Document:

Exhibit 10.18

 

ASSIGNMENT AGREEMENT

 

 

THIS
ASSIGNMENT AGREEMENT (the "Agreement
") is made effective as of the 19th
day of March 2020,
by and among POWER UP LENDING GROUP LTD., having a principal place
of business at 111Great
Neck Road, Suite 216,
Great Neck, New York 11021
(the "Assignor ");
OASIS CAPITAL LLC, having a principal place of business at 208
Ponce de Leon Avenue, San Juan, Puerto Rico 00918
(the "Investor");
and AGRITEK HOLDINGS, INC.,
with its address at 777 Brickell
Avenue Suite 500 Miami,
Florida 33131 (the "Company
").(the
Company, the Assignor and the Investors are sometimes referred to in this Agreement
singly as a "Party" or collectively as the "Parties".).

 

 

RECITALS

 

 

WHEREAS,
the Company desires to fulfill debt obligations owed to the Assignor pursuant to three
(3) promissory
notes:
(i) dated April 26,
2019 (default
balance of $61,021.36;
total due $61,021.36;
the "April
Note");
(ii) May 31,
2019
(principal balance of $128,500.00;
Accrued Interest of $19,348.93;
default amount of $128,500.00;
total due $276,348.93;
the "May Note");
and (iii) and December 24, 2019
(principal balance of
$128,000
.00;
Accrued Interest of $5,863.45;
default amount of $128,000.00;
total due $261,863.45;
the "December
Note"
with the April Note and May Note, collectively, the "Notes")(the debt underlying the Notes shall be referred
to as the "Debt") which are the subject of the action entitled PowerUp lending Group, Ltd. v. Agritek Holdings,
Inc., Michael Friedman a/k/a Barry M. Friedman, in the Supreme Court of the State
of New York, County of Nassau, under Index No. 603834/2020
 (the "Action");

 

WHEREAS,
the Investor is desirous of acquiring
the Debt and Assignor is desirous assigning the Debt to Investor and the Company consent
to the assignment;

 

WHEREAS,
the Parties have elected to amicably resolve the Action and affect the assignment of the Debt without further litigation
upon the terms and conditions of the settlement agreement by and among the Parties
dated as of the date hereof (the "Settlement Agreement ");

 

NOW
THEREFORE, in consideration of the mutual promises and agreements contained in this Agreement, and intending to be legally bound,
the Parties agree as follows:

 

1.
(a) Assignment of Assigned Debt. The April Note, The May Note and the December Note which are the
subject of this Agreement shall be assigned by Assignor to Investor
(the "Assignment")
on a pro rata basis upon the receipt of each of the enumerated payments set forth in Section
1.2. For illustration
purposes, upon receipt of the initial payment of $100,000.00
due March 19,
2020, Assignor will assign the April Note and $38,974.64
against the principal of the May Note. Upon receipt of each monthly payment thereafter the sum of $33,333.33
the May Note will be reduced accordingly, and that portion of the May Note will be assigned to Investor.
When the principal balance of the May Note has been assigned then the remaining payments shall
be applied again against the principal balance of the December Note and the appropriate assignment of the December Note will be
made to Investor. Upon
receipt of the final payment due under this Agreement and provided that all prior payments have been timely made,the
balance of the December Note will be assigned to Investor .

 

(b)
Payment. As consideration for the Assignment, contemporaneously with the consummation of this Agreement ,
the Investor will pay the Assignor Three Hundred
Thousand Dollars ($300,000.00) ("Purchase
Price") by delivery of a wire transfer
to the Assignor payable as follows:

 

(c)
The sum of $100,000.00 to be received on or before Thursday, March 19, 2020;

 

 

(d)
The balance of the Assignment Amount, to wit: $200,000.00 shall be paid in five (5) equal monthly installments of $33,333.33
to be received on or before the 19th day of each successive month thereafter commencing April through August 2020, and the
sixth (6th) installment payment of $33,333.35 to be paid on or before September
19, 2020.

 

 

(e)
All payments are to be paid via wire transfer on or before the dates designated in subparagraphs (c) and (d) above, by 4:00
p.m. (New York Time) (the "Deadlines")
pursuant to the following wire instructions:

 

	Bank Name:	Signature Bank
	Bank Address:	26 Court Street, Brooklyn, NY 
	Routing Number:	26013576
	Beneficiary Account No.	1502460028
	Beneficiary:	PowerUp Lending Group, Ltd.
	Mailing Address:	111 Great Neck Road, #216, Great Neck, NY 11021

 

(f)
Investor shall be afforded three-days after the Deadlines ("Grace
Period")
in which to make the designated payment and should the designated payment not be received
within the three-day period by Assignor then this Agreement shall immediately
become null and void, without the necessity of any notice, and of no further effect and the forbearance thereby be vacated and
Assignor shall be free to enforce its rights under the Notes and respective transaction documents and to continue the Action.

