TIDS
NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF TIDS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THERULESANDREGULATIONS PROMULGATED THEREUNDER (THE "1933 ACT")


 


us
$115,000.00


 


REGEN
BIOPHARMA, INC.


8%
CONVERTIBLE REDEEMABLE NOTE DUE DECEMBER 6, 2018


BACK
END


 


FOR
VALUE RECEIVED, Regen Biopharma, Inc. (the "Company") promises to pay to the order of GS CAPITAL PARTNERS, LLC and its
authorized successors and permitted as signs ("Holder"), the aggregate principal face amount of One Hundred Fifteen
Thousand Dollars exactly (U.S. $115,000.00) on December 6, 2018 ("Maturity Date") and to pay interest on the
principal amount outstanding hereunder at the rate of 8% per annum commencing on December 6, 2017. The Company acknowledges this
Note was issued with a $1,750 original issue discount (OID) and as such the issuance price was $113,250.00. The interest will
be paid to the Holder in whose name this Note is registered on the records of the Company regarding registration and transfers
of this Note. The principal of, and interest on, this Note are payable at 110 Wall Street, New York, NY 10005, initially, and
if changed, last appearing on the records of the Company as designated in writing by the Holder hereof from time to time. The
Company will pay each inter est payment and the outstanding principal due upon this Note before or on the Maturity Date, less
any amounts required by law to be deducted or withheld, to the Holder of this Note by check or wire transfer addressed to such
Holder at the last address appearing on the records of the Company. The forwarding of such check or wire transfer shall constitute
a payment of outstand ing principal hereunder and shall satisfy and discharge the liability for principal on this Note to the
extent of the sum represented by such check or wire transfer. Interest shall be payable in Common Stock (as defined below) pursuant
to paragraph 4(b) herein.


 






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This
Note is subject to the following additional provisions:


 


1.
This Note is exchangeable for an equal aggregate
principal amount ofN otes of different authorized denominations, as requested by the Holder surrendering the same. No service
charge will be made for such registration or transfer or exchange, except that Holder shall pay any tax or other governmental
charges payable in connection therewith.


 


2.                  
The Company shall be entitled to withhold from
all payments any amounts required to be withheld under applicable laws.


 


3.                 
This Note may be transferred or exchanged only
in compliance with the Securities Act of 1933, as amended ("Act") and applicable state securities laws. Any attempted
transfer to a non-qualifying party shall be treated by the Company as void. Prior to due present ment for transfer of this Note,
the Company and any agent of the Company may treat the person in whose name this Note is duly registered on the Company's records
as the owner hereof for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall
be affected or bound by notice to the contrary. Any Holder of this Note electing to exercise the right of conversion set forth
in Section 4(a) hereof, in addition to the requirements set forth in Section 4(a), and any prospective transferee of this Note,
also is required to give the Company written confirmation that this Note is being converted ("Notice of Conversion")
in the form annexed hereto as Exhibit A. The date of receipt (including receipt by telecopy) of such Notice of Conversion
shall be the Conversion Date.


 


4.                  
(a) The Holder of this Note is entitled, at its
option, at any time after the 6 month anniversary of this Note, to convert all or any amount of the principal face amount of this
Note then outstanding into shares of the Company's common stock (the "Common Stock") at a price ("Conversion
Price") for each share of Common Stock equal to 65% of the lowest trading price of the Common Stock as
reported on the National Quotations Bureau OTC Mar kets exchange which the Company's shares are traded or any exchange upon which
the Common Stock may be traded in the future ("Exchange"), for the fourteen prior trading
days including the day upon which a Notice of Conversion is received by the Company or its transfer agent (provid ed such Notice
of Conversion is delivered by fax or other electronic method of communication to the Company or its transfer agent after 4 P.M.
Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing price). If the shares have
not been delivered with in 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be effec tuated by
the Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company of the Notice
of Conversion. Accrued but unpaid interest shall be subject to conversion. No fractional shares or scrip representing fractions
of shares will be is sued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. To the
extent the Conversion Price of the Company's Common Stock closes below the par value per share, the Company will take all steps
necessary to solicit the consent of the stockhold ers to reduce the par value to the lowest value possible under law. The Company
agrees to honor all conversions submitted pending this increase. In the event the Company experiences a DTC "Chill"
on its shares, the conversion price shall be decreased to 55% instead of 65% while that "Chill" is in effect. In
no event shall the Holder be allowed to effect a conversion if such conver sion, along with all other shares of Company Common
Stock beneficially owned by the Holder and its affiliates would exceed 9.9% of the outstanding shares of the Common Stock of the
Company. The conversion discount and look back period will be adjusted on a ratchet basis if the Company offers a more favorable
conversion discount (whether through a straight discount or in combination with an original issue discount) or look back period
to another party while this note is in effect.


