Document:

Exhibit
10.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADAMAS
ONE CORP.

 

 

 

 

 

 

 

SUBORDINATED
NOTE

PURCHASE AGREEMENT

 

 

 

 

 

 

 

July
12, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adamas
Note Purchase Agreement

     

     

    

ADAMAS
ONE CORP.

 

SUBORDINATED
NOTE

PURCHASE AGREEMENT

 

This
Note Purchase Agreement (the “Agreement”) is made as of the 12th day of July, 2022 by and between Adamas One Corp.,
a Nevada corporation (the “Company”) and the Subscribers (each the “Subscriber”).

 

RECITALS

 

WHEREAS,
the Company and the Subscriber are executing and delivering this Agreement in reliance upon an exemption from securities registration
afforded by the provisions of Section 4(a)(2) and/or Regulation D (“Regulation D”) as promulgated by the United States Securities
and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”);

 

WHEREAS,
the Company is seeking funding up to the maximum aggregate amount of up to Seven Hundred Fifty Thousand and 00/100 ($750,000) (the “Offering
Amount”), in a private placement offering as more particularly described below (the “Offering”); provided
that the Company may, in its sole discretion increase or decrease the Offering Amount without notice to the Subscriber;

 

WHEREAS,
pursuant to the Offering, the Company shall, against payment therefor, issue and sell to the Subscriber, and the Subscriber shall purchase,
as provided herein, the Company’s twenty percent (20%) interest bearing subordinated promissory note maturing the earlier of thirty
(30) days from execution or the Company’s initial public officer (“IPO”) (the “Maturity Date”),
substantially in the form of Subordinated Promissory Note attached hereto as Exhibit A (the “Note” or the “Securities”)
at the closing of such purchase;

 

NOW,
THEREFORE, in consideration of the mutual covenants and other agreements contained in this Agreement, the Company and the Subscriber
hereby agree as follows:

 

AGREEMENT

 

1.       Purchase
and Sale of Notes.

 

(a)       Sale
and Issuance of the Note. The Subscriber, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase,
at the Closing (defined below), the Note at 100% of the principal amount set forth on the signature page hereto (the “Purchase
Price”). This subscription is submitted to the Company in accordance with and subject to the terms and conditions described
in this Agreement. The Subscriber’s obligations hereunder are several and not joint obligations and no Subscriber shall have any
liability to any person or entity (“Person”) for the performance or non-performance of any obligation by any other
Subscriber hereunder.

 

(b)       Subscription
Proceeds. All subscription proceeds received pursuant to this Agreement shall be placed into an escrow account, and upon acceptance
of the subscription and the Initial Closing, such subscription proceeds shall be deposited directly into the Company’s operating
account. Following payment by the Company of its costs and expenses, including organization and Offering expenses and the fees and expenses
of Alexander Capital, L.P., the placement agent for this Offering (“Placement Agent”), such funds will be used by
the Company for general working capital purposes.

    
	Adamas One Note Purchase Agreement	1	 

 

     

    

(c)       Payment.
Payment of the Purchase Price shall be due and payable upon execution and delivery of this Agreement by the Subscriber to the Company,
unless otherwise agreed to by the Company. The Subscriber shall be required to deliver to the Company the Purchase Price in cash by delivery
of a certified check payable to the Company or by wire transfer of immediately available funds to the following escrow account established
(“Trust Account”):

 

(d)       Acknowledgement.
By executing this Agreement, the Subscriber acknowledges that: (i) the Subscriber: (A) is a sophisticated investor, who is able to
financially afford the loss of its entire investment, (B) has performed its own due diligence of the Company, its management and this
Offering; (C) has been informed of various matters, and has had the opportunity to ask Company management questions, relating to the
Company, its business, management, financial condition, and prospects; (ii) the Subscriber is an “accredited investor” as
such term is defined in Rule 501 of Regulation D, which definition is attached as Exhibit B attached hereto; (iii) the Subscriber is
not and has not been the subject of any “bad actor disqualifying event,” as described in the excerpt of Rule 506(d) (a “Bad
Actor Disqualifying Event”); and (iv) the Subscriber has relied upon its own determination and the advice of its legal counsel,
accountants, financial and tax advisers and other “purchaser representatives” regarding its decision to purchase the Note
and not on the Company or the Placement Agent or any counsel or representative thereof.

 

(e)       Closing;
Delivery.

 

(i)       The
purchase and sale of the Notes by the Company to the Subscribers shall occur at one or more closings of the Offering on a date or dates
selected by the Company after the satisfaction of all conditions to its obligation to close as set forth in Section 6, provided that
any such closing date shall not exceed ten (10) days after all conditions to the Company’s obligations to close have been satisfied,
unless the Company rejects the subscription in whole or in part by written notice to the Subscriber and the return of the Subscriber’s
Purchase Price payment (without deduction and without interest) within such time period (each a “Closing” and the date
of such Closing, the “Closing Date”). Closing on the purchase and sale of the Note shall be consummated on such date
as the Company accepts the Subscriber’s offer to purchase the Note as evidenced by the Company’s counter-execution of the signature
page to this Agreement. The Company shall, promptly thereafter, deliver to the Subscriber: (i) the fully executed Agreement, and (ii)
a fully executed Note.

