Document:

Exhibit

Exhibit 10.85

PHASE 1 PROMISSORY NOTE

$10,000,000.00                                                                                          October 19, 2015
                                                                                                                    Danbury, CT

FOR VALUE RECEIVED, the undersigned, FUELCELL ENERGY, INC., a Delaware corporation with an office and principal place of business located at 3 Great Pasture Road, Danbury, CT (the “Applicant”), promises to pay to the order of the STATE OF CONNECTICUT, acting by and through its DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT (“State”), at its office at 505 Hudson Street, Hartford, Connecticut 06106 or at such other place as the holder hereof (including State, hereinafter referred to as “Holder”) may designate in writing, the sum of TEN MILLION  AND 00/100 DOLLARS ($10,000,000.00) or such lesser amount as may be due and payable to State under the terms and conditions of that certain Assistance Agreement of even date herewith by and between Applicant and State (the “Assistance Agreement”), the terms of which are incorporated by reference herein, together with interest on the unpaid balance of this Note at the rate set forth in Section 2(a) hereof, which interest shall be computed and payable as set forth therein, together with all taxes levied or assessed on this Note or the debt evidenced hereby against the Holder, and together with all reasonable costs, expenses and reasonable attorneys’ and other reasonable professionals’ fees incurred in any action to collect and/or enforce this Note or to enforce, protect, preserve, defend, realize upon or foreclose any security agreement, or other agreement securing or relating to this Note, including without limitation, all reasonable costs and expenses incurred to enforce, protect, preserve, defend or sustain the lien of said security agreement, or other agreement or in any litigation or controversy arising from or connected in any manner with said security agreement, or other agreement, or this Note.  Applicant further agrees to pay all reasonable costs, expenses and reasonable attorneys’ and other reasonable professionals’ fees incurred by Holder in connection with any “workout” or default resolution negotiations involving legal counsel or other professionals and further in connection with any re-negotiation or restructuring of the indebtedness evidenced by this Note.  Any such costs, expenses and/or fees remaining unpaid after demand therefor, may, at the discretion of the Holder, be added to the principal amount of the indebtedness evidenced by this Note.

All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Assistance Agreement.

This Note has been executed and delivered subject to the following terms and conditions:

		
	1.
	    Lawful Interest.  Notwithstanding any provisions of this Note, it is the understanding and agreement of the Applicant and Holder that the maximum rate of interest to be paid by Applicant to Holder shall not exceed the highest or the maximum rate of interest permissible to be charged under the laws of the State of Connecticut. Any amounts paid in excess of such rate shall be considered to have been payments in reduction of principal.

		
	2.
	    Payments of Principal and Interest.  

(a)The principal amount of this Note shall bear interest at a rate of two percent (2%) per annum (the “Loan Interest Rate”) commencing on the date on which the initial advance in respect of the Loan is funded (the “Advancement Date”). Payment of principal shall be deferred for the first four years following the Advancement Date. Interest only payments shall be due and payable on the first day of the second month following the Advancement Day. Commencing on the first day of the forty ninth (49th) month following the Advancement Date, and on the first day of each month thereafter and so long as no Instance of Default shall have occurred and remains uncured past any applicable notice and cure period, principal and interest under this Note shall be payable in one hundred thirty two (132) equal monthly installments in such a manner as to fully amortize the Loan over the remaining term of this Note. The final payment of principal and interest, if not sooner paid, shall be due and payable on the date which is fifteen (15) years from the first day of the first month following the Advancement Date (the “Maturity Date”).

(b)The entire indebtedness under this Note, including, all outstanding principal (including amounts not forgiven or repaid), accrued and unpaid interest, if any, and any other obligations due hereunder or under the Assistance Agreement, shall be due and payable in full on the Maturity Date.  

(c)Payments in respect of this Note shall be made payable to “The State of Connecticut, Department of Economic and Community Development”.

(d)The principal amount of this Note is subject to a Forgiveness Credit and a Job Penalty in accordance with Section 2.17 of the Assistance Agreement. The monthly payment of principal and interest shall be adjusted accordingly upon the application of the Forgiveness Credit or Job Penalty in accordance with said Section.

		
	3.
	       Late Charge.  In the event Applicant fails to pay any installment of principal and/or interest within fifteen (15) days of the date when said amount was due and payable, without in any way affecting the Holder’s right to accelerate this Note, a late charge equal to five percent (5.00%) of such late payment shall, at the option of Holder, be assessed against Applicant and be due upon demand by the Holder.

4.        Prepayments.  The Applicant may prepay principal of this Note, in whole or in part, at any time without penalty or premium.  Any and all prepayments shall be applied first to accrued and unpaid interest and then to unpaid principal in the inverse order of maturity, and shall not affect the obligation of Applicant to pay the regular installments required hereunder until the entire indebtedness has been paid except as otherwise provided in the Assistance Agreement.

