Document:

Exhibit
10.1

 

THE
SECURITIES OFFERED HEREBY 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 BY SECTION 4(a)(2) OF THE SECURITIES
ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE 1933 ACT) $300,000.00 BIO-MATRIX SCIENTIFIC
GROUP, INC. CONVERTIBLE NOTE DUE April 1, 2016 

 

FOR VALUE
TO BE RECIEVED, Bio-Matrix Scientific Group, Inc. (the “Company”) promises to pay to the order of STARCITY CAPITAL,
LLC, or its designee, and authorized successors and permitted assigns (“Holder”), the aggregate principal face amount
of Three Hundred Thousand Dollars (U.S. $300,000.00) on or before April 1, 2016. (“Maturity Date”). No interest shall
accrue against such principal balance. the principal of this Note is payable at 767 3rd Avenue, #25-1a; New York, New York, 10017,
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 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 discharge the liability for principal on this Note to the extent of the sum represented
by such check or wire transfer.

 

This
Note is subject to the following additional provisions:

 

1. This
Note is exchangeable for an equal aggregate principal amount of Notes 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 the 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
presentment 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. In
the event that payment to the Company by Starcity in accordance with section 4(b) of that settlement agreement by and between
the Company and Starcity dated January 28, 2015 is not made on or before April 1, 2015, such payment constituting consideration
for the Note, ther terms and conditions of this Note shall not be binding upon the Company.

 

5. Conversion
Price and Discount.

 

a.
The Holder of this Note is entitled, at its option, at any time after 180 days after the date the $52,500 payment is paid to the
Company, in accordance with section 4(b) of the settlement agreement, to conver 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 the greater of

 

(i)
fifty five percent (55%) (the “Discount”) of the lowest closing bid price for the Company’s common stock during
the five (5) trading days immedialtely preceeding a conversion date, as reported by Bloomberg (the”Closing Bid Price”)
(“Initial conversion Price”) or

(ii)
$0.0001.

 

b.
Notwithstanding the foregoing, other than as provided in 5 (p), the Holder shall not have the right to convert its debt into shares
which, when added to such Holder’s other holdings in the Company stock, shall have caused such Holder to hold more than
9.99% of the Company’s outstanding common stock.

 

c.
Holder may sell the shares issued upon conversion immediately after issuance, subject to all applicable securities laws.

 

d.
So long as the requested sale of shares issued upon conversion satisfies the safe harbor provisions of Rule 144 promulgated under
the Securities Act of 1933 (“rule 144”), which allows holders of restricted seurities to make public sales of those
securities when certain conditions are met, the Company agrees to accept an opinion of counsel to the Starcity, which opinion
will be issued at Starcity’s expense, and to issue the Common Shares without restrictive legend of any kind.

 

e.
On or before February 6, 2015, the Company shall issue an irrevocable transfer agent instructions in the form attached hereto
at Exhibit 1 reserving 500,000,000 shares of BMSN common stock for conversions under this Note (the "Share Reserve"). In addition,
on the date that is 180 days after payment by Starcity to BMSN of $52,500, the share reserve shall be increased to equal the number
of shares necessary to fully convert the note at the ConversionPrice on such date and an additional share reserve instruction,
signed by the Company and its Transfer Agent, shall be provided to Starcity in the form attached at Exhibit 1. The Share Reserve
shall be replenished as needed in the same manner to allow for conversions of this Note. Upon full conversion of this Note, any
shares remaining in the Share Reserve shall be cancelled. The Company shall pay all costs associated with issuing and delivering
the shares. The Company should at all times reserve a minimum number of shares equal to the number required if the remaining balance
of the note would be fully converted at the then applicable Conversion Price. The Holder may reasonably request, and the Company
shall comply with all such reasonable requests, to increase the reserve from time to time so that the reserve, at all times, includes
such minimum number of BMSN shares. In connection with each share increase, irrevocable instructions to the transfer agent signed
by the transfer agent and the Company shall be provided to Starcity in the form attached hereto at Exhibit 1.

 

f.
In the event that Starcity fails to fund the loan by making a payment of $52,500 to BMSN on or before April 1, 2015, BMSN’s
obligations under this Convertible Note shall be terminated, cancelled and relinquished and all shares so reserved shall be free
from reserve and shall be free from the terms of the irrevocable transfer agent instruction letter at Exhibit 1.

 

g.
As of February 1, 2015, the Company has provided all Current Public Information as defined in Rule 144(c) and has filed with the
SEC all reports required to be filed under the Securities Exchange Act of 1934 (the "SEC Reports") and covenants to file all required
SEC Reports until the maturity date of the Company's Note.

 

h.
As of February 1, 2015, except as specifically disclosed in its SEC Reports, there has been no event, occurrence or development
that, individually or in the aggregate, has had or that could reasonably be expected to result in a Material Adverse Effect, neither
the Company nor any of its Subsidiaries has incurred any material liabilities other than those disclosed in the Company’s
financial statements pursuant to GAAP or required to be disclosed in filings made with the SEC.

 

i.
As of February 1, 2015, the Company has not altered its method of accounting or the identity of its auditors.

 

j.
As of February 1, 2015, the Company has not declared or made any dividend or distribution of cash or other property to its stockholders,
in their capacities as such, or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock
(except for repurchases by the Company of shares of capital stock held by employees, officers, directors, or consultants pursuant
to an option of the Company to repurchase such shares upon the termination of employment or services).