 

2.       Representations
and Warranties of the Company. The Company hereby represents and warrants to each Subscriber that as of the date of this Agreement
and as of the Closing Date:

 

(a)       Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Nevada and has all requisite corporate power and authority to carry on its business as now conducted and as proposed
to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure
so to qualify would have a material adverse effect on its business or properties. The Company has the corporate power and authority to
own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to
transact, to execute and deliver this Agreement, and the Note, and to perform the provisions hereof and thereof.

    
	Adamas One Note Purchase Agreement	2	 

 

     

    

(b)       Authorization.
The Agreement and the Note have been duly authorized by all necessary corporate action of the Company and when executed and delivered
by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance
with their respective terms except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance,
and other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to
the availability of specific performance, injunctive relief, or other equitable remedies.

 

(c)       No
Conflicts. Except as set forth herein and the Note (collectively, along with investor questionnaire the “Offering Documents”),
the execution, delivery and performance of the Offering Documents by the Company, the consummation by the Company of the transactions
contemplated by the Offering Documents, and the issuance of the Note and performance by the Company of its obligations under the Offering
Documents, will not: (a) result in a violation of the Company’s Certificate of Incorporation, any other certificate of designations,
preferences and rights of any outstanding series of common stock of the Company, or the Company’s By-Laws, (b) conflict with, or
constitute a default or an event which with notice or lapse of time or both would become a default under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any material agreement, note and/or other indebtedness, lease, license or
instrument, or (c) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state Shares
laws and regulations and the rules and regulations of FINRA) applicable to the Company or any of its subsidiaries (“Subsidiaries”)
or by which any property or asset of the Company or any of its Subsidiaries is bound or affected. The Company and its Subsidiaries own
or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and
trade names, or rights thereto, without known conflict with the rights of others, necessary or appropriate to conduct its business as
presently conducted.

 

(d)       Consents.
The Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court
or governmental agency or any regulatory or self-regulatory agency in order for it to execute, deliver or perform any of its obligations
under or contemplated by the Offering Documents. Except as otherwise provided in the Offering Documents, all consents, authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected
on or prior to the date hereof. The Company and its Subsidiaries are unaware of any facts or circumstances which might prevent the Company
from obtaining or effecting any of the foregoing.

 

(e)       No
General Solicitation. None of the Company, its Subsidiaries, any of their affiliates, and any person acting on their behalf, has
engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection
with the offer or sale of the Shares.

 

(f)       No
Integrated Offering. None of the Company, its Subsidiaries, any of their affiliates, and any Person acting on their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require
registration of any of the Shares under the Securities Act by causing this Offering of the Note to be integrated with prior offerings
by the Company for purposes of the Securities Act or any applicable stockholder approval provisions, including without limitation, under
the Company’s organizational documents or otherwise. None of the Company, its Subsidiaries, their affiliates and any Person acting
on their behalf will take any action or steps referred to in the preceding sentence that would require registration of any of the Shares
under the Securities Act by causing the Offering of the Shares to be integrated with other offerings, or otherwise.

    
	Adamas One Note Purchase Agreement	3	 

 

     

    

(g)       Absence
of Litigation. Except as set forth in the Offering Document, there is no action, suit, proceeding, inquiry or investigation before
or by any court, public board, government agency, self-regulatory organization or body, or arbitrator pending or, to the knowledge of
the Company, threatened against the Company, the Common Stock or any of the Company’s officers or directors in their capacities
as such.

 

(h)       Title.
The Company has good and marketable title to all material properties and tangible assets owned by it, free and clear of all liens,
charges, encumbrances or restrictions, except as such as are not significant or important in relation to the Company’s business;
all of the material leases and subleases under which the Company is the lessor or sublessor of properties or assets or under which the
Company holds properties or assets as lessee or sublessee are in full force and effect, and the Company is not in default in any material
respect with respect to any of the terms or provisions of any of such leases or subleases, and to the Company’s knowledge no material
claim has been asserted by anyone adverse to rights of the Company as lessor, sublessor, lessee or sublessee under any of the leases
or subleases mentioned above, or affecting or questioning the right of the Company to continued possession of the leased or subleased
premises or assets under any such lease or sublease. The Company owns, leases or licenses all such properties as are necessary to its
operations.

 

(i)       Solvency.
The Company is not insolvent as defined by the law of the State in which it was organized or in any State where it conducts its business.
The Company (i) is paying its debts as they become due, (ii) has not filed, and does not intend to file, or has not consented by answer
or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy,
for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction,
(iii) has not made, and does not intend to make, an assignment of any substantial part of its property for the benefit of its creditors,
(iv) has not consented and does not intend to consent to the appointment of a custodian, receiver, trustee or other officer with similar
powers with respect to it or with respect to any substantial part of its property, and (v) has not taken and does not intend to take
any corporate action for the purpose of any of the foregoing.

 

(j)       Shares
Law Compliance. The offer, offer for sale, and sale of the Note has not been registered with the SEC. The Note are to be offered,
offered for sale and sold in reliance upon the exemptions from the registration requirements of Section 5 of the Securities Act. The
Company will conduct the Offering in compliance with the requirements of Regulation D under the Securities Act, and the Company will
file all appropriate notices of offering with the SEC.

