Exhibit 10.8


 


 


 





THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND
THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. LENDERS SHOULD BE AWARE THAT THEY MAY BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE
AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN
COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.


 


CERBERUS FINANCE GROUP LTD


COLLATERALIZED SECURED PROMISSORY NOTE


 


	$63,000.00	British Virgin Islands
	 	January 24, 2017









	1.	Principal and Interest.






 


FOR
VALUE RECEIVED, CERBERUS FINANCE GROUP LTD, (the "Company") hereby absolutely and unconditionally promises to pay to
Agritek Holdings, Inc. (the “Lender"), or order, the
principal amount of Sixty Three Thousand Dollars exactly ($63,000.00) no later than July 24, 2017, unless the Lender does not
meet the “current information requirements” required under Rule 144 of the Securities Act of 1933, as amended, in
which case the Company may declare the offsetting note issued by the Lender on the same date herewith to be in Default (as defined
in that note) and cross cancel its payment obligations under this Note as well as the Lenders payment obligations under the offsetting
note. This Full Recourse Note shall bear simple interest at the rate of 8%.


 


	2.	Repayments and Prepayments;
Security.



 


a.All principal
under this Note shall be due and payable no later than July 24, 2017, unless
the Lender does not meet the “current information requirements” required under Rule 144 of the Securities Act of 1933,
as amended, in which case the Company may declare the offsetting note issued by the Lender on the same date herewith to be in Default
(as defined in that note) and cross cancel its payment obligations under this Note as well as the Lenders payment obligations under
the offsetting note.


 


b.The Company may
pay this Note at any time. This note may not be assigned by the Lender, except by operation of law.


 


c.This Note shall
initially be secured by the pledge of the $63,000.00 8% convertible
promissory note issued to the Company by the Lender on even date herewith (the “Lender Note”). The Company may
exchange this collateral for other collateral with an appraised value of at least $63,000.00, by providing 3 days prior written
notice to the Lender. If the Lender does not object to the substitution of collateral in that 3 day period, such substitution
of collateral shall be deemed to have been accepted by the Lender. Notwithstanding the foregoing, an exchange of collateral
for $63,000.00 in cash shall not require the approval of the Lender. All collateral shall be retained by New Venture Attorneys,
P.C., which shall act as the escrow agent for the collateral for the benefit of the Lender. The Company may not effect any conversions
under the Lender Note until it has made full cash payment for the portion of the Lender Note being converted.


 


	3.	Events of Default; Acceleration.



 


a.The principal amount
of this Note is subject to prepayment in whole or in part upon the occurrence and during the continuance of any of the following
events (each, an “Event of Default”): the initiation of any bankruptcy, insolvency, moratorium, receivership or reorganization
by or against the Company, or a general assignment of assets by the Company for the benefit of creditors. Upon the occurrence
of any Event of Default, the entire unpaid principal balance of this Note and all of the unpaid interest accrued thereon shall
be immediately due and payable. The Company may offset amounts due to the Lender under this Note by similar amounts that may be
due to the Company by the Lender resulting from breaches under the Lender Note.


 


b.No remedy herein conferred upon the Lender
is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and in addition to every other remedy
hereunder, now or hereafter existing at law or in equity or otherwise. The Company accepts and agrees that this Note is a full
recourse note and that the Holder may exercise any and all remedies available to it under law.


 


	4.	Notices.



 


a. All notices, reports
and other communications required or permitted hereunder shall be in writing and may be delivered in person, by telecopy with written
confirmation, overnight delivery service or U.S. mail, in which event it may be mailed by first-class, certified or registered,
postage prepaid, addressed (i) if to a Lender, at such Lender’s address as the Lender shall have furnished the Company
in writing and (ii) if to the Company at such address as the Company shall have furnished the Lender(s) in writing.


 


b.Each such notice,
report or other communication shall for all purposes under this Note be treated as effective or having been given when delivered
if delivered personally or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a
regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or, if sent by electronic
communication with confirmation, upon the delivery of electronic communication.


 


	5.	Miscellaneous.



 


a. Neither this Note
nor any provisions hereof may be changed, waived, discharged or terminated orally, but only by a signed statement in writing.


 


b.No failure or delay
by the Lender to exercise any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or privilege preclude any other right, power or privilege. The provisions of this Note are severable and if any one
provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, such invalidity or unenforceability
shall affect only such provision in such jurisdiction. This Note expresses the entire understanding of the parties with respect
to the transactions contemplated hereby. The Company and every endorser and guarantor of this Note regardless of the time, order
or place of signing hereby waives presentment, demand, protest and notice of every kind, and assents to any extension or postponement
of the time for payment or any other indulgence, to any substitution, exchange or release of collateral, and to the addition or
release of any other party or person primarily or secondarily liable.


 


c.If Lender retains
an attorney for collection of this Note, or if any suit or proceeding is brought for the recovery of all, or any part of, or for
protection of the indebtedness respected by this Note, then the Company agrees to pay all costs and expenses of the suit or proceeding,
or any appeal thereof, incurred by the Lender, including without limitation, reasonable attorneys' fees.


 


d.This Note shall
for all purposes be governed by, and construed in accordance with the laws of the State of New York (without reference to conflict
of laws).


 


e.This Note shall
be binding upon the Company's successors and assigns, and shall inure to the benefit of the Lender's successors and assigns.


 




    	 



    	 



    

 


IN WITNESS WHEREOF, the Company has caused this
Note to be executed by its duly authorized officer to take effect as of the date first hereinabove written.


 


 


CERBERUS FINANCE GROUP LTD


 


 


By: _________________________________


 


Title: ___________________________


 


 


APPROVED:


 


AGRITEK HOLDINGS, INC.


 


 


By: _________________________________


 


Title: ___________________________