Document:

Exhibit 10.10

 

SECURED PROMISSORY NOTE

 

	 	Date of Issuance
	 	 
	US $250,000.00	December 22, 2021

 

 

FOR VALUE RECEIVED, ADAMAS
ONE CORP., a Nevada corporation (the “Borrower”), hereby, unconditionally promise to pay to the order of LUCY Z, LLC,
a limited liability company organized under the laws of the State of Delaware (the “Lender”), the principal sum of
TWO HUNDRED FIFTY THOUSAND UNITED STATES DOLLARS (US $250,000,000) (the “Principal”) pursuant to the terms of this
secured promissory note (this “Note”), together with interest at the rate hereinafter provided.

 

		1.	Definitions. The following terms used
                                            herein, shall have the following meanings:

 

“Default Rate” shall have the meaning
set forth in Section 2.

 

“Effective Date” means December
22, 2021.

 

“Governmental Authority”
means, with respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar
monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory, or administrative
functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

 

“Indebtedness”,
as applied to any Person, means (i) all indebtedness for borrowed money, (ii) all indebtedness evidenced by bonds, debentures, notes
or other similar instruments, (iii) that portion of obligations with respect to capital leases that is properly classified as a liability
on a balance sheet, (iv) notes payable and drafts accepted representing extensions of credit whether or not representing obligations
for borrowed money, (v) any obligation owed for all or any part of the deferred purchase price of property or services, (vi) all non-contingent
obligations of such Person to reimburse any bank or other Person in respect of amounts paid under a letter of credit, banker’s
acceptance or similar instrument, (vii) all indebtedness of the kind referred in clauses (i) through (vi) above secured by any lien on
any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by
that Person or is nonrecourse to the credit of that Person and (viii) all Indebtedness of others guaranteed by such Person.

 

“Interest Rate” shall have the
meaning set forth in Section 2.

 

“Maturity Date” means the earlier
to occur of (i) the date thirty days (30) after the Effective Date, and (ii) the Adamas’s consummation of the Sumeru financing
transaction.

  

“Permitted Encumbrances”
means the following types of liens:

 

(i)                
Liens for taxes, assessments or governmental charges or claims the payment of which is not, at the time, required by Section
6.2;

 

(ii)              
deposits in the ordinary course of business securing insurance premiums or reimbursement obligations under insurance policies;

 

(iii)             Liens
(a) in favor of a banking institution arising as a matter of law encumbering deposits at such institution (including the right of
set-off) and which are within the general parameters customary in the banking industry, (b) that are contractual rights of set-off
relating to pooled deposit or sweep accounts of a Loan Party to permit satisfaction of overdraft or similar obligations incurred in
the ordinary course of business of a Loan Party or (c) that are contractual rights of set-off relating to purchase orders and other
agreements entered into with customers of a Loan Party in the ordinary course of business; and

 

     

     

    

 

(iv)             
Deposits of cash with the owner or lessor of premises leased and operated by the Loan Parties the ordinary course of business
to secure the performance of the Loan Party’s obligations under the terms of the lease for such premises.

 

“Person” means
an individual, corporation (including a business trust or a limited liability company), partnership, joint venture, association, joint
stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision
thereof, including the Lender or any Loan Party.

 

“Sumeru Financing Transaction”
means the Series A Preferred Share Purchase Agreement, dated as of the date hereof, by and among Sumeru Digital Global Technology Fund,
L.P., and Adamas.

 

2.             
Interest. Except as otherwise provided herein, the outstanding Principal balance of this Note shall bear interest at a
fixed rate of 10% per annum (the “Interest Rate”) until paid in full, whether at maturity, upon acceleration, by prepayment
or otherwise. At the option of the Lender, if any amount payable hereunder is not paid when due (without regard to any applicable grace
periods), whether at stated maturity, by acceleration, or otherwise, or at any time following the occurrence of an Event of Default (as
hereinafter defined) the outstanding balance of this Note shall bear interest at the Interest Rate plus 12% per annum (the “Default
Rate”) from date of such non-payment or Event of Default until payment in full (whether before or after judgment has been rendered
with respect hereto), which amounts shall each become an additional part of the unpaid balance or, if elected by the Lender paid in cash,
upon demand. Interest on the outstanding Principal balance of this Note shall be due and payable in the arrears on the first business
day of each fiscal quarter and on the Maturity Date (as defined below). All computations of interest shall be made on the basis of 360
days and the actual number of days elapsed.

 

		3.	Repayment.

 

3.1              
Payments and Maturity Date. The entire outstanding Principal balance of this Note, together with all accrued and unpaid
interest thereon and all other amounts due and payable hereunder, shall be due and payable in full on the Maturity Date.

 

3.2              
Prepayment. This Note may be prepaid in whole or in part without the prior written consent of the Lender.

 

3.3              
Form of Payment – Cash. All payments will be made in lawful money of the United States of America by wire transfer
of immediately available funds at the principal office of the Lender, or at such other place as the Lender may from time to time designate
in writing to Borrower.

 

3.4              
Application of Payments. All payments hereunder will be credited first to the payment of the principal amount outstanding
under this Note, second to accrued interest due and payable.

 

3.5              
Evidence of Debt. The Lender will enter an appropriate notation on its books and records evidencing each repayment on account
of the principal, and the amount of interest paid and/or capitalized. Borrower agrees that, in the absence of manifest error, the books
and records of the Lender shall constitute prima facie evidence of the amount owing to the Lender pursuant to this Note.