 






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(b)              
Interest on any unpaid principal balance of this Note shall be paid at the rate of 8% per annum. Interest shall be paid by the
Company in Common Stock ("Interest Shares"). Holder may, at any time, send in a Notice of Conversion to the Company
for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest Shares shall
be all or a portion of the accrued interest calculated on the unpaid principal balance of this Note to the date of such notice.


 


(c)              
This Note may not be prepaid, except that if the $115,000 Rule 144 con- vertible redeemable note issued by the Company of even
date herewith is redeemed by the Com pany within 6 months of the issuance date of such Note, all obligations of the Company under
this Note and all obligations of the Holder under the Holder issued Back End Note will be auto matically be deemed satisfied and
this Note and the Holder issued Back End Note will be auto matically be deemed cancelled and of no further force or effect.


 


(d)              
Upon (i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of
related transactions, (ii) a reclassification, capital reorganization or other change or exchange of outstanding shares of the
Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any consolidation or merger of the Company
with or into another person or entity in which the Company is not the surviving entity (other than a merger which is effected
solely to change the jurisdiction of incorporation of the Company and results in a reclassification, conversion or exchange of
outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii) being re ferred to as
a "Sale Event"), then, in each case, the Company shall, upon request of the Holder, redeem this Note in cash for 150%
of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election of the Holder, such
Holder may convert the un paid principal amount of this Note (together with the amount of accrued but unpaid interest) into shares
of Common Stock immediately prior to such Sale Event at the Conversion Price.


 


(e)              
In case of any Sale Event (not to include a sale of all or substantially all of the Company's assets) in connection with which
this Note is not redeemed or converted, the Company shall cause effective provision to be made so that the Holder of this Note
shall have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and number of shares
of stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other
change, consolidation or merger by a holder of the number of shares of Common Stock that could have been purchased upon exercise
of the Note and at the same Conversion Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions
shall similarly apply to successive Sale Events. If the considera tion received by the holders of Common Stock is other than cash,
the value shall be as deter mined by the Board of Directors of the Company or successor person or entity acting in good faith.


 






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5.                 
No provision of this Note shall alter or impair the obligation of the Com- pany, which is absolute and unconditional, to
pay the principal of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.


 


6.                 
The Company hereby expressly waives demand and
presentment for pay- ment, notice of non-payment, protest, notice of protest, notice of dishonor, notice of acceleration or intent
to accelerate, and diligence in taking any action to collect amounts called for hereunder and shall be directly and primarily
liable for the payment of all sums owing and to be owing hereto.


 


7.                 
The Company agrees to pay all costs and expenses,
including reasonable attorneys' fees and expenses, which may be incurred by the Holder in collecting any amount due under this
Note.


 


8.
If one or more of the following described "Events
of Default" shall occur:




 


(a)               
The Company shall default in the payment of principal
or interest on this Note or any other note issued to the Holder by the Company; or


 


(b)              
Any of the representations or warranties made
by the Company herein or in any certificate or financial or other written statements heretofore or hereafter furnished by or on
behalf of the Company in connection with the execution and delivery of this Note, or the Se curities Purchase Agreement under
which this note was issued shall be false or misleading in any respect; or


 


(c)               
The Company shall fail to perform or observe,
in any respect, any cove- nant, term, provision, condition, agreement or obligation of the Company under this Note or any other
note issued to the Holder; or


 


