Exhibit 10.26
Imagenetix Inc.

7% Renewable Convertible Debenture

This 7% Renewable Convertible Debenture is entered into by and between
Imagenetix, Inc., a Nevada corporation, with its principal place of business at
10845 Rancho Bernardo Dr., Ste. 105, San Diego, CA 92127 and
________________________________________, an individual, as of this _____ day of
May, 2010, under the following terms and conditions:

Issuer:
Imagenetix Inc. (the “Company”)

Investors:
A small number of Qualified Institutional Buyers/Accredited Investors approved
by the Company.

Issue:
A mini-max offering of $500,000 - $600,000 Convertible Debentures with Warrants
(the “Units”)

Closing Date:
May 25, 2010

Unit Price:
$25,000 per unit

The Unit:
Each Unit shall consist of one 7% Renewable Convertible Debenture with a face
amount of $25,000 plus a five-year warrant to purchase up to 12,500 shares of
common stock at $0.50 per share

Minimum Subscription:
$25,000

Interest Rate:
The Company shall pay quarterly in cash interest at an annual percentage rate of
7%. The quarterly payments will be due on January 1, April 1, July 1 and October
1 of each year.

Renewable Maturity:
Any portion of the 7% Renewable Convertible Debenture plus accrued interest not
paid or converted previous to November 25, 2010 shall be due and paid in cash on
November 25, 2010.  At the option of the investor, the 7% Renewable Convertible
Debenture plus accrued interest not paid or converted as of November 25, 2010
may be renewed for successive six month terms (May 25 and November 25) until May
25, 2013 at which time all principal and accrued interest not converted shall be
due and payable.

Call and Conversion
At the Company’s option, the Company may call the 7% Renewable Convertible
Debenture for cash at any time up to November 25, 2010 providing the Company
pays a 7% premium to the Investor which shall be in addition to any accrued
interest through the date of the call.  Subsequent to November 25, 2010, until
paid, converted or May 25, 2013, at the option of the Investor, the Investor may
convert the 7% Renewable Convertible Debenture into common shares of the Company
at a conversion price of $.50 per share.

 
 
 

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Additional Warrant
If the Company does not call the note on or before November 25, 2010, a second
five-year warrant to purchase up to 12,500 shares of common stock at $0.50 per
share shall be issued to the investor on November 25, 2010.

Registration:
The Company shall not be required to register either the common stock issuable
on the conversion of the note or the common stock purchase warrants.  The
investor may sell his shares received as a matter of conversion subject to Rule
144 after a period of at least six months from the date payment was made to the
company of the principal amount (tracking period) and may sell his shares
received as a matter of converting warrants, six months after the issuance of
the warrant shares.

Over allotment:
At the Company’s discretion, any subscription amounts in excess of the maximum
offering amount may be accepted on the same terms as the offering or pro-rated
based on the percentage total subscriptions bears to the maximum offering
amount.

Subsciption:
Dollar amount   $__________

Investor:
Name                 __________________

 
Address              __________________

 
City, State, .Zip __________________

 
Phone                 __________________

 
Taxpayer ID #   __________________

 
Signature           __________________

 
 
Date                 ___________________

Amount of 7% Renewable Convertible Note (after
pro-ration)         $______________

Initial number of warrants (memorialized under a separate warrant
agreement)  ___________

Imagenetix, Inc.

By
         
William Spencer
 
President and CEO
 

 
 
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