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3.6              
 Rescission of Payments. If at any time any payment made by Borrower under this Note is rescinded or must otherwise be restored
or returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, Borrower’s obligation to make such payment
shall be reinstated as though such payment had not been made.

 

		4.	Security.

 

4.1             
Perfection and Further Assurances. If any amount of the outstanding Principal under this Note, any accrued and unpaid
interest hereunder or any other amounts due and payable hereunder, remains unpaid and outstanding on and after the Maturity Date, each
Loan Party agrees that upon request by the Lender and from time to time thereafter, at the expense of such Loan Party, such Loan Party
will promptly execute and deliver all further instruments and documents, obtain such agreements from third parties, and take all further
action, that may be necessary or desirable, or that the Lender may request, in order to create and/or maintain the validity, perfection
or priority of and protect any security interest granted or purported to be granted hereby or to enable the Lender to exercise and enforce
its rights and remedies hereunder or under any other agreement. Each Loan Party hereby irrevocably constitutes and appoints the Lender
and any officer or agent of the Lender, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of such Loan Party or in the Lender’s own name, from time to time in the Lender’s
discretion, for the limited purpose of carrying out the terms of Section 4.1, to take any and all reasonable and appropriate action
and to execute any and all documents and instruments which may be reasonably necessary to accomplish the purposes of Section 4.1.
This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in accordance with
its terms.

 

5.             
Representations and Warranties of the Loan Parties. In connection with the transactions contemplated by this Note, each
Loan Party hereby represents and warrants to the Lender, as follows:

 

5.1              
Due Organization; Qualification and Good Standing. Each Loan Party is a company duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization and has all requisite power and authority to carry on its business
as now conducted, to execute and deliver this Note, and to perform its obligations hereunder. Each Loan Party is duly qualified to transact
business and is in good standing in each jurisdiction necessary for the conduct of business of such Loan Party as presently conducted
and as proposed to be conducted after the date of this Note.

 

5.2              
Authorization and Enforceability. All corporate or other action has been taken on the part of each Loan Party and its officers,
directors, managers, members and stockholders necessary for the authorization, execution and delivery of this Note and consummation of
all of the transactions contemplated hereby. Each Loan Party has duly executed and delivered this Note, and this Note is a valid, legal
and binding obligation of each such Loan Party, enforceable in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

5.3              
No Consents. No material action, consent or approval of, registration or filing with or any other action by any Governmental
Authority is or will be required in connection with the execution, delivery and performance of this Note, except for such as have been
made or obtained and are in full force and effect.

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5.4              
 Solvency. Immediately after giving effect to the making of this Note on the Effective Date, each of the Loan Parties are
solvent. No corporate action, legal proceeding, other procedure, or step in respect of any insolvency, bankruptcy or reorganization of
the Loan Parties has been taken by or against any Loan Party.

 

5.5              
Litigation. There are no actions, suits or proceedings at law or in equity or by or before any Governmental Authority now
pending or, to the knowledge of the Loan Parties, threatened in writing against or affecting any Loan Party, or any business, property
or rights of any such Person (i) that involve this Note or (ii) that if adversely determined would, individually or in the aggregate,
have a material adverse effect upon the business, assets or financial condition of the Loan Parties, or upon the ability of any Loan
Party to perform its obligations under this Note (a “Material Adverse Effect”).

 

5.6              
Title to Properties. Each Loan Party has good and marketable title to, or valid leasehold interests in all its properties
and assets that are material to its business. The interests of each Loan Party in such properties and assets are free and clear of liens,
other than liens permitted hereunder. Each Loan Party is the sole legal and beneficial owner of the respective assets over which it purports
to grant a lien pursuant to this Note, subject to only liens permitted hereunder.

 

		6.	Covenants.

 

6.1              
Compliance with Laws. Each of the Loan Parties shall comply, and shall cause each of its subsidiaries to comply, with the
requirements of all applicable laws, except where a failure to comply would not reasonably be expected to result in, individually or
in the aggregate, a Material Adverse Effect.

 

6.2              
Use of Proceeds. Borrower shall use the proceeds of the Loans advanced under this Note solely (i) to pay legal expenses
owed by Adamas to Greenberg Traurig, LLP in the amount of $250,000.00.

 

		7.	Events of Default; Acceleration.
                                            Each of the following shall constitute an “Event of Default”:

 

7.1              
The failure of Borrower to pay to the Lender as and when due and payable any and all amounts payable by Borrower to the Lender
under the provisions of this Note; or

 

7.2              
The failure of any
Loan Party to perform or satisfy any covenant in this Note; or

  

7.3              
Any representation or warranty made by the Loan Parties to the Lender herein is incorrect in any material respect on the date
as of which such representation or warranty was made; or

 

7.4              
Any Loan Party or any of its subsidiaries takes any of the following actions: (i) sells, assigns, conveys, leases or otherwise
disposes of all or a material portion of its assets, except for the replacement of a capital asset with a capital asset of equal or greater
value; (ii) dissolves, liquidates or otherwise ceases to do business; (iii) merges or consolidates with any entity; or (iv) engages in
any action or series of actions that result in a change in Control of such Loan Party or subsidiary, as applicable (other than the consummation
of the transactions contemplated by the Second Purchase Agreement or any other sale to any affiliate of Lender). As used herein, “Control”
shall mean, with respect to any person or entity, the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of another person or entity, whether through the ownership or voting securities, by contract, or otherwise;
or

