Document:

Exhibit
10.6

 

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

   

 FORM OF 

 CONVERTIBLE
TERM NOTE 

 

	 Issuance Date:                         	 Principal
    Amount:                 

 

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

 

The
following terms shall apply to this Note:

 

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

 

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

     

     

    

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

 

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

 

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

 

4.             Conversion of Note.

 

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

 

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

    2

     

    

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

 

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

    3

     

    

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

 

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

 

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

 

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

    4

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

    5

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

    6

     

    

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

 

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

 

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

  

HOLDER:

 

 

Address:                                                          

                                                          

  

Facsimile
Number:                                           

    7

     

    

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

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

 

Adamas
One Corp.

10645
N. Tatum Road

Phoenix,
Arizona 85028

 

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

 

		1.	Date
of Notice:                       _________________________

 

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

 

		3.	Conversion
Amount:             _________________________

 

		4.	Conversion
Price:                   _________________________

 

		5.	Shares
To Be Delivered:        _________________________

 

	 	By:	 	 
	 	 	 
	 	Name:	 	 
	 	 	 
	 	Title:	 	 

    A-1Exhibit
10.7

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED
BY THE SECURITIES.

 

	Principal
    Amount: $________ USD	Issue
    Date: _____, 2019

 

FORM
OF

CONVERTIBLE PROMISSORY NOTE

 

FOR
VALUE RECEIVED, ADAMAS ONE CORP., a Nevada corporation (hereinafter called the “Borrower”), hereby promises to pay to
the order of _____, an ______, or registered assigns (the “Holder”) the sum of $________ USD together with any interest as
set forth herein, on completion of the initial public offering (the “Maturity Date”), and to pay interest on the unpaid principal
balance hereof at the rate of seven percent (7%) (the “Interest Rate”) per annum from the date hereof (the “Issue Date”)
until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. This Note may not be
prepaid in whole or in part except as otherwise explicitly set forth herein with the written consent of the Holder which may be withheld
for any reason or for no reason. All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share
(the “Common Stock”) in accordance with the terms hereof) shall be made in lawful money of the United States of America.
All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with
the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a business
day, the same shall instead be due on the next succeeding day which is a business day and, in the case of any interest payment date which
is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken into account for purposes
of determining the amount of interest due on such date. As used in this Note, the term “business day” shall mean any day
other than a Saturday, Sunday or a day on which commercial banks in the city of New York, New York are authorized or required by law
or executive order to remain closed. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto
in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the “Purchase
Agreement”).

    1

     

    

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The
following terms shall apply to this Note:

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1
Conversion Right. The Holder shall have the right at any time after the date of this Note and ending on the later of (i) the Maturity
Date and (ii) the date of payment of the Default Amount (as defined in Article III) pursuant to Section 1.6(a) or Article III, each in
respect of the remaining outstanding principal amount of this Note to convert all or any part of the outstanding and unpaid principal
amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any
shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at
the Conversion Price (as defined below) determined as provided herein (a “Conversion”); provided, however, that in no
event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which
the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common
Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted
portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained
herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the
determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 9.99%
of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall
be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided, further, however, that
the limitations on conversion may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice
to the Borrower, and the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as
determined by the Holder, as may be specified in such notice of waiver). The number of shares of Common Stock to be issued upon each
conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then
in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”),
delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by
facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New
York, New York time on such conversion date (the “Conversion Date”). The term “Conversion Amount” means, with respect
to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at
the Holder’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to
the Conversion Date, provided however, that the Borrower shall have the right to pay any or all interest in cash plus (3) at the
Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof.

    2

     

    

1.2
Conversion Price.

 

(a)
Calculation of Conversion Price. The conversion price (the “Conversion Price”) shall be 20% discount to the initial
public offering price per share of the Company’s common stock.

 

1.3
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its
authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common
Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have
authorized and reserved seven times the number of shares that is actually issuable upon full conversion of the Note (based on the Conversion
Price of the Notes in effect from time to time) (the “Reserved Amount”). The Reserved Amount shall be increased from time
to time in accordance with the Borrower’s obligations pursuant to Section 3(d) of the Purchase Agreement. The Borrower represents
that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue
any securities or make any change to its capital structure which would change the number of shares of Common Stock into which the Notes
shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter
there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of
the outstanding Notes.

