CONVERTIBLE PROMISSORY NOTE


 


THIS NOTE AND ANY SHARES OF STOCK ISSUABLE
UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THIS NOTE AND ANY SHARES OF STOCK ISSUABLE UPON THE CONVERSION HEREOF MAY NOT BE SOLD, OFFERED FOR SALE, MORTGAGED, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING THIS NOTE OR SUCH SHARES UNDER
SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR THE DELIVERY OF AN OPINION OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.
THIS NOTE IS ALSO SUBJECT TO RESTRICTIONS ON TRANSFER. 


 


Regen
BioPharma, Inc.


 


Issue Date: March 31, 2017Principal Amount:$50,000


 


1. Terms. For value
received, the Regen BioPharma, Inc., a Nevada corporation (the “Company”) hereby absolutely and unconditionally promises
to pay to the order of ____________ (the "Lender") ON DEMAND AT ANY TIME AFTER March 31, 2020 (the “Maturity Date”),
the principal amount of Fifty Thousand Dollars ($50,000) and interest on the whole amount of said principal sum outstanding and
remaining from time to time unpaid (the “Note”), commencing from the date hereof and continuing until payment in full
of this Note or conversion as hereinafter provided, at an annual rate equal to ten percent (10%) simple interest. Interest shall
be payable quarterly upon demand or upon conversion pursuant to Section 2 hereunder. Interest shall be computed on the basis of
the actual number of days elapsed divided by 365. Principal and interest shall be payable in lawful money of the United States
of America, at the principal place of business of the Lender or at such other place as the Lender may have designated from time
to time in writing to the Company.


 


2. Conversion.


 


2.1 Conversion Right.
The Lender shall have the right from time to time to convert all or a 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 Company into which such Common Stock shall hereafter be changed or reclassified at the
conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”). The Lender shall
have the right to convert one hundred percent (100%) of the Principal Amount immediately upon execution of this agreement and any
accrued interest may be converted as well.


 


The number of shares of
Common Stock to be issued upon each conversion of this Note shall be determined by dividing the principal amount of this Note to
be converted (the “Conversion Amount”) by the applicable Conversion Price as defined in this Section 2 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 Company by the Lender on such conversion date (the “Conversion Date”).


 


2.2 Conversion Price.


The “Conversion Price” shall be defined as the lower
of $0.0125 per share or a 75% discount to the closing price of the Common Stock on the Over-the-Counter Bulletin Board on the trading
day immediately prior to the date that a Notice of Conversion is submitted pursuant to Section 2.3. or, if the Over-the-Counter
Bulletin Board is not the principal trading market for such security, the closing price of such security on the principal securities
exchange or trading market where such security is listed or traded on the trading day immediately prior to the date that a Notice
of Conversion is submitted pursuant to Section 2.3. or, if no closing bid price of such security is available in any of the foregoing
manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”
by the National Quotation Bureau, Inc. on the trading day immediately prior to the date that a Notice of Conversion is submitted
pursuant to Section 2.3.


 


The Conversion Price shall be equitably adjusted for reverse
stock splits, forward stock splits, recapitalization, reclassifications, extraordinary distributions and similar events by the
Company relating to the Company’s Common Stock. Any adjustment made pursuant to this Section 2.2 shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and
shall become effective immediately after the effective date in the case of a reverse stock split, forward stock split, or reclassification


 


2.3 Method of Conversion.
Subject to Section 2.1, this Note may be converted by the Lender by submitting to the Company 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.
The Lender shall not be required to physically surrender this Note to the Company unless the entire unpaid principal amount of
this Note is so converted. The Lender and the Company shall maintain records showing the principal amount so converted and the
dates of such conversions 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 Company 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 Lender may not transfer this Note unless
the Lender first physically surrenders this Note to the Company, whereupon the Company will forthwith issue and deliver upon the
order of the Lender a new Note of like tenor, registered as the Lender (upon payment by the Lender of any applicable transfer taxes)
may request, representing in the aggregate the remaining unpaid principal amount of this Note.


 


Upon receipt by the Company
from the Lender of a facsimile transmission, e-mail, or other reasonable means of communication of a Notice of Conversion meeting
the requirements for conversion, the Company shall issue and deliver or cause to be issued and delivered to or upon the order of
the Lender certificates for the Common Stock issuable upon such conversion within ten (10) business days after such receipt. Upon
receipt by the Company of a Notice of Conversion, the Lender shall be deemed to be the Lender 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. 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 as herein provided on such conversion. In lieu of delivering physical
certificates representing the Common Stock issuable upon conversion, provided the Company is participating in the Depository Trust
Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Lender, the Company
shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to
the Lender by crediting the account of Lender’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”)
system.


 


2.4 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 Company 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 Company
who agrees to sell or otherwise transfer the shares only in accordance with this Section 2.5 and who is an Accredited Investor
as the term Accredited Investor is defined in Rule 501 of Regulation D, promulgated under the Act.