(d)              
The Company shall (1) become insolvent; (2) admit
in writing its inability to pay its debts generally as they mature; (3) make an assignment for the benefit of creditors or commence
proceedings for its dissolution; (4) apply for or consent to the appointment of a trus tee, liquidator or receiver for its or
for a substantial part of its property or business; (5) file a peti tion for bankruptcy relief, consent to the filing of such
petition or have filed against it an invol untary petition for bankruptcy relief, all under federal or state laws as applicable;
or


 


(e)               
A trustee, liquidator or receiver shall be appointed
for the Company or for a substantial part of its property or business without its consent and shall not be discharged with in
sixty (60) days after such appointment; or


 


(f)                
Any governmental agency or any court of competent
jurisdiction at the in- stance of any governmental agency shall assume custody or control of the whole or any substan tial portion
of the properties or assets of the Company; or


 


(g)
One or more money judgments, writs or warrants
of attachment, or similarp rocess, in excess of fifty thousand dollars ($50,000) in the aggregate, shall be entered or filed against
the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of
fifteen (15) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or


 






    	 	4	 



     


    

 


(h)              
The Company shall have defaulted on or breached
any term of any other note of similar debt instrument into which the Company has entered and failed to cure such de fault within
the appropriate grace period; or


 


(i)                
The Company shall have its Common Stock delisted
from an exchange (including the OTC Market Exchange) or, if the Common Stock trades on an exchange, then trading in the Common
Stock shall be suspended for more than 10 consecutive days or ceases to file its 1934 act reports with the SEC;


 


(j)
If a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of the
Board;


 


(k)              
The Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within
3 business days of its receipt of a Notice of Conversion; or





(1)                
The Company shall not replenish the reserve set forth in Section 12, with- in 3 business days of the request of the Holder.


 


(m)            
The Company's Common Stock has a closing bid
price of less than $0.03 per share for at least 5 consecutive trading days; or


 


(n)              
The aggregate dollar trading volume of the Company's
Common Stock is less than twenty thousand dollars ($20,000.00) in any 5 consecutive trading days; or


 


(o)              
The Company shall cease to be "current"
in its filings with the Securities and Exchange Commission.


 


(p)  
The Company shall lose the "bid" price
for its stock and a market (including the OTC marketplace or other exchange)


 


Then,
or at any time thereafter, unless cured (except for 8(m) and 8(n) which are incurable de faults, the sole remedy of which
is to allow the Holder to cancel both this Note and the Holder Issued Note, and in each and every such case, unless such Event
of Default shall have been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subse quent
default) at the option of the Holder and in the Holder's sole discretion, the Holder may consider this Note immediately due and
payable, without presentment, demand, protest or (fur ther) notice of any kind (other than notice of acceleration), all of which
are hereby expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and
the Holder may immediately, and without expiration of any period of grace, en force any and all of the Holder's rights and remedies
provided herein or any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default
interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest
permitted by law. In the event of a breach of Section 8(k) the penalty shall be $250 per day the shares are not issued beginning
on the 4th day after the conversion notice was delivered to_the Company.
This penalty shall increase to $500 per day beginning on the 10th day.
The penalty for a breach of Section 8(p) shall be an increase of the outstanding principal amounts by 20%. In case of a breach
of Section 8(i), the outstanding principal due under this Note shall increase by 50%. Further, if a breach of Section 8(0) occurs
or is continuing after the 6 month anniversary of the Note, then the Holder shall be entitled to use the lowest closing bid price
dur ing the delinquency period as a base price for the conversion. For example, if the lowest closing bid price during the delinquency
period is $0.01 per share and the conversion discount is 50% the Holder may elect to convert future conversions at $0.005 per
share. If this Note is not paid at maturity, the outstanding principal due under this Note shall increase by 10%.


 



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If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, in cluding, without limitation, engaging
an attorney, then if the Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys' fees
and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.


 


Make-Whole
for Failure to Deliver Loss. At the Holder's election, if the Company fails for any reason to deliver to the Holder the conversion
shares by the by the 3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder incurs
a Failure to De liver Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable
to the Holder in respect of the Failure to Deliver Loss and the Company must make the Holder whole as follows:


 


Failure
to Deliver Loss= [(Highest VWAP for the 30 days on or after the day of exercise) x (Number of conversion shares)]


 


The
Company must pay the Failure to Deliver Loss by cash payment, and any such cash payment must be made by the third business day
from the time of the Holder's written notice to the Com pany.


