SEC Contract Filing

Filing Date: 2017-03-17

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f8k031417ex10i_agritech.htm
<DESCRIPTION>PROMISSORY NOTE
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1 </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>PROMISSORY NOTE </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 <TD STYLE="width: 88%">March&nbsp;15, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
 <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">56,000.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">FOR VALUE RECEIVED, the undersigned, AGRITECH WORLDWIDE,
INC., a Nevada corporation (&ldquo;<U>Borrower</U>&rdquo;) hereby unconditionally and irrevocably promises to pay to the order
Jonathan Kahn and Mo Garfinkle (collectively, &ldquo;<U>Holder</U>&rdquo;), at the offices of Holder located in Chicago, Illinois,
or at such other place as Holder may designate from time to time in writing, in lawful money of the United States of America and
in immediately available funds, the amount of FIFTY-SIX THOUSAND DOLLARS AND 00/100 CENTS ($56,000.00) (collectively, the &ldquo;<U>Loans</U>&rdquo;),
plus interest thereon at the rate and in accordance with the terms set forth below.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.25in"><B>1. Definitions. As used in this Promissory
Note (this &ldquo;Note&rdquo;), the following terms shall have the following meanings:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>Bankruptcy Code</B>: Title 11 of the United States
Code.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>Business Day</B>: any day other than a Saturday,
Sunday or other day on which banks in Chicago, Illinois are required to close.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>Event of Default</B>: any failure to pay any of
the Obligations when due.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>Governmental Body</B>: any foreign, federal, state,
municipal or other government, or any department, commission, board, bureau, agency, public authority or instrumentality thereof
or any court or arbitrator.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>Maximum Rate</B>: the highest rate of interest and
other charges which may be charged by Holder or which Borrower legally may contract to pay under applicable law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>Obligations</B>: any and all indebtedness, liabilities
and obligations due or to become due, now existing or hereafter arising of Borrower to Holder under or in connection with this
Note.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>Person</B>: any individual, firm, corporation, limited
liability company, business enterprise, trust, association, joint venture, partnership or other entity, whether acting in an individual,
fiduciary or other capacity.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>Principal Balance</B>: the unpaid principal balance
of this Note outstanding from time to time.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.25in"><B>2. Interest Rate; Maximum
Rate; Payments; Late Charges </B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>2.1 Interest Rate.</B> The Principal
Balance shall bear interest at a rate per annum equal to 5.00%. Interest shall be computed on the basis of a year consisting of
365 days and charged for the actual number of days during the period for which interest is being charged. Accrued and unpaid interest
on the Principal Balance shall be payable monthly in arrears on the last Business day of each month in which any Obligations remain
outstanding commencing on the date such Principal Balance is disbursed hereunder.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B>2.3 Maximum Rate.</B> Holder and Borrower
intend this Note to comply in all respects with al