 


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 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
OR SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS 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 LENDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT."


 


The legend set forth above
shall be removed and the Company shall issue to the Lender a new certificate therefore free of any transfer legend if (i) the Company
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 and the shares are so sold or transferred, (ii) such Lender provides the Company or its transfer agent with reasonable
assurances that the Common Stock issuable upon conversion of this Note (to the extent such securities are deemed to have been acquired
on the same date) can be sold pursuant to Rule 144 or (iii) in the case of the Common Stock issuable upon conversion of this Note,
such security is registered for sale by under an effective registration statement filed under the Act or (iv) 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.


 


3. Payment.


 


 


WIRE INSTRUCTIONS:


______


 


 


4. Prepayment. Notwithstanding
anything to the contrary contained herein, the Company shall have the right, exercisable on not less than ten (10) Trading Days
prior written notice to the Lender, to prepay the outstanding Note in part or in full, including outstanding principal and accrued
interest. Any notice of prepayment hereunder shall be delivered to the Lender at its registered addresses and shall state that
the Company is exercising its right to prepay the Note and the date of prepayment, which shall be not more than ten (10) Trading
Days from the date of the prepayment notice. Upon receipt of a prepayment notice, Lender shall have the right, but not the obligation,
to accelerate the conversion period specified in Section 2.1 and convert that portion of the outstanding principal balance which
is subject to prepayment to Common Shares as provided for in Section 2.


 


5. Warrant Coverage.
In the event that that the Company exercises its right to prepay the note, or if the Lender chooses not to convert the remaining
amount of the note into Common Shares of the company, the Lender shall receive warrants equal to 10% of the Common shares it would
have received had the Lender converted the remaining amount of the Note into Common shares of the Company. The warrants shall have
a strike price of $0.05 per share. See Exhibit B (incorporated into this Note) for instructions on completing the Exercise of Warrants
document.


 


6. Events of Default.


 


6.1 The following shall
constitute events of default (individually an "Event of Default"):


 


(a) default in the payment,
when due or payable, of an obligation to pay interest or principal under this Note, which default is not cured by payment in full
of the amount due within thirty (30) days from the date that the Lender receives notice of the occurrence of such default;


 


(b) filing of a petition
in bankruptcy or the commencement of any proceedings under any bankruptcy laws by or against the Company, which filing or proceeding,
is not dismissed within ninety (90) days after the filing or commencement thereof; or


 


(c) failure of the Company
to comply in any way with the terms, covenants or conditions contained in this Note.


 


6.2 If an Event of Default
shall occur and be continuing, the Lender may, at its option, declare this Note to be immediately due and payable without further
notice or demand, whereupon this Note shall become immediately due and payable without presentment, demand or protest, all of which
are hereby waived by the Company.


 


7. Transfer of Note. This Note may not
be transferred or assigned other than a transfer or assignment to an Affiliate of the Lender. As used herein, the term “Affiliate”
means an entity that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, the Lender.


 


8. Certain Waivers.
The Company hereby expressly and irrevocably waives presentment, demand, protest, notice of protest and any other formalities of
any kind.


 


9. Amendment, Modification
or Termination. This Note may only be modified, amended, or terminated (other than by payment in full) by an agreement in writing
signed by the Company and the Lender. No waiver of any term, covenant or provision of this Note shall be effective unless given
in writing by the Lender.


 


10. Governing Law.
This Note and the obligations of the Company hereunder shall be governed by and interpreted and determined in accordance with the
laws of the State of California (excluding the laws and rules of law applicable to conflicts or choice of law).


 


IN
WITNESS WHEREOF, this Note has been duly executed on behalf of the undersigned on the day and in the year first above written.


 





	REGEN BIOPHARMA, INC.	 
	 	 
	/s/ David
    R. Koos	3/31/2017
	David R. Koos	Date
	Chairman and CEO	 






 


The
foregoing Convertible Promissory Note is hereby accepted and agreed to by the undersigned on and as of the date first above written.


 





	 	 
		
	Name	Date
	Title	 


 



 



    	1 



    	 



    

 


EXHIBIT A


NOTICE OF CONVERSION


 


The undersigned hereby elects to convert $
_______________ principal amount and $____________ accrued interest of the Note into that number of shares of Common Stock to be
issued pursuant to the conversion of the Note as set forth below of REGEN BIOPHARMA, INC. according to the conditions of the convertible
note of the Company dated as of Month 00, 2020 as of the date written below.





 








	Date of Conversion:	 	 
	Applicable Conversion Price:	 	 
	(Attach
    Bloomberg price documentation)	 
	Number of Shares
    of Common Stock to be Issued Pursuant to Conversion of the Note:	 	 
	 	 	 
	Amount of Principal
    Balance Due Remaining Under the Note After This Conversion:	 	 






 


Checked
box corresponds to applicable instructions:


 


☐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 Agent Commission system (“DWAC Transfer”).