 

(k)       Intellectual
Property. The Company owns or possesses sufficient legal rights to all trademarks, service marks, trade names, domain names,
copyrights, trade secrets, licenses, information, proprietary rights and processes, and patents (in each instance, as used by it in connection
with its business) without any known conflict with, or infringement of, the rights of others, which represent all intellectual property
rights necessary to the conduct of the Company’s business as now conducted and as presently contemplated to be conducted, the lack
of which would have a material adverse effect on the business, assets (including intangible assets), liabilities, revenues, profits,
financial condition, prospects, or property of the Company, taken together as a whole (“Material Adverse Effect”).
There are no outstanding options, licenses, or agreements of any kind relating to the foregoing, nor is the Company bound by or a party
to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, domain names,
copyrights, trade secrets, licenses, information, proprietary rights and processes of any other person or entity, except, in either case,
for agreements between the Company and its own directors, employees or consultants and/or standard end-user, object code, internal-use
software license and support/maintenance agreements. No product of the Company or any of its Subsidiaries infringes in any respect with
any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other
right owned by any other Person.

    
	Adamas One Note Purchase Agreement	4	 

 

     

    

(l)       Brokers.
Except for the Placement Agent whose fees and expenses will be paid by the Company, neither the Company nor any of its officers,
directors, employees or stockholders has employed any broker or finder in connection with the transactions contemplated herein.

 

(m)       Disclosure.
None of the representations and warranties of the Company appearing in this Agreement or any information appearing in any Exhibit
hereto, when considered together as a whole, contains, or on any Closing Date will contain, any untrue statement of a material fact or
omits, or on any Closing Date will omit, to state any material fact required to be stated herein or therein in order for the statements
herein or therein, in light of the circumstances under which they were made, not to be misleading.

 

3.       Representations
and Warranties of Subscriber. Subscriber hereby represents and warrants to the Company that:

 

(a)       Authorization.
Such Subscriber is of the age of majority in the State of its residence, not under a disability and not under duress, and thus has
full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Subscriber, will constitute
a valid and legally binding obligation of the Subscriber, enforceable in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors’
rights generally, and as limited by laws relating to the availability of a specific performance, injunctive relief, or other equitable
remedies.

 

(b)       Purchase
Entirely for Own Account. This Agreement is made with the Subscriber in reliance upon the Subscriber’s representation to
the Company, which by the Subscriber’s execution of this Agreement, the Subscriber hereby confirms, that the Securities to be acquired
by the Subscriber will be acquired for investment for the Subscriber’s own account, not as a nominee or agent, and not with a view
to the resale or distribution of any part thereof, and that the Subscriber has no present intention of selling, granting any participation
in, or otherwise distributing the same. By executing this Agreement, the Subscriber further represents that the Subscriber does not presently
have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such person or
to any third Person, with respect to any of the Securities. The Subscriber has not been formed for the specific purpose of acquiring
any of the Securities.

 

(c)       Knowledge.
The Subscriber is aware of the Company’s business affairs and financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Securities. By executing and delivering this Agreement, the
Subscriber acknowledges and agrees that it has not received any private placement memorandum or prospectus for the Offering but has instead
performed and relied solely upon its own due diligence on the Company, its management and this Offering to its satisfaction, that it
has had the opportunity to request and review such documents as the Company has been able to provide without undue effort or expense
and to ask questions about Company, its management and this Offering to Company management and is satisfied with its review of such documents
and with such answers, and has had the opportunity to obtain the advice of its own counsel, accountants, tax or financial advisor(s)
or “purchaser representative” as defined in Regulation D under the Securities Act. The Subscriber has not utilized or relied
upon any other information, document, instrument, discussion or otherwise, whether from the Company or the Placement Agent, in making
its decision to purchase the Note.

    
	Adamas One Note Purchase Agreement	5	 

 

     

    

(d)       No
Public Market. The Subscriber understands that no public market now exists for any of the securities issued by the Company, that
the Company has made no assurances that a public market will ever exist for the Securities.

 

(e)       Accredited
Investor. The Subscriber is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

4.       Conditions
of the Subscribers’ Obligations at Closing. The obligations of each Subscriber to the Company under this Agreement are
subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

 

(a)       Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct on and as
of the Closing Date with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

 

(b)       Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained
by the Company and be effective as of the Closing.

 

5.       Conditions
of the Company’s Obligations at Closing. The obligations of the Company to each Subscriber under this Agreement are subject
to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

 

(a)       Representations
and Warranties. The representations and warranties of each Subscriber contained in Section 3 shall be true on and as of the Closing
with the same effect as though such representations and warranties had been made on and as of the Closing.

 

(b)       Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained
and effective as of the Closing.

 

(c)       Delivery.
The Subscriber shall have delivered to the Company: (i) a dated and executed signature page to this Agreement, with all blanks properly
completed; (ii) the Purchase Price to the Escrow Account; (iii) a dated completed and signed Accredited Investor Questionnaire attached
as Exhibit B hereto; each with all blanks properly completed.