 

(g)
The Company hereby acknowledges and approves the Assignment.

 

 

(h)
The Company confirms that the Assignor had provided advances (cash) to the Company represented by the Notes and constituting the
Debt. Furthermore,
the Company agrees, acknowledges , consents and stipulates,
that: (i) full consideration has been rendered for said Debt with respect to the April Note on May 7, 2019;
with respect to the May Note on June 7, 2019,
and with respect to the December Note on December 31, 2019;
and hereby waives any and all objections thereto; and (ii) the principal,default and accrued interest balances of the Notes are
as set forth in the recitals herein.

 

2.
The Company hereby renews and affirms the Notes as a legally binding obligation of the Company, regardless of any termination
date or statute of limitation, and hereby extends the Debt until the satisfaction of the obligations pursuant to the Notes.

 

3.
Jurisdiction and Venue. The Parties agree that this Agreement shall be construed solely in accordance with the laws of
the State of New York, notwithstanding its choice or conflict of law principles, and any proceedings arising among the Parties
in any matter pertaining or related to this Agreement shall,to
the extent permitted by law, shall be brought only in the state courts of New York
or in the federal courts located in the state of New York and county of Nassau.

 

4.
Representation and Warranties.

 

 

4.1.
Company. The Company hereby represents and warrants the following: (a) as of the date hereof, the principal, default and accrued
interest balances of the Notes are as set forth in the recitals of this Agreement are true and correct; (b) the Assignor or any
affiliate of Assignor (collectively, jointly and severally, "Assignor's Affiliate")
is not now, and has not been during the preceding three months, an officer, director, or more than 4.99% shareholder of the Company
or in any other way an "affiliate" of the Company as that term is defined in Rule 144(a)(1)
as promulgated under the Securities Act; (c) the Company has the requisite power and authority to enter into this Agreement and
to consummate the transactions contemplated hereby and otherwise to carry out the Company's obligations hereunder; (d) this Agreement
constitutes the legal, valid and binding obligation of the Company; (e) neither the execution of this Agreement by the Company
nor the consummation of the transactions contemplated hereby will result in a breach or violation of the terms of any agreement
by which the Company is bound, or of any decree, judgment, order, law or regulation now in effect of any court or other governmental
body applicable to the Company; and (f} the Company will not receive any portion of the Purchase Price from the Assignor.

 

4.2    
Assignor. The Assignor hereby represents and warrants the following: (a) as of
the date hereof, the principal, default and accrued interest balances of the Notes are as set forth in the recitals of this Agreement
is true and correct; (b) except with respect to the Assignment Agreements, the Assignor owns the Notes free and clear of all any
and all liens, claims, encumbrances, preemptive rights, right of first refusal and
adverse interests of any kind; (c) the Assignor or any affiliate of Assignor (collectively, jointly and severally, "Assignor's
Affiliate"} is not now, and has not been during the preceding three months, an officer, director, or more than 4.99% shareholder
of the Company or in any other way an "affiliate" of the Company as that term is defined in Rule 144(a)(1)
as promulgated under the Securities Act; (d} the Assignor has the requisite power and authority to enter into this Agreement and
to consummate the transactions contemplated hereby and otherwise to carry out the Assignor's obligations hereunder; and no consent,
approval or agreement of any individual or entity is required to be obtained by the Assignor in connection with the execution and
performance by the Assignor of this Agreement or the execution and performance by the Assignor of any agreements, instruments or
other obligations entered into in connection
with this Agreement; (e) this Agreement constitutes the legal,
valid and binding obligation of the Assignor; and (f) neither the execution of this
Agreement by the Assignor nor the consummation of the transactions contemplated hereby will result in a breach or violation
of the terms of any agreement by which the Assignor is bound, or of any decree, judgment,
order, law or regulation now in effect of any court or other governmental body applicable
to the Assignor.