 





	Name of DTC Prime Broker:	 	 
	Account Number:	 	 









 


☐
The undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock
set forth below in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:





 


	Name:	 	 
	Address:	 	 
	 	 	 
	 	 	 
	Phone:	 	 






 


 





	 	 
		
	Name	Date
	Title	 


 






    	2 



    	 



    

 



 


EXHIBIT B


 


COMMON STOCK PURCHASE WARRANT


REGEN BIOPHARMA, INC.


 


THIS WARRANT AND THE SHARES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT AND
THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
AN EFFECTIVE REGISTRATION STATEMENT OR APPLICABLE EXEMPTION OR SAFE HARBOR PROVISION.


 


THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies
that, for value received, Lender is entitled, solely upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, to subscribe for and purchase from the Company, shares of common stock of the Company (the “Warrant
Shares”). The purchase price of one Warrant Share under this Warrant shall be equal to the $0.05 per Warrant Share (“Exercise
Price”).


 


		1.	In the event that Company shall exercise Company’s rights pursuant to Section 4 of the Note (“Prepayment Clause”)
, Lender shall be entitled , on or prior to the close of business on the three (3) month anniversary of the date that the Note
shall have been prepaid by the Company(“Prepayment Date”) , to subscribe for and purchase from the Company up to that
number of Warrant Shares at the Exercise Price per Share equivalent to that one tenth of that number of Common Shares that Lender
would have been entitled to be issued had Lender exercised Lender’s Conversion Right pursuant to Section 2.1 of the Note
as of the Prepayment Date.



 


		2.	In the event that, as of the Maturity Date, part of the outstanding and unpaid principal amount of this Note and any Accrued
Interest remains outstanding, Lender shall be entitled , on or prior to the close of business on the three (3) month anniversary
of the Maturity Date , to subscribe for and purchase from the Company up to that number of Warrant Shares at the Exercise Price
per Share equivalent to that one tenth of that number of Common Shares that Lender would have been entitled to be issued had Lender
exercised Lender’s Conversion Right pursuant to Section 2.1 of the Note as of the Maturity Date.



 


		3.	If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common
Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares
of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such
event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3 shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or reclassification



 


		4.	Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, from and after the initial exercise
date, and then at any time, by delivery to the Company (or such other office or agency of the Company as it may designate by notice
in writing to Lender at the address of the Lender appearing on the books of the Company) of a duly executed facsimile or emailed
copy of the Notice of Exercise form annexed hereto and delivery of the aggregate Exercise Price for the Warrant Shares specified
in the applicable Notice of Exercise by wire transfer.



 


		5.	Warrant Shares purchased hereunder will be delivered to Holder within ten (10 ) business days of Notice of Exercise.



 





	 	6.	The Warrant Shares may not be sold or transferred unless (i) such shares are sold pursuant to an effective registration statement
under the Act or (ii) the Company 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 Company who agrees to sell or otherwise transfer the shares only in
accordance with this Section 6 and who is an Accredited Investor as the term Accredited Investor is defined in Rule 501 of Regulation
D, promulgated under the Act.



 



Subject to the
removal provisions set forth below, until such time as the Warrant Shares 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 Warrant Shares that have not been so included in an effective registration statement or that have 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 OR SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS 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 LENDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT."


 


The legend set
forth above shall be removed and the Company shall issue to the Lender a new certificate therefore free of any transfer legend
if (i) the Company 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 securities may be made without
registration under the Act and the shares are so sold or transferred, (ii) such Lender provides the Company or its transfer agent
with reasonable assurances that the Warrant Shares can be sold pursuant to Rule 144 or (iii) such security is registered for sale
by under an effective registration statement filed under the Act or (iv) 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.


 





		7.	The Lender shall not be required to physically surrender this Warrant to the Company. If the Lender has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in full, this Warrant shall automatically be cancelled without
the need to surrender the Warrant to the Company for cancellation.



 


		8.	This Warrant may not be transferred or assigned other than a transfer or assignment to an Affiliate of the Lender. As used
herein, the term “Affiliate” means an entity that directly, or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, the Lender.



 


		9.	FORM OF WARRANT NOTICE



 


 


NOTICE OF EXERCISE


 


To:REGEN BIOPHARMA,
INC.


 


The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the Warrant issued in connection with that Convertible
Note in the amount of _______ by and between ______ and the Company dated _____ and maturing _____, 2020 and tenders herewith payment
of the exercise price in full, together with all applicable transfer taxes, if any.


Please issue a certificate or certificates representing said Warrant
Shares in the name of the undersigned. The undersigned is an “accredited investor” as defined in Regulation D promulgated
under the Securities Act of 1933, as amended.


 


[SIGNATURE]


 


 


Name: _______________________________________


Date: ________________________________________


 


 



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