 

6.       Covenants
of the Company. Until all Notes have been paid in full, the Company:

 

(a)       will,
and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them
is subject, including, without limitation, all applicable environmental laws, and will obtain and maintain in effect all licenses, certificates,
permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct
of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental
rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental
authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on the Note;

    
	Adamas One Note Purchase Agreement	6	 

 

     

    

(b)       will,
and will cause each of its Subsidiaries to, operate its business in the usual and customary matter, and maintain its relationships with
its employees, customers, vendors and suppliers and will, and will cause each of its Subsidiaries to, maintain and keep, or cause to
be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear),
so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section shall not
prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance
is desirable in the conduct of its business and the Company has concluded that such discontinuance could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect;

 

(c)       will
not and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Company
and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business
in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement;

 

(d)       will,
and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their
respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including
deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of
entities of established reputations engaged in the same or a similar business and similarly situated;

 

(e)       will,
and will cause each of its Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all
taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or
any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become
delinquent and all claims for which sums have become due and payable that have or might become a lien on properties or assets of the
Company or any Subsidiary, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, charge, levy or claim
if: (i) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith
and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with Generally
Accepted Accounting Principles (“GAAP”) on the books of the Company or such Subsidiary, or (ii) the nonpayment of all such
taxes, assessments, charges, levies and claims in the aggregate could not reasonably be expected to have a Material Adverse Effect;

 

(f)       will
at all times preserve and keep in full force and effect its corporate existence and will at all times preserve and keep in full force
and effect the corporate existence of each of its Subsidiaries (unless merged into the Company or a wholly-owned Subsidiary) and all
rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure
to preserve and keep in full force and effect such corporate existence, right or franchise could not, individually or in the aggregate,
have a Material Adverse Effect;

 

(g)       will,
and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements
of any governmental authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be;

 

(h)       will
not, while any Note is outstanding, (i) issue any debt that shall rank in right of payment or collection senior to, or on a parity with,
the Note nor shall the Company take any action that shall incur a prior or additional lien or encumbrance upon the collateral securing
the Company’s payment obligations under the Note or take any action that would impair or endanger the said collateral, or (ii)
authorize or issue any preferred stock or other equity that ranks senior to the Common Stock;

    
	Adamas One Note Purchase Agreement	7	 

 

     

    

(i)       will
not, and will not permit any Subsidiary to, sell, lease or otherwise dispose of more than forty percent (40%) of the assets of the Company
and its Subsidiaries on a consolidated basis unless the Company utilizes the net proceeds received from such sale, lease or other disposition
to pay or pre-pay all of the then outstanding principal and accrued and unpaid interest and any fees due and payable on all of the Notes
then outstanding;

 

(j)       will
not, and will not permit any of its Subsidiaries to, consolidate with or merge with any other Person unless prior to the date of the
consummation of such merger or consolidation, the Company pays or pre-pays all of the then outstanding principal and accrued and unpaid
interest and any fees due and payable on all of the Notes then outstanding; and

 

(k)       will
not, and will not permit any of its Subsidiaries to, take any action or omit to take any action that would circumvent the covenants set
forth herein or create substantial doubt as to whether the Company will, at any time after the Closing Date, be able to pay the Note
prior to the Maturity Date.

 

7.       Registration;
Exchange; Substitution of the Notes.

 

(a)       The
Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name
and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes
shall be registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any Note shall
be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected
by any notice or knowledge to the contrary.

 

(b)       Upon
surrender of any Note to the Company at the Company’s principal executive office as set forth in Section address and to the attention
of the designated officer (all as specified in Section 8(f), for registration of transfer or exchange (and in the case of a surrender
for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such
holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of
each transferee of such Note or part thereof), within ten (10) Business Days thereafter, the Company shall execute and deliver, at the
Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor,
in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to
such Person as such holder may request and shall be substantially in the form of the Note originally issued hereunder. Each such new
Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date
of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any
stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of
less than $10,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one
Note may be in a denomination of less than $10,000. Any transferee, by its acceptance of a Note registered in its name (or the name of
its nominee), shall be deemed to have made the representation set forth in Section 3. For purposes of this Agreement, a “Business
Day” is any day other than a Saturday, Sunday or Federally observed holiday.

 

(c)       Upon
receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of
any Note, and (i) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it, or (ii) in the case of mutilation,
upon surrender and cancellation thereof, the Company at its own expense shall execute and deliver not more than five (5) Business Days
following satisfaction of such conditions, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall
have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note
if no interest shall have been paid thereon.

    
	Adamas One Note Purchase Agreement	8	 

 

     

    

8.       Miscellaneous.

 

(a)       Survival;
Breach. Sections 2, 3 6, 7, and this Section 8 shall survive the execution and delivery of this Agreement and the Notes, the purchase
or transfer by any Subscriber of any Note or portion thereof or interest therein and the payment of any Note and may be relied upon by
the Company and any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Subscriber
or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company
pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Any breach of such representations,
warranties and/or covenants of this Agreement shall be considered to be an Event of Default under the Note and a breach of this Agreement.

 

(b)       Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the parties hereto.
This Agreement is not assignable by the Company and is assignable by the Subscriber only upon the proper and lawful transfer of the Note.
This Agreement shall inure to the benefit of the Subscriber’s successors, heirs, personal representatives and permitted assigns.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement.

 

(c)       Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to principles of conflicts
of law.

 

(d)       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one instrument. Executed counterparts of this Agreement may be delivered by facsimile transmission or by delivery of a scanned
counterpart in portable document format (PDF) by e-mail. The signatures in the facsimile or PDF data file will be deemed to have the
same force and effect as if the manually signed counterpart had been delivered to the other party in person.