5.        Instances of Default.  The Applicant agrees that the occurrence of an Instance of Default under the Assistance Agreement shall constitute an “Instance of Default” hereunder.  Upon the occurrence of any Instance of Default, which remains uncured past any applicable cure period, if any, the entire indebtedness with accrued interest thereon and any other sums due under this Note, shall, at the option of the Holder, become immediately due and payable without presentment or demand for payment, notice of non-payment, protest or any other notice or demand of any kind, all of which are expressly waived by the Applicant.  Failure to exercise such option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default.  Upon the occurrence of any Instance of Default default interest may be charged at the rate of fifteen per cent per annum (15%) ( the “Default Rate”) and liquidated damages may be assessed in accordance with Section 4.2(C)(3) of the Assistance Agreement.

6.        No Waiver.  No delay or omission by Holder in exercising any rights hereunder, nor failure by the Holder to insist upon the strict performance by Applicant of any terms and provisions herein shall operate as or be deemed to be a waiver of such right, any other right hereunder, or any terms and provisions herein, and the Holder shall retain the right thereafter to insist upon strict performance by the Applicant of any and all terms and provisions of this Note or any document securing the repayment of this Note.  No waiver of any right shall be effective unless in writing and signed by Holder, nor shall a waiver on one occasion be considered as a bar to, or waiver of, any such right on any future occasion.

7.        Prejudgment Remedy and Other Waivers.  APPLICANT ACKNOWLEDGES THAT THE LOAN EVIDENCED BY THIS NOTE IS A COMMERCIAL TRANSACTION AND WAIVES APPLICANT’S RIGHTS TO NOTICE AND HEARING, OR THE ESTABLISHMENT OF A BOND, WITH OR WITHOUT SURETY, UNDER CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, OR AS OTHERWISE ALLOWED BY ANY STATE OR FEDERAL LAW WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH HOLDER MAY DESIRE TO USE, AND FURTHER WAIVES DILIGENCE, DEMAND, PRESENTMENT FOR PAYMENT, NOTICE OF NONPAYMENT, PROTEST AND NOTICE OF PROTEST, AND NOTICE OF ANY RENEWALS OR EXTENSIONS OF THIS NOTE, AND ALL RIGHTS UNDER ANY STATUTE OF LIMITATIONS. THE APPLICANT ACKNOWLEDGES THAT APPLICANT MAKES THESE WAIVERS KNOWINGLY AND VOLUNTARILY, WITHOUT DURESS AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER. THE APPLICANT FURTHER ACKNOWLEDGES THAT THE LENDER HAS NOT AGREED WITH OR REPRESENTED TO APPLICANT OR ANY OTHER PARTY HERETO THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

8.        Jury Waiver.  THE APPLICANT HEREBY WAIVES TRIAL BY JURY IN ANY COURT AND IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH OR IN ANY WAY RELATED TO THE FINANCING TRANSACTIONS OF WHICH THIS NOTE IS A PART AND/OR THE ENFORCEMENT OF ANY OF YOUR RIGHTS AND REMEDIES, INCLUDING WITHOUT LIMITATION, TORT CLAIMS. THE APPLICANT ACKNOWLEDGES THAT APPLICANT MAKES THIS WAIVER KNOWINGLY AND VOLUNTARILY, WITHOUT DURESS AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER. THE APPLICANT FURTHER ACKNOWLEDGES THAT THE LENDER HAS NOT AGREED WITH OR REPRESENTED TO APPLICANT OR ANY OTHER PARTY HERETO THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

9.        Miscellaneous.  The provisions of this Note shall be binding upon the Applicant, its successors and assigns and shall inure to the benefit of Holder, its successors and assigns.  If any provision of this Note shall, to any extent, be held invalid or unenforceable, then only such provision shall be deemed ineffective and the remainder of this Note shall not be affected.  This Note shall be governed by and construed in accordance with the laws of the State of Connecticut (but not its conflicts of law provisions).

10.         Security. This Note shall be secured by (i) a mortgage on property located at  3 Great Pasture Road, Danbury, CT; and (ii) a purchase money lien on all machinery and equipment purchased by the Applicant   from the loan proceeds  and (iii)  a junior  lien on certain assets of the Applicant, pursuant to a Security Agreement dated as of even date hereof. 

FUELCELL ENERGY, INC.                                               

By:           /s/  Michael Bishop    
     Michael Bishop
      Its Senior Vice President                                                              
      Duly Authorized 

Dated:       10/19/15Exhibit 10.54

THIS UNIT PURCHASE AGREEMENT (the “Agreement”) is entered
into by and among Regen Biopharma, Inc., a Nevada corporation (the “Company”) whose address is 4700 Spring Street,
St 304, La Mesa, California 91942 and __________( “Purchaser”), a _______ whose address is _____________. 