 

1.4
Method of Conversion.

 

(a)
Mechanics of Conversion. Subject to Section 1.1, this Note may be converted by the Holder in whole or in part at any time from
time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable
means of communication dispatched on the Conversion Date prior to 5:00 p.m., New York, New York time) and (B) subject to Section 1.4(b),
surrendering this Note at the principal office of the Borrower.

 

(b)
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in
accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire
unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records
of the Borrower shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding the foregoing,
if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder first physically surrenders
this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order of the Holder a new Note of like tenor,
registered as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, representing in the aggregate the
remaining unpaid principal amount of this Note. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that,
by reason of the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount
of this Note represented by this Note may be less than the amount stated on the face hereof.

    3

     

    

(c)
Payment of Taxes. The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in
the issue and delivery of shares of Common Stock or other securities or property on conversion of this Note in a name other than that
of the Holder (or in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities or
property unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held
for the Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount of any such tax or shall have
established to the satisfaction of the Borrower that such tax has been paid.

 

(d) Delivery of Common Stock Upon Conversion. Upon
receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other reasonable means of communication) of a Notice
of Conversion meeting the requirements for conversion as provided in this Section 1.4, the Borrower shall issue and deliver or cause
to be issued and delivered to or upon the order of the Holder certificates for the Common Stock issuable upon such conversion within
three (3) business days after such receipt (the “Deadline”) (and, solely in the case of conversion of the entire unpaid principal
amount hereof, surrender of this Note) in accordance with the terms hereof and the Purchase Agreement.

 

(e)
Obligation of Borrower to Deliver Common Stock. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed
to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued
and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations under
this Article I, all rights with respect to the portion of this Note being so converted shall forthwith terminate except the right to
receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have
given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates for Common Stock
shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any waiver or consent
with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce the same, any failure
or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower, and irrespective of any other
circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection with such conversion. The Conversion
Date specified in the Notice of Conversion shall be the Conversion Date so long as the Notice of Conversion is received by the Borrower
before 5:00 p.m., New York, New York time, on such date.

 

(f)
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer
(“FAST”) program, upon request of the Holder and its compliance with the provisions contained in Section 1.1 and in this Section
1.4, the Borrower shall use its commercially reasonable best efforts to cause its transfer agent to electronically transmit the Common
Stock issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal
At Custodian (“DWAC”) system.

    4

     

    

1.5 Concerning
the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless (i) such
shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall have
been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in
comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act (or a successor rule)
(“Rule 144”) or (iv) such shares are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who
agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as
defined in the Purchase Agreement). Except as otherwise provided in the Purchase Agreement (and subject to the removal provisions
set forth below), until such time as the shares of Common Stock issuable upon conversion of this Note have been registered under the
Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date
that can then be immediately sold, each certificate for shares of Common Stock issuable upon conversion of this Note that has not
been so included in an effective registration statement or that has not been sold pursuant to an effective registration statement or
an exemption that permits removal of the legend, shall bear a legend substantially in the following form, as appropriate:

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED
BY THE SECURITIES.”

 

The
legend set forth above shall be removed and the Borrower shall issue to the Holder a new certificate therefore free of any transfer legend
if (i) the Borrower or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary for opinions
of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock may be made without registration
under the Act, which opinion shall be reasonably accepted by the Borrower so that the sale or transfer is effected or (ii) in the case
of the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder under an effective registration
statement filed under the Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as
of a particular date that can then be immediately sold. In the event that the Borrower does not accept the opinion of counsel provided
by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation S,
at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note.

    5

     

    

ARTICLE
II. CERTAIN COVENANTS

 

2.1
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any
consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

2.2
Preservation of Existence, etc. The Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve,
its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries (other than dormant Subsidiaries that
have no or minimum assets) to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the
properties owned or leased by it or in which the transaction of its business makes such qualification necessary.