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7.5              
 Any Loan Party commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency,
reorganization or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it
as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other
relief with respect to it or its debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official
for it or for all or any substantial part of its assets, or any Loan Party makes a general assignment for the benefit of its creditors;
or

 

7.6              
Any Loan Party is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due;
or

 

7.7              
Upon the occurrence of an Event of Default, upon notice and demand from the Lender, the Lender may, at its option, declare the
unpaid balance on this Note at once due and payable, pursue any and all other rights, remedies and recourses available to the Lender,
or pursue any combination of the foregoing, all remedies hereunder being cumulative, and not exclusive, of any other rights, remedies
or recourses the Lender may have at law or equity. Failure by the Lender to exercise this option shall not constitute a waiver of the
right to exercise the same in the event of any subsequent default. Additionally, upon an Event of Default, Borrower shall pay the Lender
default interest at the Default Rate in accordance with Section 2 of this Note.

 

		8.	Guaranty.

 

8.1              
The Guarantor hereby unconditionally and irrevocably guaranties to the Lender the full and prompt payment when due, of all payment
obligations under this Note. The Guarantor agrees that this Note is a present and continuing guaranty of payment and not of collection,
and that the Lender shall not be required to prosecute collection, enforcement or other remedies against any Loan Party or any other
guarantor of the obligations, or to enforce or resort to any collateral for the repayment of the obligations or other rights or remedies
pertaining thereto, before calling on the Guarantor for payment. The Guarantor agrees that if for any reason Borrower shall fail or be
unable to pay, punctually and fully, any of the payment obligations, the Guarantor shall pay such obligations to the Lender promptly
upon demand. The Guarantor agrees that one or more successive actions may be brought against the Guarantor, as often as the Lender deems
advisable, until all of the payment obligations are irrevocably paid and performed in full. The Guarantor’s obligations under this
Note shall terminate when all of the payment obligations are irrevocably paid and performed in full.

 

8.2              
Each Guarantor agrees that the obligations of such Guarantor set forth in this Note shall be primary obligations, shall not be
subject to any shall not be subject to any counterclaim, set-off, abatement, deferment or defense based upon any claim that the Guarantors
may have against the Lender, any Lender, Borrower, any other guarantor of the obligations or any other person or entity, and shall remain
in full force and effect without regard to, and shall not be released, discharged or affected in any way by, any circumstance or condition
(whether or not the Pledgor shall have any knowledge thereof), including without limitation:

 

		(a)	Any lack of validity or enforceability
                                            of this Note

 

(b)               
Any furnishing, exchange, substitution or release of any collateral securing repayment of any of the obligations, or any failure
to perfect any lien in such collateral;

 

(c)               
Any failure, omission or delay on the part of the Guarantor, any other guarantor of the obligations or the Lender to conform or
comply with any term of this Note or any failure of Lender to give notice of any Event of Default hereunder;

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(d)               
 Any waiver or extension of time of payment or performance or observance of any of the obligations or agreements contained in
this Note;

 

(e)               
Any action or inaction by the Lender, any failure, lack of diligence, omission or delay on the part of the Lender to enforce,
assert or exercise any right, power or remedy conferred to the Lender in this Note, or any other action or inaction on the part of the
Lender;

 

(f)                
Any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment for the benefit of
creditors, composition, receivership, liquidation, marshalling of assets and liabilities or similar events or proceedings with respect
to any Loan Party, the Guarantor or any other guarantor of the obligations, as applicable, or any of their respective property or creditors,
or any action taken by any trustee or receiver or by any court in any such proceeding;

 

(g)               
Any merger or consolidation of any Loan Party into or with any entity, or any sale, lease or transfer of any of the assets of
any Loan Party, the Guarantor or any other guarantor of the obligations to any other person or entity;

 

(h)               
Any change in the ownership of any Loan Party or any change in the relationship between any Loan Party, the Guarantor or any other
guarantor of the obligations, or any termination of any such relationship;

 

(i)                
Any release or discharge by operation of law of any Loan Party or any other guarantor of the obligations from any obligation or
agreement contained in this Note; or

 

(j)                
Any other occurrence, circumstance, happening or event, whether similar or dissimilar to the foregoing and whether foreseen or
unforeseen, which otherwise might constitute a legal or equitable defense or discharge of the liabilities of a guarantor or surety or
which otherwise might limit recourse against Borrower or the Guarantor.

 

		9.	Miscellaneous.

 

9.1              
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Note will inure to the benefit
of, and be binding upon, the respective successors and assigns of the parties; provided, however, that no Loan Party may assign its obligations
under this Note without the prior written consent of the Lender. This Note is for the sole benefit of the parties hereto and their respective
successors and permitted assigns, and nothing herein, express or implied, is intended to or will confer upon any other person or entity
any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Note.

 

9.2              
Choice of Law. This Note, and all matters arising out of or relating to this Note, whether sounding in contract, tort,
or statute, will be governed by and construed in accordance with the internal laws of the State of Arizona, without giving effect to
the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of
any jurisdiction other than those of the State of Arizona.