 


9.                 
In case any provision of this Note is held by
a court of competent jurisdic- tion to be excessive in scope or otherwise invalid or unenforceable, such provision shall be ad
justed rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability
of the remaining provisions of this Note will not in any way be affected or impaired thereby.


 


10.             
Neither this Note nor any term hereof may be
amended, waived, dis- charged or terminated other than by a written instrument signed by the Company and the Holder.


 


11.              
The Company represents that it is not a "shell"
issuer and has never been a "shell" issuer or that if it previously has been a "shell" issuer that at least
12 months have passed since the Company has reported form 10 type information indicating it is no longer a "shell issu er.
Further. The Company will instruct its counsel to either (i) write a 144 opinion to allow for salability of the conversion shares
or (ii) accept such opinion from Holder's counsel.


 



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12.           
Prior to cash funding of this Note, The Company
will issue irrevocable transfer agent instructions reserving 3x the number of shares of Common Stock necessary to al low the holder
to convert this note based on the discounted conversion price set forth in Section 4(a) herewith. The reserve shall be replenished
as needed to allow for conversions of this Note. Upon full conversion of this Note, the reserve representing this Note shall be
cancelled. The Company will pay all transfer agent costs associated with issuing and delivering the shares. If such amounts are
to be paid by the Holder, it may deduct such amounts from the Conversion Price. Conversion Notices may be sent to the Company
or its transfer agent via electric mail. The Company will instruct its transfer agent to provide the outstanding share information
to the Holder in connection with its conversions.


 


13.             
The Company will give the Holder direct notice
of any corporate actions, including but not limited to name changes, stock splits, recapitalizations etc. This notice shall be
given to the Holder as soon as possible under law.


 


14.             
If it shall be found that any interest or other
amount deemed interest due hereunder violates the applicable law governing usury, the applicable provision shall automati cally
be revised to equal the maximum rate of interest or other amount deemed interest permitted under applicable law. The Company covenants
(to the extent that it may lawfully do so) that it will not seek to claim or take advantage of any law that would prohibit or
forgive the Company from paying all or a portion of the principal or interest on this Note.


 


15.             
This Note shall be governed by and construed
in accordance with the laws of New York applicable to contracts made and wholly to be performed within the State of New York and
shall be binding upon the successors and assigns of each party hereto. The Holder and the Company hereby mutually waive trial
by jury and consent to exclusive jurisdiction and venue in the courts of the State of New York or in the Federal courts sitting
in the county or city of New York. This Agreement may be executed in counterparts, and the facsimile transmission of an executed
counterpart to this Agreement shall be effective as an original.






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IN
WITNESS WHEREOF, the Company has caused this Note to be duly execut ed by an officer thereunto duly authorized.


 





	Dated: 12/14/2017	 	REGEN BIOPHARMA, INC.
	 	 	 
	 	 	/s/ David R. Koos
	 	 	Chairman and CEO



 


 






    	 	8	 



     


    

 


EXHIBIT
A


 


 


NOTICE
OF CONVERSION


 


(To
be Executed by the Registered Holder in order to Convert the Note)


 


The
undersigned hereby irrevocably elects to convert $ ___________ of
the above Note into __________ Shares of Common Stock of Regen Biopharma, Inc. ("Shares") according to the conditions
set forth in such Note, as of the date written below.


 


If
Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other truces
and charges payable with respect thereto.





 


 


	Date of Conversion:	 
	Applicable Conversion Price:	 
	 	 	 
	Signature:	 
	[Print
    Name of Holder and Title of Singer]
	 	 	 
	Address:	 
	 	 
	 	 	 
	SSN or EIN:	 	 
	Shares to be registered in the following
    name:	 
	 	 	 
	Name	 
	Address:	 
	Tel:	 	 
	FAX:	 	 
	SSN or EIN	 	 
		 	 
	Shares are to be sent or delivered
    to the following account:
	 	 	 
	Account Name:	 
	Address:	 




 






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