 

4.3    
Investor. The Investor hereby represents and warrants the following: (a) the Investor has the requisite power and authority
to enter into this Agreement and to consummate the transactions contemplated hereby and otherwise to carry out the Investor's
obligations hereunder; and no consent, approval or agreement of any individual or entity is required to be obtained by the Investor
in connection with the performance by the Investor of any agreements, instruments or other obligations
entered into in connection with this Agreement; (b) this Agreement constitutes the legal, valid and binding obligation of the
Investor; (c) neither the execution of this Agreement by the Investor nor the consummation of the transactions contemplated hereby
will result in a breach or violation of the terms of any agreement by which the Investor is bound, or of any decree, judgment,
order, law or regulation now in effect of any court or other government body applicable to the Investor; {d) the Investor is sophisticated
in financial matters, qualifies as an "accredited investor'' within the meaning of Regulation D of the Securities Act of
1933, as amended (the "Securities
Act "), and has had access to such information
as it has desired with respect to the Company, and has made such independent investigation of the Company as the Investor deems
necessary or advisable in connection with the assignment hereunder, and the Investor is able to bear the economic and financial
risk (including the risk that the Investor could lose the entire value of the Assigned Debt); (e)   
the Investor is acquiring the Assigned Debt for its own benefit and account for investment only and not with a view to,
or for resale in connection with, a public offering or distribution thereof; and (f)    
the Investor acknowledges that the Assigned Debt has not been registered under the Securities Act or the securities laws
of any other jurisdiction and therefore no sale, transfer or other disposition of the Assigned Debt is permitted unless such transfer
is registered under the Securities Act or other applicable securities laws, or an exemption
from such registration is available.

 

5.
Miscellaneous.

 

 

5.1
Counterparts. This Agreement may be executed in any number of counterparts by original or facsimile signature. All executed counterparts
shall constitute one agreement not withstanding that all signatories are not signatories to the original or the same counterpart.
Facsimile and scanned signatures are
considered original signatures.

 

5.2
Modification. This Agreement may only be modified in a writing signed
by all Parties.

 

 

5.3  
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the
interpretation of, this Agreement.

 

5.4
Severability. In the event that any provision of this Agreement is invalid or enforceable 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.

 

5.5
Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire
understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth
herein or therein, neither the Company, Assignor nor Investor makes any representation, warranty, covenant or undertaking with respect
to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the
party to be charged with enforcement. In the event of a conflict in the terms of the Settlement Agreement and this Agreement,
the terms of the Settlement Agreement shall govern and supersede such conflicted provision.

 

5.6
Notices. Any
notices required or permitted to
be given under the terms of this
Agreement shall be sent by
certified or registered mail
(return receipt requested} or delivered
personally or by courier (including
a recognized overnight
delivery
service} or by email and shall be effective
five days after being placed in
the mail,if mailed by regular
United States mail, or upon receipt,
if delivered personally or by courier
!including
a recognized overnight
delivery service or by email,
in each case addressed to a party. The addresses for such communications
shall be as set forth above or as otherwise
indicated in
a writing
to the other parties hereto.

 

 

5.7
Further Assurances. Each party shall
do and perform, or cause to be done and
performed,all such further acts and things,
and shall execute and deliver all such other agreements,
certificates, instruments
and documents,as
the other party may reasonably
request in order to carry out the intent
and accomplish the purposes of this
Agreement and the consummation of the transactions
contemplated hereby.

 

5.8
No Strict Construction. The
language used in
this Agreement will be deemed to be
the language chosen by the parties to
express their mutual intent,
and no rules of strict construction
will be applied against any party.

 

IN
WITNESS WHEREOF,Parties
have caused this
Agreement to be duly executed as
of the day and year first written about:

 

 

 

 

    	 

    	 

    

Exhibit
A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

Exhibit B

 

Proof
of Funding of NotesExhibit 10.19

 

SECURITIES
PURCHASE AGREEMENT 

 

This SECURITIES
PURCHASE AGREEMENT (the “Agreement”), dated as of December 24, 2019, by and between AGRITEK HOLDINGS, INC.,
a Delaware corporation, with its address at 777 Brickell Avenue, Suite 500, Miami, FL 33131 (the “Company”), and POWER
UP LENDING GROUP LTD., a Virginia corporation, with its address at 111 Great Neck Road, Suite 216, Great Neck, NY 11021 (the
“Buyer”).

 

 WHEREAS:

 

A.
The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “1933 Act”); and

 

B.
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement
a convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $128,000.00 (together
with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the
terms thereof, the “Note”), convertible into shares of common stock, $0.0001 par value per share, of the Company (the
“Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

 

NOW THEREFORE,
the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

		1.	Purchase and Sale of Note.

 

a.  
Purchase of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the
Buyer agrees to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name
on the signature pages hereto.

 

b.  
Form of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note
to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately
available funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note
in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature
pages hereto, and (ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery
of such Purchase Price.