 

(e)       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

(f)       Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile during normal business hours of the recipient upon confirmation of receipt, and if not sent during normal business
hours, then on the recipient’s next business day upon confirmation of receipt, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one Business Day after deposit with a nationally recognized overnight
courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent
to the respective parties at their address as set forthbelow, or to such e-mail address, facsimile number or address as subsequently
modified by written notice given in accordance with this Section. If notice is given to the Company to 411 University Ridge, Suite 110,
Greenville, South Carolina 29601, with a copy (which shall not constitute notice) shall also be sent to Greenberg Traurig LLP, 18565
Jamboree Road, Suite 500, Irvine, CA 92612, Attention: Raymond A. Lee, Esq., email: leer@gtlaw.com, fax: (949) 708-6501, and if
notice is given to the Investor, a copy (which shall not constitute notice) shall also be given to the Placement Agent, Alexander Capital,
L.P., 17 State Street, New York, New York 10004, with a copy (which shall not constitute notice) to Carmel, Milazzo & Feil, LLP,
55 West 39th Street, 18th Floor, New York, NY 10018, Attention: Ross David Carmel, Esq., email: rcarmel@cmfllp.com,
fax: (646) 838-1314.

    
	Adamas One Note Purchase Agreement	9	 

 

     

    

(g)       Finder’s
Fee. Each Subscriber agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation
in the nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which
each Subscriber or any of its officers, employees, or representatives is responsible. The Company agrees to indemnify and hold harmless
each Subscriber from any liability for any commission or compensation in the nature of a finder’s fee (and the costs and expenses
of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives
is responsible.

 

(h)       Amendments
and Waivers. Any term of this Agreement may be amended or waived only with the written consent of the Company and the holders
of at least a majority of the then outstanding principal balance of the Notes. Any amendment or waiver effected in accordance with this
Section 8(g) shall be noticed in writing to all Note holders and shall be binding upon each Subscriber and each transferee of the Securities,
each future holder of all such Securities, and the Company.

 

(i)       Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such
provision in good faith, in order to maintain the economic position enjoyed by each party as close as possible to that under the provision
rendered unenforceable. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision,
then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision
were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(j)       Entire
Agreement. This Agreement, and the documents referred to herein constitute the entire agreement between the parties hereto pertaining
to the subject matter hereof, and any and all other written or oral agreements existing between the parties hereto are expressly canceled.

 

(k)       Exculpation
Among Subscribers. Each Subscriber acknowledges that it is not relying upon any person, firm or corporation, other than the Company
and its officers and directors, in making its investment or decision to invest in the Company. Each Subscriber agrees that no Subscriber
nor the Placement Agent nor any of the respective controlling persons, officers, directors, partners, agents, or employees thereof shall
be liable for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the Securities.

 

(l)       Stockholders,
Officers and Directors Not Liable. In no event shall any stockholder, officer or director of the Company be liable for any amounts
due or payable pursuant to the Note.

 

[Signature
Pages Follow]

    
	Adamas One Note Purchase Agreement	10	 

 

     

    

The
parties have executed this Note Purchase Agreement as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	ADAMAS ONE CORP.
	 	 	 
	 	By: 	/s/ John
    Grdina
	 	 	John
    Grdina
	 	 	Chief
    Executive Officer
	 	 	 
	 	Address:
    411 University Ridge
	 	 

[Signature
Page to Note Purchase Agreement]

     

     

    

The
parties have executed this Note Purchase Agreement as of the date first written above.

 

 

	 	SUBSCRIBER:
    108 Sussex LLC
	 	 	 
	 	By: 	/s/
    Clark Reinhard
	 	Name:
    Clark Reinhard
	 	 	 
	 	Address:
	 	 
	 	Email:
	 	 
	 	Tax
    Identification:
	 	 
	 	Subscription
    Amount:

 

[Signature
Page to Note Purchase Agreement]Exhibit
10.23

 

SUBORDINATED
PROMISSORY NOTE

 

	Original
    Issue Date: July 12, 2022	Original
    Principal Amount:	$750,000
	Maturity
    Date: Earlier of 30 days or IPO	Original
    Issue Date:	July
    12, 2022
	 	 	 

ADAMAS
ONE CORP.

 

PROMISSORY
NOTE

 

THIS
SUBORDINATED PROMISSORY NOTE (this “Note”) is one of a series of duly authorized and validly issued Subordinated Promissory
Note(s) of up to $750,000 in the aggregate, of Adamas One Corp., a Nevada corporation (the “Company”), designated
as such by the Company (such series of notes, collectively with this Note, the “Notes”).

 

FOR
VALUE RECEIVED, the Company promises to pay to 108 Sussex, LLC, a _________________, or its registered assigns (the “Holder”),
or shall have paid pursuant to the terms hereunder, the Original Principal Amount of $750,000 on the earlier to occur of: (i)
thirty (30) days from the Original Issue Date of this Note (the “Scheduled Maturity Date”); or (ii) the date of the
Company’s initial public offering (“IPO”) of its common stock (as the case may be, the (“Maturity Date”),
and to pay interest to the Holder on the aggregate then outstanding principal amount of this Note in accordance with the provisions hereof.
This Note is subject to the following additional provisions:

 

1.       Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not otherwise defined herein
shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following meanings:

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w)
of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency, or liquidation or similar law of any jurisdiction relating to the Company or any Significant
Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case or proceeding that
is not dismissed within sixty (60) days after commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated insolvent
or bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Company or any Significant
Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged
or stayed within sixty (60) calendar days after such appointment, (e) the Company or any Significant Subsidiary thereof makes a general
assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a meeting of its creditors with
a view to arranging a composition, adjustment, or restructuring of its debts, (g) the Company or any Significant Subsidiary thereof admits
in writing that it is generally unable to pay its debts as they become due, (h) the Company or any Significant Subsidiary thereof, by
any act or failure to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate
or other action for the purpose of effecting any of the foregoing.