 

9.3              
Binding Arbitration. Any action, dispute or controversy arising under or in connection with this Note shall be referred
to and finally resolved by arbitration administered by the Singapore International Arbitration Centre in accordance with the Arbitration
Rules of the Singapore International Arbitration Centre in force when the notice of arbitration is submitted (the “Rules”).
Such arbitration shall be conducted by three (3) arbitrators appointed in accordance with the Rules (the “Arbitral Tribunal”),
the Borrower and the Lender nominating one (1) arbitrator and the two (2) party-appointed arbitrators nominating the chairperson. The
place of arbitration shall be in Irvine, California. The arbitration shall be the sole and exclusive forum for resolution of any such
action, dispute or controversy, and the award rendered shall be final and binding. The award rendered may be entered in any court having
jurisdiction thereof. The procedures for arbitration pursuant to this Section 9.3 shall be as follows:

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(a)               
The arbitration shall be conducted in the English language and any non- English-language documents presented to the Arbitral Tribunal
at such arbitration shall be accompanied by a certified English translation thereof.

 

(b)               
Any award of the Arbitral Tribunal: (i) shall be in writing; and (ii) shall state the reasons upon which such award is based.

 

(c)               
Prior to the appointment of the Arbitral Tribunal, the Loan Parties and the Lender may seek appointment of an emergency arbitrator
pursuant to the Rules or may apply to any court having jurisdiction hereof and seek injunctive relief in order to maintain the status
quo until such time as the arbitration award is rendered or the action, dispute or controversy is otherwise resolved. After the appointment
of the Arbitral Tribunal, the Loan Parties and the Lender may make an application to the Arbitral Tribunal seeking injunctive relief
to maintain the status quo until such time as the arbitration award is rendered or the action, dispute or controversy is otherwise resolved.

 

(d)               
Notwithstanding the foregoing, in addition to the right of the parties hereto to arbitrate actions, disputes and controversies
pursuant to this Section 6.3, the Arbitral Tribunal shall have the power to (i) enter an award or order of specific performance to enforce
the observance and performance of such covenant or agreement and (ii) grant an injunction restraining such breach or threatened breach.
The non-breaching party shall not be required to provide any bond or other security in connection with any such award, order or injunction
or in connection with any arbitration or related action or proceeding. Any arbitration awards, whether preliminary or final, shall be
enforceable in a court of competent jurisdiction. Notwithstanding the Rules, the fees and costs of the Arbitral Tribunal shall be borne
by the parties in inverse proportion as they prevail on matters resolved by the Arbitral Tribunal, which proportional allocations also
shall be determined by the Arbitral Tribunal.

 

9.4              
Counterparts. This Note may be executed in counterparts, each of which will be deemed an original, but all of which together
will be deemed to be one and the same instrument. The parties hereby agree that this Note may be executed and delivered by electronic
means, and that any electronic signature (including, without limitation, any signature via Adobe Sign, DocuSign or other widely accepted
electronic signature platform) of any party is intended to authenticate this writing and to have the same legal force and effect, validity
and enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the
case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act; the California State Electronic Signatures and Records Act; or any other similar state laws based on the Uniform Electronic
Transactions Act.

 

9.5               Notices.
All notices and other communications given or made pursuant hereto will be in writing and will be deemed effectively given: (a) upon
personal delivery to the party to be notified; (b) when sent by email; (c) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications will be sent to the respective
parties at the addresses shown on the signature pages hereto (or to such email address or other address as subsequently modified by
written notice given in accordance with this Section 9.5).

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9.6              
Expenses. Each party will pay all costs and expenses that it incurs with respect to the negotiation, execution and delivery
of this Note, but the Loan Parties shall pay all costs and expenses, including legal fees and expenses, incurred by the Lender in enforcing
this Note.

 

9.7              
Entire Agreement; Amendments and Waivers. This Note entered into by the Loan Parties of even date herewith, constitutes
the full and entire understanding and agreement between the parties with regard to the subject hereof. Any term of this Note may be amended
and the observance of any term may be waived (either generally or in a particular instance and either retroactively or prospectively)
with the written consent of the Loan Parties and the Lender. Any waiver or amendment effected in accordance with this Section 9.7
will be binding upon each future holder of this Note and the Borrower.

 

9.8              
No Waiver; Cumulative Remedies. No failure to exercise, and no delay in exercising on the part of the Lender, of any right,
remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law.

 

9.9              
Severability. If one or more provisions of this Note are held to be unenforceable under applicable law, such provisions
will be excluded from this Note and the balance of the Note will be interpreted as if such provisions were so excluded and this Note
will be enforceable in accordance with its terms.

 

9.10          
Further Assurances. From time to time, the parties will execute and deliver such additional documents and will provide
such additional information as may reasonably be required to carry out the terms of this Note and any agreements executed in connection
herewith.

 

9.11          
Limitation on Interest. In no event will any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law, and if any payment made by the Borrower under this Note exceeds such maximum rate, then such excess
sum will be credited by the Lender as a payment of principal.

 

9.12          
Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS NOTE, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING
OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT
LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH
PARTY HERETO HEREBY FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

[SIGNATURE PAGES FOLLOW]

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BORROWER:

 

ADAMAS ONE CORP.

 

By: /s/ John G. Grdina                             

Name: John G. Grdina

Title: CEO/Chairman

 

Address :                                                                                                

Email Address:Exhibit 10.11

 

THIS
WARRANT AND THE SHARES OF COMMON STOCK PURCHASABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH
WARRANT AND SHARES MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT
WITH RESPECT TO SUCH SECURITIES UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

ADAMAS
ONE CORP.

