TIDS
NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS 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
$85,000.00


 


REGEN
BIOPHARMA, INC.


8%
CONVERTIBLE REDEEMABLE NOTE


DUE
AUGUST 23, 2018


 


 


FOR
VALUE RECENED, 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 Eighty Five Thousand Dollars
exactly (U.S. $85,000.00) on August 23, 2018 ("Maturity Date") and to pay interest on the principal amount outstanding
hereunder at the rate of 8% per annum commencing on August 23, 2017. 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, Suite 5-070 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 interest 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 outstanding principal hereunder
and shall satisfy and dis charge 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 par agraph 4(b) herein.




 





This
Note is subject to the following additional provisions:


 


1.
This Note is exchangeable for an equal aggregate principal amount of different authorized denominations, as requested by the
Holder surrendering the same.





.



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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
VWAP of the Common Stock as reported on the National Quotations Bureau OTC Markets ex change 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 (provided 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 effectuated 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 stockholders 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 conversion, 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)
The Notes may be prepaid with the following penalties:


 




	Time
    Period	 	Payment
    Premium
	<=60
    days after note issuance	 	115%
    of the sum of principal plus accrued interest
	>60
    days <= 120 days after note issuance	 	125%
    of the sum of principal plus accrued interest
	>120
    days <=180 days after note issuance	 	135%
    of the sum of principal plus accrued interest



 


This
Note may not be prepaid after the 180th day. Such redemption must be closed and funded within 3 days of giving notice of redemption
of the right to redeem shall be null and void.


 


(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
referred 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 unpaid 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
consideration 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 Company, 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 payment, 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 Securities 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 covenant, 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 trustee, liquidator or receiver for its or for a substantial part of its property or business; (5) file a petition for
bankruptcy relief, consent to the filing of such petition or have filed against it an involuntary 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 substantial portion of the properties or assets of the Company; or


 



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(g)
One or more money judgments, writs or warrants of attachment, or similar process, 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


 


(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


 


(I)
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 shall not be "current" in its filings with the Securities and Exchange Commission;


 


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





 


Then,
or at any time thereafter, unless cured within 5 days, 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 subsequent default) at the option of the Holder and in the Holder's sole discretion, the Holder may consider this Note
immediately due and payable, with out presentment, demand, protest or (further) 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, enforce 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(n) shall be an in crease of the outstanding principal amounts by 20%. In case of a breach of Section 8(i), the out standing
principal due under this Note shall increase by 50%. If this Note is not paid at maturity,
the outstanding principal due under this Note shall increase by 10%. Further, if a breach
of Section 8(m) 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 during 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.


 



    	 	5	 



     


    




 


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 Deliver 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 trading 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 Company.


 


9. In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted 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, discharged 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 issuer. 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.


 


12.
The Company shall issue irrevocable transfer agent instructions reserving 17,435,000 shares of its Common Stock for
conversions under this Note (the "Share Reserve"). Upon full conversion of this Note, any shares remaining in the
Share Reserve shall be cancelled. The Company shall pay all transfer agent costs associated with issuing and delivering the
share certificates to Holder. If such amounts are to be paid by the Holder, it may deduct such amounts from the Conversion
Price. The company should at all times reserve a minimum of four times the amount of shares required if the note would be
fully converted. The Holder may reasonably re quest increases from time to time to reserve such amounts. The Company will
instruct its transfer agent to provide the outstanding share information to the Holder in connection with its con
versions.


 



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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 automatically 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 executed by an officer thereunto duly authorized.


 





	Dated: August 24, 2017	 	REGEN BIOPHARMA, INC.
	 	 	 
	 	 	/s/ David
    R. Koos
	 	Title:	David R. Koos
	 	 	Chairman & CEO



 



 



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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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