 

“Business
Day” means any day other than Saturday, Sunday, or other day on which commercial banks in the City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so
long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York are generally
are open for use by customers on such day.

    1

     

    

“Change
of Control Transaction” means the occurrence after Original Issue Date of any of: (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective
control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty
percent (50%) of the voting securities of the Company, (b) the Company merges into or consolidates with any other Person, or any Person
merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the Company immediately
prior to such transaction own less than fifty percent (50%) of the aggregate voting power of the Company or the successor entity of such
transaction, (c) the Company (and all of its Subsidiaries, taken as a whole) sells or transfers all or substantially all of its assets
to another Person and the stockholders of the Company immediately prior to such transaction own less than fifty percent (50%) of the
aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or within a three (3)
year period of more than one-half (1/2) of the members of the Board of Directors which is not approved by a majority of those individuals
who are members of the Board of Directors on the Original Issue Date (or by those individuals who are serving as members of the Board
of Directors on any date whose nomination to the Board of Directors was approved by a majority of the members of the Board of Directors
who are members on the date hereof), or (e) the execution by the Company of an agreement to which the Company is a party or by which
it is bound, providing for any of the events set forth in clauses (a) through (d) above.

 

“Event
of Default” has the meaning given in Section 6 hereof.

 

“Fundamental
Transaction” means the occurrence after Original Issue Date of any of the following transactions: (i) the Company, directly
or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii)
the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance, or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct
or indirect, purchase offer, tender offer, or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of common stock are permitted to sell, tender, or exchange their shares for other securities, cash, or property and has been
accepted by the holders of fifty percent (50%) or more of the outstanding common stock, (iv) the Company, directly or indirectly, in
one or more related transactions effects any reclassification, reorganization or recapitalization of the common stock or any compulsory
share exchange pursuant to which the common stock is effectively converted into or exchanged for other securities, cash, or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off, or scheme of arrangement) with another
Person whereby such other Person acquires more than fifty percent (50%) of the outstanding shares of common stock (not including any
shares of common stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination).

 

“Holder”
shall have the meaning set forth in the Preamble.

 

“Indebtedness”
means any liabilities of the Company for borrowed money or amounts owed and all guaranties made by the Company of borrowed money or amounts
owed by others.

 

“Lien”
shall mean, with respect to any property, any security interest, mortgage, lien, pledge, charge, easement, reservation, restriction,
any similar rights of any third party or other encumbrance in, of, or on such property or the income therefrom.

 

“Maturity
Date” has the meaning set forth in the Preamble.

    2

     

    

“Maximum
Rate” shall have the meaning set forth in Section 7(k).

 

“New
York County Courts” shall have the meaning set forth in Section 7(d).

 

“Note”
and “Notes” shall have the meanings set forth in the Preamble.

 

“Original
Issue Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note and regardless of the
number of instruments which may be issued to evidence such Notes.

 

“Original
Principal Amount” of this Note is the amount set forth opposite such term above the Preamble.

 

“Permitted
Indebtedness” means: (a) existing Indebtedness as of the Original Issue Date hereof, (b) Indebtedness of up to an aggregate
of $25,000, inclusive of any interest, fees, penalties, or other amounts due or payable thereunder (excluding trade debt and debt for
professional services incurred in the ordinary course of business).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or un-incorporated association, joint-venture, limited liability
company, joint-stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Prepayment
Amount” shall have the meaning set forth in Section 2.

 

“Principal
Balance” of this Note at any date: (A)(i) on or prior to the Scheduled Maturity Date, the Original Principal Amount and (ii)
after the Scheduled Maturity Date, the product of (x) the Original Principal Amount and (y) 120% less (B) any prior payments or
prepayments of principal hereunder.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of June ___, 2022 by and among the Company and the original Holders,
as amended, modified or supplemented from time to time in accordance with its terms.

 

“Scheduled
Maturity Date” has the meaning set forth in the Preamble.

 

“Significant
Subsidiary” shall have the meaning set forth in the definition of “Bankruptcy Event.”

 

2.       Interest.
Interest shall accrue on the outstanding Principal Balance of this Note at an annual rate of (i) twenty percent (20%) on or prior to
the Scheduled Maturity Date and (ii) twenty percent (20%) thereafter, and shall be payable in cash on the first day of each calendar
month following the Scheduled Maturity Date. Such interest shall be calculated on the basis of a 360-day year, consisting of twelve 30
calendar day periods, and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal,
together with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Interest
hereunder will be paid to the Person in whose name this Note is registered on the records of the Company regarding registration and transfers
of this Note.

 

3.       Prepayment.
The Company shall have the option to prepay this Note at any time after the Original Issue Date and prior to the Maturity Date in an
amount equal to the sum of: (A) the then Principal Balance of this Note plus (B) accrued and unpaid interest thereon as provided
herein plus (C) all other amounts, costs, and expenses then due in respect of this Note (such sum, the “Prepayment Amount”).

    3

     

    

4.       Registration of Transfers and Exchanges.

 

(a)       Different
Denominations. This Note is exchangeable for an equal aggregate Original Principal Amount of Notes of different authorized denominations,
as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

 

(b)       Reliance
on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company may
treat the Person in whose name this Note is duly registered on the note register as the owner hereof for the purpose of receiving payment
as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent shall
be affected by notice to the contrary.