 

COMMON
STOCK WARRANT

 

April
14, 2021

 

	Warrant No.:	Warrant Issue Date: _______

 

FOR
VALUE RECEIVED, upon conversion of the Senior Secured Convertible Promissory Note, dated April 14, 2021 (hereinafter referenced as the
“Note”), the undersigned, Adamas One Corp., a Nevada corporation (the “Company”), hereby agrees
to, and shall, issue to [HOLDER NAME], an individual or [INSERT
ENTIY], having an address at [INSERT ADDRESS], or its registered assigns (the “Holder”),
this Common Stock Warrant (the “Warrant”) which entitles Holder to purchase from the Company, duly authorized, validly
issued, fully paid and nonassessable shares of its common stock, $0.001 par value per share (the “Common Stock”),
subject to the terms, conditions, and adjustment as set forth in this Warrant.  

 

1.           Warrant
to Purchase Common Stock. Upon conversion of the Note by Holder, the Holder is entitled to purchase from the Company duly
authorized, validly issued, fully paid and nonassessable shares of Common Stock in an amount equal to fifty percent (50%) of the
number of shares received by Holder from the Conversion of the Note (the “Warrant Shares”). For example, if the
Holder converts the Note into 1,000 shares of the Company’s common stock, then the Holder shall receive 500 Warrant Shares. The
number of Warrant Shares subject to this Warrant will increase automatically to an amount equal to seventy five percent (75%) of the
number of shares received by the Holder 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 pursuant to a registration statement declared
effective by the Securities and Exchange Commission (“SEC”) by the Maturity Date of the Note (the “Increase
Event”). So, for example, if Increase Event occurs and the Holder receives 1,000 shares from the conversion of its Note,
the Warrant shall be exercisable for 750 shares rather than 500 shares.

 

2.           The
Warrant Shares are exercisable at an exercise price equal to the Conversion Price of the Note multiplied by 1.25 (“Exercise
Price”). The Conversion Price of the Note is defined in the Senior Secured Convertible Note Purchase Agreement dated April
14, 2021 by and between the Company and the Holder (“Agreement”) and in the Note, both of which are made a part
hereof and are incorporated herein by reference as if fully set forth herein.

 

3.           Right
to Exercise Warrant. The rights represented by this Warrant may be exercised for any number of Warrant Shares represented by this
Warrant at any time and from time to time from the Warrant Issue Date first written above (the “Effective Date”).
The rights represented by this Warrant must be exercised on or before the (3rd) third anniversary of the Effective Date (the
“Expiration Date”).

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4.           Exercise; Effectiveness; Delivery.

 

4.1
     Manner
of Exercise. This Warrant may only be exercised by the Holder hereof, in accordance with the terms and conditions hereof, in whole
or in part with respect to any portion of this Warrant, into shares of Common Stock, during normal business hours on any day other
than a Saturday or a Sunday or a day on which commercial banking institutions in Arizona are authorized by law to be closed (a
“Business Day”) on or prior to the Expiration Date, with respect to such portion of this Warrant, by (i)
surrender of this Warrant to the Company at its office maintained pursuant to Section 7.2(a) hereof, (ii) delivery of a properly
executed Notice of Exercise Form, attached hereto as Exhibit A, and (iii) payment to the Company of the Exercise Price (if the
payment is made by check, after funds have cleared the bank) for the number of Warrant Shares specified in the above mentioned
Notice of Exercise Form together with applicable stock transfer taxes, if any.

 

4.2
     Effectiveness. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the
Business Day on which this Warrant shall have been surrendered and the Notice of Exercise Form and payment of the Exercise Price is received
(if funds are received by check, when the funds have cleared the bank) by the Company as provided in Section 3.1 hereof (“Exercise
Date”), and, at such time, the corporation, association, partnership, trust, organization, business, individual, government
or political subdivision thereof or a governmental agency (a “Person” or the “Persons”) in whose
name or names any certificate or certificates for shares of Common Stock shall be issuable upon exercise as provided herein shall be
deemed to have become the holder or holders of record thereof. Once all or any portions of this Warrant is exercised and accepted by
the Company, all transactions are final and irrevocable.

 

4.3

     Delivery of Stock Certificates. As soon as practicable after each exercise of this Warrant, in whole or in part, and in any event within
seven (7) Business Days thereafter, the Company will cause to be issued in the name of and delivered to the Holder hereof or, subject
to Section 11 hereof, as the Holder (upon payment by the Holder of any applicable transfer taxes):

 

(a)       a
certificate or certificates (with appropriate restrictive legends, as applicable) for the number of duly authorized, validly issued,
fully paid and non-assessable shares of Common Stock to which the Holder shall be entitled upon exercise. Notwithstanding the foregoing,
no fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of
a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall at its election, either pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the
next whole share;

 

(b)       in
case exercise is in part only, a new Warrant of like tenor, dated the date hereof and calling in the aggregate on the face thereof for
the number of shares of Common Stock equal to the number of shares called for on the face of this Warrant minus the number of shares
designated by the Holder upon exercise as provided in Section 3.1 hereof.

 

4.4

     Shares to be Fully Paid; Reservation of Shares. The Company covenants and agrees that all shares of Common Stock which may be issued
upon the exercise of rights presented by this Warrant will, upon issuance by the Company, be duly authorized, validly issued, fully paid
and non-assessable, and free from preemptive rights and free from all taxes, liens and charges with respect thereto. The Company further
covenants and agrees that, from and after the date of issuance of the Warrant and during the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have authorized, and reserve, free from preemptive rights, out of its
authorized but unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant, a sufficient number
of shares of Common Stock to provide for the exercise of the rights represented by this Warrant.