 

c.  Closing
Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7
below, the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”)
shall be 12:00 noon, Eastern Standard Time on or about December 27, 2019, or such other mutually agreed upon time. The
closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at
such location as may be agreed to by the parties.

 

		2.	Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company
that:

 

a. Investment
Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of
or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the “Conversion
Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards
the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act.

 

b. Accredited
Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D
(an “Accredited Investor”).

 

c. Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of
the Buyer to acquire the Securities.

 

d. Information.
The Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless such
information is disclosed to the public prior to or promptly following such disclosure to the Buyer.

 

e. Legends.
The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act; or
may be sold pursuant to an applicable exemption from registration, the Conversion Shares may bear a restrictive legend in
substantially the following form:

 

"THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS
(1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS
OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION
ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED
OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."

 

The legend
set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon
which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale
under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from registration
without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such
holder provides the Company with 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 Security may be made without registration under the 1933 Act,
which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities,
including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus
delivery requirements, if any. In the event that the Company 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, at the Deadline, it will be
considered an Event of Default pursuant to Section 3.2 of the Note.

 

f. Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on
behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with
its terms.

 

		3.	Representations and Warranties of the Company. The Company represents and warrants to the
                                                               Buyer that:

 

a. Organization
and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated,
in which the Company owns, directly or indirectly, any equity or other ownership interest.

 

b. Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the
transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s
Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required,
(iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign this Agreement and the other documents executed
in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery
by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

c. Capitalization.
As of the date hereof, the authorized common stock of the Company consists of 1,499,000,000 authorized shares of Common Stock,
$0.0001 par value per share, of which 20,737,652 shares are issued and outstanding; and 38,334,830 shares are reserved for issuance
upon conversion of the Note. All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly
issued, fully paid and non-assessable.

 

d. Issuance
of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance
with its respective terms, will be validly issued, fully paid and non-assessable, and 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
Company and will not impose personal liability upon the holder thereof.

 

e. No
Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance
of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation
or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event
which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of
its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or
its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company
or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations,
cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). The businesses of
the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the Buyer owns any of
the Securities, in violation of any law, ordinance or regulation of any governmental entity. “Material Adverse Effect”
means any material adverse effect on the business, operations, assets, financial condition or prospects of the Company or its
Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered
into in connection herewith.

 

f. SEC
Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the
“1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements
and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter
referred to herein as the “SEC Documents”). Upon written request the Company will deliver to the Buyer true and complete
copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates or if amended,
as of the dates of the amendments, the SEC Documents complied in all material respects with the requirements of the 1934 Act and
the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at
the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading. None of the statements made in any such SEC Documents is, or has been, required to be amended or updated
under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof).
As of their respective dates or if amended, as of the dates of the amendments, the financial statements of the Company included
in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules
and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States
generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material
respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the
consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments). The Company is subject to the reporting requirements of the 1934 Act.

 

g. Absence
of Certain Changes. Since September 30, 2019, except as set forth in the SEC Documents, there has been no material adverse
change and no material adverse development in the assets, liabilities, business, properties, operations, financial condition,
results of operations, prospects or 1934 Act reporting status of the Company or any of its Subsidiaries.

 

h. Absence
of Litigation. Except as set forth in the SEC Documents, there is no action, suit, claim, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of
the Company or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or their officers
or directors in their capacity as such, that could have a Material Adverse Effect. The Company and its Subsidiaries are unaware
of any facts or circumstances which might give rise to any of the foregoing.

 

i.  
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf,
has directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances
that would require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities
to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

j.  
No Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions,
transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

k. No
Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

l.   Breach
of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set
forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be
considered an Event of default under Section 3.4 of the Note.

 

		4.	COVENANTS.

 

a. Best
Efforts. The Company shall use its best efforts to satisfy timely each of the conditions described in Section 7 of this Agreement.

 

b. Form
D; Blue Sky Laws. The Company agrees to timely make any filings required by federal and state laws as a result of the closing
of the transactions contemplated by this Agreement.

 

c. Use
of Proceeds. The Company shall use the proceeds for general working capital purposes.

 

d. Expenses.
At the Closing, the Company’s obligation with respect to the transactions contemplated by this Agreement is to reimburse
Buyer’ expenses shall be $3,000.00 for Buyer’s legal fees and due diligence fee.

 

e. Corporate
Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company’s assets, except with the prior written consent of the Buyer.

 

f. Breach
of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies
available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the Note.