 

5.       Negative Covenants.

 

5.1.      As long as any portion of this Note remains outstanding, unless the holders of at least sixty-seven percent (67%) in principal amount
of the then outstanding Notes as well as Alexander Capital LP shall have otherwise given prior written consent, the Company shall not,
and shall not permit any of its subsidiaries to, directly or indirectly:

 

(a)       other
than Permitted Indebtedness, enter into, create, incur, assume, guarantee, or suffer to exist any Indebtedness;

 

(b)       amend
its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially and
adversely affects any rights of the Holder unless consented to by the Holder;

 

(c)       repay,
repurchase, or offer to repay or repurchase, any Indebtedness, other than the Notes if on a pro-rata basis, other than regularly scheduled
payments as such terms are in effect as of the Original Issue Date;

 

(d)       pay cash dividends or distributions on any equity securities of the Company;

 

(e)       enter
into any material transaction with any affiliate of the Company, unless such transaction is made on an arm’s-length basis and expressly
approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval);
or

 

(f)        enter into any agreement with respect to any of the foregoing.

 

5.2.      The Note will rank junior to any Permitted Indebtedness existing as of the date of Original Issue Date hereof. Notwithstanding: (i) the
time, place, order of execution or recordation of this Note, (ii) any terms or provisions of this Note to the contrary, or (iii) any
law, rule or regulation of any applicable governmental body to the contrary, the Holder and the Company hereby confirm and agree that:
(a) this Note is hereby expressly made subject to and subordinate in priority to any Permitted Indebtedness; (b) this Note shall be subject,
and subordinate in payment, to the Permitted Indebtedness; and (C) the terms and provisions of this Note are expressly hereby made subject
to and subordinate to the terms and provisions of the Permitted Indebtedness. Without limiting the foregoing, the Holder agrees that
all rights of the Holder in this Note shall be expressly subject to and subordinate to the rights of any holder of Permitted Indebtedness.
For so long as any the debt under Permitted Indebtedness is outstanding, the Holder of this Note shall not: (i) commence any action to
enforce the terms and conditions of this Note, including upon an Event of Default, or the exercising of any other remedy or enforcement
action against, or the taking of possession or control of any assets of the Company (an “Enforcement Action”); (ii) enforce
or seek to enforce any judgment against the Company or any affiliate of the Company; (iii) modify, amend, supplement or restate this
Note so as to increase the liabilities of the Company under this Note or to any extent acquire any Lien, estate, right or other interest
in any asset of the Company prior to or equal to the Permitted Indebtedness; or (iv) directly or indirectly assign all or any part of
his interest in this Note without the prior written consent of the Company and unless the assignee agrees in writing to be bound by the
provisions of this Note.

    4

     

    

5.3.      Until the Permitted Indebtedness  is paid in full, the Holder shall not acquiesce, petition or otherwise invoke or cause any other Person
to invoke a Bankruptcy Event (as hereinafter defined) with respect to the Company, or all or any part of its property or assets or ordering
the winding-up or liquidation of its affairs. Unless otherwise directed by the holder of the Permitted Indebtedness (the “Senior
Lender”), in the event of any Bankruptcy Event of the Company, the Holder shall not seek, and shall diligently oppose the action
by any other Person to seek to consolidate any assets of the Company with the assets of any other Person.

 

6.       Events
of Default. “Event of Default” means, wherever used herein, any of the following events (whatever the reason for such
event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree, or
order of any court, or any order, rule, or regulation of any administrative or governmental body):

 

(a)       any
default in the payment of: (i) the Original Principal Amount of any Note, or (ii) interest and other amounts owing to a Holder on any
Note, as and when the same shall become due and payable, which default, solely in the case of an interest payment or other default under
clause (ii) above, is not cured within five (5) business days;

 

(b)       the
Company shall fail to observe or perform any other covenant or agreement contained in the Notes which failure is not cured, if possible
to cure, within the earlier to occur of (i) five (5) business days after notice of such failure sent by the Holder or by any other Holder
to the Company and (ii) seven (7) business days after the Company has become or should have become aware of such failure;

 

(c)       any
written statement pursuant hereto or thereto or any other report, financial statement, or certificate made or delivered to the Holder
or any other Holder shall be untrue or incorrect in any material respect as of the date when made;

 

(d)       the
Company or any Significant Subsidiary shall be subject to a Bankruptcy Event;

 

(e)       the
Company shall default on any of its obligations under any mortgage, credit agreement, or other facility, indenture agreement, factoring
agreement, or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed
money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater than $250,000, whether
such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or being declared due and payable
prior to the date on which it would otherwise become due and payable;

 

(f)       the
Company (and all of its subsidiaries, taken as a whole) shall be a party to any Change of Control Transaction or Fundamental Transaction
or shall agree to sell or dispose of all or in excess of thirty-three percent (33%) of its assets in one transaction or a series of related
transactions (whether or not such sale would constitute a Change of Control Transaction or Fundamental Transaction); or

 

(g)       a
final non-appealable judgment by any competent court in the United States for the payment of money in an amount of at least $250,000
is rendered against the Company, and the same remains undischarged and unpaid for a period of forty-five (45) days during which execution
of such judgment is not effectively stayed.