 

4.5

     Valid Issuance; Payment of Taxes. With respect to the exercise of this Warrant, the Company hereby represents, covenants and agrees:

 

(a)       This
Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly
issued. 

    2

     

    

(b)       The
Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect to,
the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required to pay any
tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the Warrant
Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Person requesting such
issuance has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has
been paid.

 

5.

           Warrant Adjustment.

 

5.1

     Adjustment to Exercise Price and Warrant Shares Upon Dividend, Subdivision or Combination of Common Stock. If the Company shall,
at any time or from time to time after the Warrant Issue Date, (i) pay a dividend or make any other distribution upon the Common Stock
or any other capital stock of the Company payable in shares of Common Stock or in options or convertible securities, or (ii) subdivide
(by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise
Price in effect immediately prior to any such dividend, distribution or subdivision shall be proportionately reduced and the number of
Warrant Shares issuable upon exercise of this Warrant shall be proportionately increased. If the Company at any time combines (by combination,
reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect
immediately prior to such combination shall be proportionately increased and the number of Warrant Shares issuable upon exercise of this
Warrant shall be proportionately decreased. Any adjustment under this Section 4.1 shall become effective at the close of business on
the date the dividend, subdivision or combination becomes effective.

 

5.2
     Adjustment to Exercise Price and Warrant Shares Upon Reorganization, Reclassification, Consolidation
or Merger. In the event of any (i) capital reorganization of the Company, (ii) reclassification of the stock of the Company (other
than a change in par value or from par value to no par value or from no par value to par value or as a result of a stock dividend or
subdivision, split-up or combination of shares), (iii) consolidation or merger of the Company with or into another Person, (iv) sale
of all or substantially all of the Company’s assets to another Person or (v) other similar transaction (other than any such
transaction covered by Section 4.1), in each case which entitles the holders of Common Stock to receive (either directly or upon
subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, each Warrant shall, immediately
after such reorganization, reclassification, consolidation, merger, sale or similar transaction, remain outstanding and shall
thereafter, in lieu of or in addition to (as the case may be) the number of Warrant Shares then exercisable under this Warrant, be
exercisable for the kind and number of shares of stock or other securities or assets of the Company or of the successor Person
resulting from such transaction to which the Holder would have been entitled upon such reorganization, reclassification,
consolidation, merger, sale or similar transaction if the Holder had exercised this Warrant in full immediately prior to the time of
such reorganization, reclassification, consolidation, merger, sale or similar transaction and acquired the applicable number of
Warrant Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions on
the exercisability of this Warrant); and, in such case, appropriate adjustment (in form and substance reasonably satisfactory to the
Holder) shall be made with respect to the Holder’s rights under this Warrant to ensure that the provisions of this Section 4.2
hereof shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or
assets thereafter acquirable upon exercise of this Warrant (including, in the case of any consolidation, merger, sale or similar
transaction in which the successor or purchasing Person is other than the Company, an immediate adjustment in the Exercise Price to
the value per share for the Common Stock reflected by the terms of such consolidation, merger, sale or similar transaction, and a
corresponding immediate adjustment to the number of Warrant Shares acquirable upon exercise of this Warrant without regard to any
limitations or restrictions on exercise, if the value so reflected is less than the Exercise Price in effect immediately prior to
such consolidation, merger, sale or similar transaction). The provisions of this Section 4.2 shall similarly apply to successive
reorganizations, reclassifications, consolidations, mergers, sales or similar transactions. The Company shall not effect any such
reorganization, reclassification, consolidation, merger, sale or similar transaction unless, prior to the consummation thereof, the
successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation, merger, sale or
similar transaction, shall assume, by written instrument substantially similar in form and substance to this Warrant and reasonably
satisfactory to the Holder, the obligation to deliver to the Holder such shares of stock, securities or assets which, in accordance
with the foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant.

    3

     

    

5.3

     Certificate as to Adjustment.

 

   (a)       As
promptly as reasonably practicable following any adjustment of the Exercise Price, but in any event not later than five (5) Business
Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer setting forth in reasonable detail such
adjustment and the facts upon which it is based and certifying the calculation thereof.

 

   (b)       As
promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any event not later
than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer certifying the
Exercise Price then in effect and the number of Warrant Shares or the amount, if any, of other shares of stock, securities or assets
then issuable upon exercise of the Warrant.

 

5.4       No
Impairment. The Company will not, by amendment of its certificate or articles of incorporation or through reorganization, consolidation,
merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant but will at all times carry out all such terms and take all such action as may be reasonably necessary or appropriate
in order to protect the rights of the holder of this Warrant against impairment.

 

6.           Restrictions on Transfer.

 

6.1
     Restrictive Legends. This Warrant and each Warrant issued upon transfer or in substitution for this Warrant pursuant to Section 7, each
certificate for Common Stock issued upon the exercise of any Warrant and each certificate issued upon the transfer of any such Common
Stock shall be transferable only upon satisfaction of the conditions specified in this Section 6 and Section 7.4. Each of the foregoing
securities shall be stamped or otherwise imprinted with a legend reflecting the restrictions on transfer set forth in Section 7 hereof
and any restrictions required under the Securities Act of 1933, as amended (the “Act”).