 

g. Failure
to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting
requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.

 

h. Trading
Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the
Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging
transactions with respect to the common stock of the Company.

 

		5.	Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer
agent to issue certificates, registered in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified
from time to time by the Buyer to the Company upon conversion of the Note in accordance with the terms thereof (the “Irrevocable
Transfer Agent Instructions”). In the event that the Company proposes to replace its transfer agent, the Company shall provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially
delivered pursuant to this Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock
in the Reserved Amount as such term is defined in the Note) signed by the successor transfer agent to Company and the Company.
Prior to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant
to an exemption from registration, all such certificates shall bear the restrictive legend specified in Section 2(e) of this Agreement.
The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section
5, will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books
and records of the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent
not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated
form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as and
when required by the Note and this Agreement; and (iii) it will not fail 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 Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to
the Note as and when required by the Note and/or this Agreement. If the Buyer provides the Company and the Company’s transfer,
at the cost of the Buyer, with an opinion of counsel in form, substance and scope customary for opinions in comparable transactions,
to the effect that a public sale or transfer of such Securities may be made without registration under the 1933 Act, the Company
shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its transfer agent to issue one or more
certificates, free from restrictive legend, in such name and in such denominations as specified by the Buyer. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by vitiating the intent and purpose
of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations
under this Section 5 may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions
of this Section, that the Buyer shall be entitled, in addition to all other available remedies, to an injunction restraining any
breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security
being required.

 

		6.	Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder
to issue and sell the Note to the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of
the following conditions thereto, provided that these conditions are for the Company’s sole benefit and may be waived by
the Company at any time in its sole discretion:

 

a. The
Buyer shall have executed this Agreement and delivered the same to the Company.

 

b. The
Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

c. The
representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date),
and the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.

 

d.
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby which prohibits the consummation of any of the
transactions contemplated by this Agreement.

 

		7.	Conditions to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder
to purchase the Note at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions,
provided that these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a. The
Company shall have executed this Agreement and delivered the same to the Buyer.

 

b. The
Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) in accordance
with Section 1(b) above.

 

c. The
Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Buyer, shall have been delivered to and acknowledged
in writing by the Company’s Transfer Agent.

 

d. The
representations and warranties of the Company shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date)
and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer
shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing
Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited
to certificates with respect to the Board of Directors’ resolutions relating to the transactions contemplated hereby.

 

e. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

f. No
event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not
limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act
reporting obligations.

 

g. The
Conversion Shares shall have been authorized for quotation on an exchange or electronic quotation system and trading in the Common
Stock on such exchange or electronic quotation system shall not have been suspended by the SEC or an exchange or electronic quotation
system.

 

h. The
Buyer shall have received an officer’s certificate described in Section 3(d) above, dated as of the Closing Date.

 

		8.	Governing
Law; Miscellaneous.

 

a. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Virginia 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 New York or in the federal courts located in the state and county
of Nassau. The parties to this Agreement 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
Company and Buyer waive trial by jury. 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 Agreement 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, the Note or any related document or agreement 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.

 

b. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party.

 

c. Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

d. Severability.
In the event that any provision of this Agreement 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.

 

e. Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

f. 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 as set forth in the heading of this Agreement with a copy by fax only to (which
copy shall not constitute notice) to Naidich Wurman LLP, 111 Great Neck Road, Suite 214, Great Neck, NY 11021, Attn: Allison Naidich,
facsimile: 516-466-3555, e-mail: allison@nwlaw.com. Each party shall provide notice to
the other party of any change in address.

 

g. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that purchases Securities
in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act,
without the consent of the Company.

 

h. Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive
the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company
agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage
arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties
and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement
of expenses as they are incurred.

 

i. Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

j. No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

k. Remedies. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating the intent and purpose
of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations
under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions
of this Agreement, that the Buyer 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 Agreement
and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond
or other security being required.

 

[THE REMAINDER
OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

    	 	 	 

     

    

 

IN WITNESS
WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

 

AGRITEK HOLDINGS,
INC.

 

By: /s/Scott
Benson                                           

Scott Benson

Chief
Executive Officer

 

 

POWER UP LENDING
GROUP LTD. 

 

By:                                                                            

Name: Curt
Kramer

Title: Chief
Executive Officer

111 Great
Neck Road, Suite 216

Great Neck,
NY 11021

 

 

AGGREGATE
SUBSCRIPTION AMOUNT:

 

	Aggregate Principal Amount of Note:	$128,000.00
	 	 
	Aggregate Purchase Price:	$128,000.00

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