beneficial owner of more than 9.99% of the Company’s issued and outstanding shares of Common Stock on the date immediately
post-reverse stock split. Any such shares that exceed the 9.99% shall be held in trust for the Consultant by the Company and shall
thereafter be issued to the Consultant, immediately upon its request, at any time or from time to time, when such shares would not
cause the Consultant to be the owner of more than 9.99% of the Company’s issued and outstanding shares of Common Stock. For
avoidance of doubt, the total number of Shares granted to the Consultant by the Consulting Agreement, the first amendment to the
Consulting Agreement dated March 30, 2022, the second amendment to the Consulting Agreement dated April 25, 2022, the third
amendment to the Consulting Agreement dated May 16, 2022, the fourth amendment to the Consulting Agreement dated June 17, 2022, and
this Amendment to the Consulting Agreement is 250,000.

    1

     

    

4. Registration
of Shares. The Company hereby agrees that it will register all Shares issuable hereunder and previously issued to the
Consultant in the registration statement that it has filed confidentially with the U.S. Securities and Exchange Commission and that
it will file publicly hereafter for the Company’s IPO.

 

5. True-Ups.
All of the Shares to be issued to the Consultant hereunder shall be considered to be “Investor Registrable Securities”
under the Registration Rights Agreement dated May 24, 2021 and June 3, 2021 (“Registration Rights Agreement”) by
and between the Investor and the Company and shall have all of the rights that the other such Investor Registrable Securities have
in accordance therewith. In addition, for good and valuable consideration, the receipt of which is hereby acknowledged by the
Company, if the closing price of one share of the Common Stock issued under the Consulting Agreement as amended, 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 Company’s final prospectus, the Company agrees to issue to the Consultant, without further payment by
the Consultant, a number of shares of Common Stock (“Additional Shares”) equal to the following
formula:

 

	●       Step 1: X multiplied by CP = Y
	 
	●       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;

    2

     

    

	“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 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 transfer of such shares
being restricted thereunder.

 

6. Continuing
Force and Effect. Except as herein expressly amended, modified and/or supplemented, all terms, covenants and provisions of the
Consulting Agreement, the first amendment to the Consulting Agreement dated March 30, 2022, the second amendment to the Consulting
Agreement dated April 25, 2022, the third amendment to the Consulting Agreement dated May 16, 2022 and the fourth amendment to the
Consulting Agreement dated June 17, 2022 are and shall remain in full force and effect and all references therein to such Consulting
Agreement shall henceforth refer to the Consulting Agreement as amended by the first amendment to the Consulting Agreement dated
March 30, 2022, the second amendment to the Consulting Agreement dated April 25, 2022, the third amendment to the Consulting
Agreement dated May 16, 2022, the fourth amendment to the Consulting Agreement dated June 17, 2022, and this Amendment. This
Amendment shall be deemed incorporated into, and a part of, the Consulting Agreement.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

    3

     

    

IN
WITNESS WHEREOF, this Amendment has been made and entered into as of the date and year first above written.

 

	The
    Company	 	The
    Consultant	 
	 	 	 	 
	Adamas
    One Corp.	 	Alchemy
    Advisory LLC	 
	 	 	 	 
	a
    Nevada Corporation	 	a
    Puerto Rico Limited Liability Company	 
	 	 	 	 
	By:
    /s/ John Grdina	 	By:
    /s/ Dmitriy Shapiro	 
	John
    Grdina	 	Dmitriy
    Shapiro	 
	  Chief
    Executive Officer	 	  Founder	 

    4Exhibit 10.21

 

 

June
30, 2022

 

Saumen
Chakraborty 

Sumeru
Global Digital Technology Fund, LP

VIA
EMAIL

 

Dear
Mr. Chakraborty:

 

I
am writing this letter regarding the Series A Preferred Stock Purchase Agreement dated March 03, 2022 (the “Agreement”) by
and between Sumeru Global Digital Technology Fund, LP (“Sumeru”) and Adamas One Corp. (“Adamas”), pursuant to
which Sumeru agreed to purchase Series A Convertible Preferred Stock from Adamas (“Adamas Preferred Stock”).

 

As
you are aware, section 1.2(a) of that Agreement provides the following with regard to Adamas’s right to termination:

 

“The
initial tranche purchase and sale will be for 2,300,000 Shares for the total sum of Eleven Million Five Hundred Thousand ($11,500,000.00)
USD, to Purchaser. The initial tranche purchase and sale of the Shares shall take place remotely via the exchange of documents and signatures,
at Scottsdale, Arizona, 5:00 p.m., on or within 60 (sixty) days from the Execution Date or at such other time and place as the Company
and the Purchaser mutually agrees upon, orally or in writing (which time and place are designated as the “Initial Tranche Closing”).”

 

As
stated above, the Initial Tranche Closing of the purchase and sale of 2,300,000 Adamas Preferred Stock was to take place “on or
within 60 (sixty) days from the Execution Date.” The Initial Tranche Closing did not occur within 60 days of the Execution Date
of the Agreement. Therefore, Adamas has the right to terminate and cancel the Agreement and all related documents in accordance with
the terms provided therein.

 

Please
be advised that this letter serves as written notice that Adamas is hereby terminating the Agreement. As a result, the Agreement shall
be deemed void ab initio and of no further force and effect. Adamas does not in any way waive or release any remedies available
under the law, now or in the future.

 

Thank
you very much for your time, effort and consideration in support of this matter. Please do not hesitate to contact me in case you have
any additional comments or questions.

 

Sincerely,

 

/s/
Jay Grdina 

 

Jay
Grdina

CEO

Adamas
One Corp.

 

 

17767
N. Perimeter Drive, Suite B115, Scottsdale, AZ 85255

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