 

2.3
Non-circumvention. The Borrower hereby covenants and agrees that the Borrower will not, by amendment of its Certificate or Articles
of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Note, and will at all times in good faith carry out all the provisions of this Note and take all action as may be required to
protect the rights of the Holder.

 

ARTICLE
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) shall occur:

 

3.1
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing
that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with
the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any
certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required
by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring
(or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion
of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor
the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat
not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice
of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of
default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer
agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion,
such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

    6

     

    

3.2
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Note and
any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of ten (10) days
after written notice thereof to the Borrower from the Holder.

 

3.3
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall
be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material
adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

ARTICLE
IV. MISCELLANEOUS

 

4.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

4.2
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be
in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a)
upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address
or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the
first business day following such delivery (if delivered other than on a business day during normal business hours where such notice
is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed
to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If
to the Borrower, to:

 

Adams
One Corp.

 

	 	 
	 	 
	Attn:	 
	E-mail 	 

 

If
to the Holder:

 

	 
	 
	 
	 

    7

     

    

4.3 Amendments.
This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term
“Note” and all reference thereto, as used throughout this instrument, shall mean this instrument (and the other Notes
issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended or
supplemented.

 

4.4 Assignability.
This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its
successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined in Rule 501(a) of the 1933
Act). Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral in connection with a bona fide
margin account or other lending arrangement. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that
following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note represented by this Note may
be less than the amount stated on the face hereof.

 

4.5
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Arizona without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by
this Note shall be brought only in the state courts of Arizona or in the federal courts located in the District of Arizona. The parties
to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert
any defense based on lack of jurisdiction or venue or based upon forum non conveniens. THE BORROWER HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY. The prevailing party shall be entitled to recover from the other
party its reasonable attorney’s fees and costs. In the event that any provision of this Note or any other agreement delivered in
connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative
to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any
agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action
or proceeding in connection with this Agreement or any other Transaction Document 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 Agreement
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 law.

    8

     

    

4.6
Certain Amounts. Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding principal
amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest,
the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult
to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate
the Holder in part for loss of the opportunity to convert this Note and to earn a return from the sale of shares of Common Stock acquired
upon conversion of this Note at a price in excess of the price paid for such shares pursuant to this Note. The Borrower and the Holder
hereby agree that such amount of stipulated damages is not plainly disproportionate to the possible loss to the Holder from the receipt
of a cash payment without the opportunity to convert this Note into shares of Common Stock.

 

4.7
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

 

4.8
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder,
by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at
law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the
Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in
equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach
of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without
any bond or other security being required. No provision of this Note shall alter or impair the obligation of the Borrower, which is absolute
and unconditional, to pay the principal of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

4.9
Severability. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of
law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity
or enforceability of any other provision hereof.

 

[signature
page follows]

    9

     

    

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer as of the date first above written.

 

	 	ADAMAS
    ONE CORP.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

    10

     

    

EXHIBIT
A

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert $_________ principal amount of the Note (defined below) together with $_________ of accrued and
unpaid interest thereto, totaling $_________ into that number of shares of Common Stock to be issued pursuant to the conversion of the
Note (“Common Stock”) as set forth below, of Adamas One Corp., a Nevada corporation (the “Borrower”), according
to the conditions of the convertible note of the Borrower dated as of ___________, _____, 202__ (the “Note”), as of the date
written below. No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

 

Box
Checked as to applicable instructions:

 

		o	The
Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned
or its nominee with DTC through its Deposit Withdrawal At Custodian system (“DWAC Transfer”).

 

Name
of DTC Prime Broker:

Account Number:

 

		o	The
undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth
below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional
space is necessary, on an attachment hereto:

 

Name:
[NAME]

Address:
[ADDRESS]

 

	Date
    of Conversion:	 	 
	Applicable
    Conversion Price:	$	 
	Number
    of Shares of Common Stock to be Issued Pursuant to Conversion of the Notes:	 	 
	 	 	 
	Amount
    of Principal Balance Due remaining Under the Note after this conversion:	 	 
	Accrued
    and unpaid interest remaining:	 	 

 

[HOLDER
NAME]

 

	By: 	 

	Name: 	[NAME]
	Title:	[TITLE]
	Date:	[DATE]

    11

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