    5

     

    

If
any Event of Default occurs: (A) interest on the Original Principal Amount of this Note shall immediately begin to accrue at a rate equal
to twenty (20%) per annum which shall be paid in cash monthly to Holder until the default is cured’ and (B) and is continuing for
fourteen (14) calendar days or more.

 

7.      
Miscellaneous.

 

(a)       Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing and delivered personally,
by email attachment, or sent by a nationally recognized overnight courier service, addressed to the Company, at the address provided
by the Company, or such other, email address, or address as the Company may specify for such purposes by notice to the Holder delivered
in accordance with this Section 7(a). Any and all notices or other communications or deliveries to be provided by the Company hereunder
shall be in writing and delivered personally, by facsimile, by email attachment, or sent by a nationally recognized overnight courier
service addressed to each Holder at the facsimile number, email address, or address of the Holder appearing on the books of the Company,
or if no such facsimile number or email attachment or address appears on the books of the Company, at the principal place of business
of such Holder, as provided by such Holder. Any notice or other communication or deliveries hereunder shall be deemed given and effective
on the earliest of: (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or email attachment to the email address set forth on the signature pages attached hereto prior to 5:30 p.m. (Pacific time) on any date,
(ii) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number or email attachment to the email address set forth on the signature pages attached hereto on a day that is not a Business Day
or later than 5:30 p.m. (Pacific time) on any Business Day, (iii) the second (2nd) Business Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, and (iv) upon actual receipt by the party to whom such notice is required
to be given.

 

(b)       Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, and accrued interest, as applicable, on this Note at the time, place, and rate,
and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company. This Note ranks pari passu with
all other Notes, ranking similar to the Note now or hereafter issued under the terms set forth herein.

 

(c)       Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen, or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen, or destroyed Note,
a new Note for the principal amount of this Note so mutilated, lost, stolen, or destroyed, but only upon receipt of evidence of such
loss, theft, or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

(d)       Governing
Law. All questions concerning the construction, validity, enforcement, and interpretation of this Note shall be governed by and construed
and enforced in accordance with the internal laws of the State of Arizona, without regard to the principles of conflict of laws thereof.
Each party agrees that all legal proceedings concerning the interpretation, enforcement, and defense of the transactions (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, employees, or agents) shall be commenced exclusively
in the state and federal courts sitting in New York City (the “New York County Courts”). Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the New York County Courts for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York County Courts, or such
New York County Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action, or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions contemplated hereby. If any party
shall commence an action or proceeding to enforce any provisions of this Note, then the prevailing party in such action or proceeding
shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred in the investigation, preparation,
and prosecution of such action or proceeding.

    6

     

    

(e)       Severability.
If any provision of this Note is invalid, illegal, or unenforceable, the balance of this Note shall remain in effect, and if any provision
is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances.

 

(f)       Remedies,
Characterizations, Other Obligations, Breaches, and Injunctive Relief. The remedies provided in this Note shall be cumulative and
in addition to all other remedies available under this Note at law or in equity (including a decree of specific performance and/or other
injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual and consequential damages for any failure
by the Company to comply with the terms of this Note. The Company covenants to the Holder that there shall be no characterization concerning
this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments and the like
(and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be
subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore
agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies,
to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without
any bond or other security being required. The Company shall provide all information and documentation to the Holder that is reasonably
requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Note.

 

(g)       Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.

 

(h)       Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect
any of the provisions hereof.

 

(i)       Amendments;
Waiver. No provision of this Purchase Agreement may be waived, modified, supplemented, or amended except in a written instrument
signed, in the case of an amendment, by the Company and the Holders holding at least a majority in principal amount of the Notes then
outstanding or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any
default with respect to any provision, condition, or requirement of this Purchase Agreement shall bedeemed to be a continuing waiver
in the future or a waiver of any subsequent default or awaiver of any other provision, condition, or requirement hereof, nor shall any
delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(j)       Equal
Treatment of Holder. No consideration (including any modification of this Note) shall be offered or paid to any Person to amend or
consent to a waiver or modification of any provision hereof. Further, the Company shall not make any payment of principal or interest
on the Notes in amounts which are disproportionate to the respective principal amounts outstanding on the Notes at any applicable time.
For clarification purposes, this provision constitutes a separate right granted to each Holder by the Company and negotiated separately
by each Holder and is intended for the Company to treat the Holders as a class and shall not in any way be construed as the Holders acting
in concert or as a group with respect to the purchase or disposition of the Notes or otherwise.

    7

     

    

(k)       Usury.
To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim and will
resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter
in force, in connection with any action or proceeding that may be brought by any Holder in order to enforce any right or remedy, including,
without limitation, any law which would prohibit or forgive the Company from paying all or any portion of the principal of or interest
on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the
performance of this Note, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of
any such law, and covenants that it will not, by resort to any such law, hinder, delay, or impede the execution of any power herein granted
to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted. It is expressly agreed
and provided that the total liability of the Company under the Notes for payments in the nature of interest shall not exceed the maximum
lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing, in no event
shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that the
Company may be obligated to pay exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law is
increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of
interest allowed by law will be the Maximum Rate applicable to the Notes from the effective date thereof forward, unless such application
is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company
to any Holder with respect to indebtedness evidenced by the Notes, such excess shall be applied by such Holder to the unpaid principal
amount of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at such Holder’s election.

 

(Signature
Page Follows)

    8

     

    

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

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

9

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