 

6.2

     Notice of Proposed Transfer; Opinion of Counsel. Prior to any transfer of any securities, which are not registered under an effective
registration statement under the Act (“Restricted Securities”), the Holder will give written notice to the Company
of the Holder’s intention to affect a transfer and to comply in all other respects with this Section 6.2. Each notice (i) shall describe
the manner and circumstances of the proposed transfer, and (ii) shall designate counsel for the Holder giving the notice. The Holder
giving notice will submit a copy thereof to the counsel designated in the notice. The following provisions shall then apply:

 

    (a)       If
in the opinion of counsel for the Holder reasonably satisfactory to the Company the proposed transfer may be effected without registration
of Restricted Securities under the Act (which opinion shall state the basis of the legal conclusions reached therein), the Holder shall
thereupon be entitled to transfer the Restricted Securities in accordance with the terms of the notice delivered by the Holder to the
Company. Each certificate representing the Restricted Securities issued upon or in connection with any transfer shall bear the restrictive
legends required by Section 6.1 hereof.  

    4

     

    

    (b)       If
the opinion called for in (a) above is not delivered, the Holder shall not be entitled to transfer the Restricted Securities until either
(i) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this Section 6.2 and fulfillment
of the provisions of clause (a) above, or (ii) such Restricted Securities have been effectively registered under the Act.

 

    (c)       Notwithstanding
the foregoing, the restrictions imposed upon the transferability of any of its rights to acquire Common Stock or Common Stock issuable
on the exercise of such rights do not apply to transfers from the beneficial owner of any of the aforementioned securities to its nominee
or from such nominee to its beneficial owner, and shall terminate as to any particular share of Common Stock when: (1) such security
shall have been effectively registered under the Securities Act and sold by the holder thereof in accordance with such registration,
or (2) such security shall have been sold without registration in compliance with Rule 144 under the Securities Act, or (3) a letter
shall have been issued to the Holder at its request by the staff of the Securities and Exchange Commission (the “SEC”)
or a ruling shall have been issued to the Holder at its request by the SEC stating that no action shall be recommended by such staff
or taken by SEC, as the case may be, if such security is transferred without registration under the Securities Act in accordance with
the conditions set forth in such letter or ruling and such letter or ruling specifies that no subsequent restrictions on transfer are
required. Whenever the restrictions imposed hereunder shall terminate, as hereinabove provided, the Holder or holder of a share of Common
Stock then outstanding as to which such restrictions have terminated shall be entitled to receive from the Company, without expense to
such Holder, one or more new certificates for the Warrant or for such shares of Common Stock not bearing any restrictive legend.

 

7.
           Ownership, Transfer and Substitution of Warrant.

 

7.1

     Ownership of Warrant. The Company may treat the person in whose name this Warrant is registered in the Warrant Register maintained pursuant
to Section 7.2(b) hereof as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, except that, if
and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer thereof as the owner
of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to Section 6 hereof, this Warrant, if properly
assigned, may be exercised by a new holder without a new Warrant first having been issued.

 

7.2

     Office; Transfer and Exchange of Warrant.

 

(a)       The
Company maintains its principal offices at 411 University Ridge, Suite 110, Greenville, South Carolina 29601 as the office where notices,
presentations and demands in respect of this Warrant may be made upon it until the Company notifies the holder of this Warrant of any
change of location of the office.

 

(b)       The
Company shall cause to be kept at its office maintained pursuant to Section 7.2(a) hereof a Warrant Register for the registration and
transfer of this Warrant. The names and addresses of holders of this Warrant, the transfers thereof and the names and addresses of transferees
of this Warrant shall be registered in such Warrant Register. The Person in whose name any Warrant shall be so registered shall be deemed
and treated as the owner and holder thereof for all purposes of this Warrant, and the Company shall not be affected by any notice or
knowledge to the contrary.

 

(c)       Upon
the surrender of this Warrant, properly endorsed, for registration of transfer or for exchange at the office of the Company maintained
pursuant to Section 7.2(a) hereof, the Company at its expense will (subject to compliance with Section 6 hereof, if applicable) execute
and deliver to or upon the order of the Holder thereof a new Warrant of like tenor, in the name of such holder or as such holder (upon
payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof for the number of shares
of Common Stock called for on the face of this Warrant so surrendered. 

    5

     

    

(d)       The
Holder, by acceptance of this Warrant, agrees to comply in all respects with the restrictive legend requirements set forth on the face
of this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares
to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act of 1933. Subject
to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all rights hereunder are transferable, in whole
or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to the Company at its then principal executive
offices with a properly completed and duly executed Assignment Form attached hereto, together with funds sufficient to pay any transfer
taxes in connection with the making of such transfer. Upon such compliance, surrender and delivery and, if required, such payment, the
Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so
assigned and this Warrant shall promptly be cancelled.

 

7.3

     Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory
to the Company in form or, in the case of any mutilation, upon surrender of this Warrant for cancellation at the office of the Company
maintained pursuant to Section 7.2(a) hereof, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of
like tenor and dated the date hereof.

 

8.    
       No
Rights or Liabilities as Stockholder. No Holder shall be entitled to vote or receive dividends or be deemed the holder of any shares
of Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor
shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or
any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold
consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value,
consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or
otherwise until the Exercise Date as provided in Section 3.2. Until the Exercise Date, the Holder will not be entitled to share in the
assets of the Company in the event of liquidation, dissolution or the winding up of the Company.