WHEREAS:

The Purchaser desires to purchase units (“Units”) of securities
of the Company in accordance with the terms and conditions set forth herein.

The Company desires to issue and sell Units to the Purchaser in accordance
with the terms and conditions set forth herein. 

THEREFORE, IT IS AGREED AS FOLLOWS 

	 	1.	Units

 

Each Unit shall consist of two ( 1) shares of the common stock of the
Company and one (1) share of the Series A Preferred Stock of the Company 

	 	2.	Purchase Price

 

The purchase price per Unit ( “Purchase Price”), payable
in US Dollars, shall be 5 cents per unit. 

	 	3.	Form of Payment

The Purchaser shall pay the Purchase Price per Unit multiplied
by that number of Units Purchased by wire transfer of immediately available funds to the Company

	WIRE INSTRUCTIONS:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	 	4.	Issuance of Units

5 business days subsequent to receipt of payment
of the Purchase Price the Company shall issue to the Purchaser that number of Units purchased

	 	5.	Purchaser’s Representations and Warranties

	 	(a)	As of the date hereof, the Purchaser is purchasing the Units for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the Securities Act of 1933, as amended ( the “Act”). 

	 	(b)	The Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated under the Act

	 	(c)	The Purchaser and its advisors, if any, have been, furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Units which have been requested by the Purchaser or its advisors. Notwithstanding the foregoing, the Company has not disclosed to the Purchaser any material nonpublic information and will not disclose such information unless such information is disclosed to the public prior to such disclosure to the Purchaser.

	 	(d)	Purchaser has the requisite power and authority to enter into and perform its obligations under this Agreement without the consent, approval or authorization of, or obligation to notify, any person, entity or governmental agency which consent has not been obtained.

	 	(e)	The execution, delivery and performance of this Agreement by Purchaser does not and shall not constitute Purchaser’s breach of any statute or regulation or ordinance of any governmental authority, and shall not conflict with or result in a breach of or default under any of the terms, conditions, or provisions of any order, writ, injunction, decree, contract, agreement, or instrument to which the Purchaser is a party, or by which Purchaser is or may be bound.

	 	6.	Company’s representations and warranties

	 	(a)	Company is a corporation duly organized, validly existing and in good standing under the laws of the state its incorporation and has the requisite corporate power and authority to enter into and perform its obligations under this Agreement without the consent, approval or authorization of, or obligation to notify, any person, entity or governmental agency which consent has not been obtained. 

	 	(b)	The execution, delivery and performance of this Agreement by Company does not and shall not constitute Company’s breach of any statute or regulation or ordinance of any governmental authority, and shall not conflict with or result in a breach of or default under any of the terms, conditions, or provisions of any order, writ, injunction, decree, contract, agreement, or instrument to which the Company is a party, or by which Company is or may be bound. 

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	 	7.	Restricted Securities Acknowledgement

Purchaser acknowledges that any
securities issued pursuant to this Agreement that shall not be registered pursuant to the Securities Act of 1933 shall constitute
“restricted securities” as that term is defined in Rule 144 promulgated under the Act , and shall contain the following
restrictive legend:

“THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR SECURITIES LAWS OF ANY STATE AND MAY NOT
BE OFFERED, SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT OR SUCH
LAWS AND, IF REQUESTED BY THE COMPANY, UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT THE PROPOSED
TRANSFER IS EXEMPT FROM THE ACT OR SUCH LAWS.”

	 	8.	Entire Agreement

This Agreement constitutes a final written expression
of all the terms of the Agreement between the parties regarding the subject matter hereof, are a complete and exclusive statement
of those terms, and supersedes all prior and contemporaneous Agreements, understandings, and representations between the parties.

	 	9.	Governing Law, Venue, Waiver Of Jury Trial

All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State
of California, without regard to the principles of conflicts of law thereof. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in California for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is improper or inconvenient venue for such proceeding. If either party shall commence an action or
proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed
by the other party for its attorneys’ fees and other costs and expenses incurred with the investigation, preparation and
prosecution of such action or proceeding.

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IN WITNESS WHEREOF, the parties have hereunto executed
this Agreement on the 10th day of September, 2015.

	By:	 	 
	 	 	 
	Company	 	 
	 	 	 
	 	 	 
	 	 	 
	David Koos, CEO	 	 
	Regen Biopharma, Inc.	 	 
	 	 	 
	 	 	 
	Date:	 	 
	 	 	 
	Purchaser	 	 
	 	 	 
	 	 	 
	 	 	 
	By:	 	 
	Its:	 	 
	Date: 12/03/2015	 	 
	 	 	 
	Number of Units Purchased:	2,000,000	 	 
	Total Purchase Price:	$100,000	 	 

 

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