 

9.            Notices
of Record Date, Etc. In case the Company shall take a record of the holders of its Common Stock (or other stock or securities at
the time deliverable upon the exercise of this Warrant) for the purpose of entitling or enabling them to receive any stock dividend or
other non-cash distribution, to vote at a meeting (or by written consent), or to receive any right to subscribe for or purchase any shares
of stock of any class or any other securities, or to receive any other right; or of any capital reorganization of the Company, any reclassification
of the capital stock of the Company, any consolidation or merger of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the surviving entity), or any transfer of all or substantially all of the assets of the Company; or
of the voluntary or involuntary dissolution, liquidation or winding-up of the Company, then, and in each such case, the Company will
mail or cause to be mailed to the registered holder of this Warrant a notice specifying, as the case may be: (i) the date on which a
record is to be taken for the purpose of such dividend, distribution, vote or right or other action, and stating the amount and character
of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record
of Common Stock (or such other stock or securities at the time deliverable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Common Stock (or such other stock or securities) for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up. Such notice shall be mailed at least ten (10)
Business Days prior to the record date or effective date for the event specified in such notice unless such prior notice is waived in
writing by the registered holder of this Warrant. 

    6

     

    

10.   
      Notices.
Any notice or other communication in connection with this Warrant shall be deemed to be given if in writing (or in the form of a
facsimile) addressed as hereinafter provided and actually delivered at said address: (a) if to any Holder, at the registered address
of such holder as set forth in the Warrant Register kept at the office of the Company maintained pursuant to Section 7.2(b) hereof,
or (b)       if to the Company, to the attention of its Chief Executive Officer at its office
maintained pursuant to Section 7.2(a) hereof; provided, however, that the exercise of any Warrant shall be effective
in the manner provided in Section 3 hereof.

 

11.   
      Payment
of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of shares of Common Stock underlying this
Warrant upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may
be payable in respect of any transfer involved in the registration of any certificate for shares of Common Stock underlying this Warrant
in a name other that of the Holder. The Holder is responsible for all other tax liability that may arise as a result of holding or transferring
this Warrant or receiving shares of Common Stock underlying this Warrant upon exercise hereof.

 

12.   
      Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company
may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any
new warrant agent transfers substantially all of its corporate trust or stockholder services business shall be successor warrant agent
under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant
agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

13.   
      Severability.
If one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision shall be excluded from the
Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.

 

14.   
      Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of Arizona, without regard for its conflict of laws
rules.

 

15.          Successors.
All of the covenants, agreements, representations and warranties contained in this Warrant shall bind the parties hereto and their respective
heirs, executors, administrators, distributes, successors and assigns.

 

16.   
      Miscellaneous.
This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is sought. The section headings in this Warrant are for purposes
of convenience only and shall not constitute a part hereof.

 

17.   
      Equitable
Relief. Each of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations
under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate
remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party
hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled
to equitable relief, including a restraining order, an injunction, specific performance and any other relief that may be available from
a court of competent jurisdiction. The rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are
in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise. 

    7

     

    

18.           Entire
Agreement. This Warrant, the Note and the Agreement constitute the entire agreement of the parties with respect to this Warrant with
respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written
and oral, with respect to such subject matter.

 

19.   
      Amendment
and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement
in writing signed by each party hereto. This is one of a series of Warrants issued pursuant to the Agreement. The Company shall not amend
any other Warrant that makes the terms and conditions more favorable to that Warrant holder unless the Company agrees to amend this Warrant
in the same manner. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth
in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this
Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

20.   
      No
Strict Construction. This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting an instrument or causing any instrument to be drafted.

 

21.   
      Counterparts.
This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to
be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

 

[SIGNATURE
PAGE FOLLOWS] 

    8

     

    

IN
WITNESS WHEREOF, the Company has caused this Common Stock Purchase Warrant to be duly executed as of the date first above written.

 

	 	ADAMAS ONE CORP.	 
	 	 	 	 
	 	By:	/s/ John Grdina	 
	 	 	John Grdina	 
	 	 	Chief Executive Officer	 

    9

     

    

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

(to
be signed only upon exercise of Warrant)

 

	TO:	ADAMAS
                                            ONE CORP.
	 	411
                                        University Ridge, Suite110
	 	Greenville,
                                        South Carolina 29601

 

(1)           The
undersigned, the owner of the attached Warrant, hereby irrevocably elects to exercise the purchase rights represented by the Warrant
for, and to purchase thereunder, ____________________shares of Common Stock of Adamas One Corp., and herewith makes payment of $____________________,
the exercise price in full, together with all applicable transfer taxes, if any. Please issue the shares of Common Stock as to which
this Warrant is exercised in accordance with the instructions set forth below and, if the Warrant is being exercised with respect to
less than all of the Shares to which it pertains, prepare and deliver a new Warrant of like tenor for the balance of the Shares purchasable
under the attached Warrant.

 

(2)           Payment shall take the form of (check applicable box):

 

                [ ] in lawful money of the United States.

 

(3)           Please
issue said Shares in the name of the undersigned or in such other name as is specified as follows:_________________________________________________________

 

SIGNATURE

 

DATED
this____________ day of _______________________   20___.

 

Signature:
___________________________________________________________________________

 

INSTRUCTIONS
FOR REGISTRATION OF STOCK 

 

	Name:	 	 
	 	 	(Please Type or Print
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to the form of purchase must correspond with the name as written upon the face of the attached Warrant in every particular
without alteration or enlargement or any change whatsoever

    10

     

    

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to:

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)

 

Dated:
_______________ __, ______

 

Holder’s
Signature: ______________________

 

Holder’s
Address: _______________________

    11

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