 

k.
As of February 1, 2015 no representation or warranty or other statement made by the Company or any Subsidiary in this Note or
in its SEC Reports, contains any untrue statement or omits to state a material fact necessary to make any such statement, in light
of the circumstances in which it was made, not misleading.

 

l.
The Company acknowledges that Starcity is expressly relying on the provisions of this Section in entering into this Note and consummating
the transactions contemplated hereby.

 

m.
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. If the shares have not been delivered within 3 business days, the Notice
of Conversion may be rescinded.

 

n.
Once the Holder has received such shares of Common Stock, the Holder shall surrender this Note to the Company, executed by the
Holder evidencing such Holder's intention to convert this Note or a specified portion hereof, and accompanied by proper assignment
hereof in blank. No fractional shares or scrip representing fractions of shares will be issued on conversion, but the number of
shares issuable shall be rounded to the nearest whole share. Other than as provided in 5(p), 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 9.99% of the outstanding shares of the Common Stock of the Company.

 

o.
This Note may not be prepaid.

 

p.
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, 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, Holder may convert the unpaid principal amount of this Note into
shares of Common Stock immediately prior to such Sale Event at the Conversion Price without regard to the limitation of Section
4(b) of this Note.

 

q.
No provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of this Note at the time, place, and in the form, herein prescribed.

 

r.
The Company hereby expressly waives demand and presentmentfor 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.

 

s.
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.

 

6. 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, the Settlement Agreement executed concurrently
with 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, in the Settlement Agreement 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 Settlement Agreement pursuant to 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, the Settlement Agreement or any other note issued to the Holder, and not cure such failure within
10 days of such event; 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

(6)
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 within thirty (30) days after such appointment; or

 

e.
Any governmental agency or any court of competent jurisdiction at the instance 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

 

f.
One or more money judgments, writs or warrants of attachment, or similar process, in excess of two hundred and fifty thousand
dollars ($250,000) 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 periodof fifteen (15) days or in any event later than five (5) days
prior to the date of any proposed sale thereunder; or

 

g.
The Company shall have its Common Stock de1isted from its primary public market or trading in the Common Stock shall be suspended
for more than 10 consecutive days; or

 

h.
The Company shall not deliver to the Holder the Common Stock to be issued upon conversion of this Note within 3 business days
of its receipt of a Notice of Conversion; or

 

i.
The Company shall not replenish the reserve as required in this Note, within one hundred and twenty (120) business days of the
request of the Holder.

 

j.
The Company shall not be "current" in its filings with the Securities and Exchange Commission; or

 

k.
The Company shall lose the "bid" price for its stock in a market (including the OTCQB marketplace or other exchange). Then, or
at any time thereafter, unless cured, 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, without 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.

 

7. STARCITY’S
REPRESENTATIONS AND WARRANTIES. Starcity represents and warrants to the Company that:

 

a.
This Note is acquired for the Holder’s account only for investment purposes only and not with a view towards, or for resale
in connection with, the public sale or distribution thereof, nor with any present intention of distributing or selling the same,
and it has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for
the disposition thereof; provided however; that by making the representations herein, Starcity does not agree to hold the Note
or any portion thereof or any Common Stock issued upon conversion of for any minimum or other specific term and reserves the right
to dispose of the Note or any of such Common Stock at any time in accordance with or pursuant to a registration statement or an
exemption under the 1933 Act and applicable state securities laws.

 

b.
Reliance on Exemptions. Starcity understands that the Note is issued to it by the Company in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and the Company is relying upon the truth
andaccuracy of, and Starcity's compliance with, the representations, warranties, agreements, acknowledgments and understandings
of Starcity set forth herein in order to determine the availability of such exemptions and the eligibility of Starcity to acquire
this security.

 

c.
Non-affiliate Status. Starcity is not, and has not for in excess of ninety (90) days been, and subsequent to the closing of this
transaction not be, an "Affiliate" of the Company, as that term is defined by Rule 144 under the 1933 Act. Starcity is not acting
in concert with any other person in a manner that would require their sales of securities to be aggregated for purposes of Rule
144 or would cause Starcity to be considered an "Underwriter" as that term is defined by Section 2 of the 1933 Act.

 

d.
Company Information. Starcity and its advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Company, including copies of the Company’s most recent publicly available financial statements as
available as of December 31, 2014 on the SEC's EDGAR system. Starcity and its advisors have been afforded the opportunity to ask
questions of the Company. Neither such inquiries nor any other due diligence investigation conducted by Starcity shall modify,
amend or affect Starcity's right to rely on the Company's representations and warranties contained below. Starcity understands
that its investment, including but not limited to this Note (and/or in the Common Stock issuable thereunder), involves a significant
degree of risk.

 

e.
Governmental Review. Starcity understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Note or the rights to principal, interest or conversion
of the same into stock.

 

f.
Transfer or Resale. Starcity understands that

 

(i)
the sale or resale of the Note or any portion thereof and the Common Stock issuable thereunder has not been registered under the
1933 Act or any applicable state securities laws, and the Note and the Common Stock issuable thereunder may not be transferred
unless

 

(a)
such security is sold pursuant to an effective registration statement under the 1933 Act,

(b)
the security is sold or transferred pursuant to an exemption from such registration;

(c)
the security is sold or transferred to an "affiliate" (as defined in Rule 144 promulgated under the 1933 Act or a successor rule;
"Rule 144") of Starcity who agrees to sell or otherwise transfer the security only in accordance with this Section and who is
an Accredited Investor, or

(d)
(i) the Common Stock is sold pursuant to Rule 144, if such Rule is available;

 

(ii)
any sale of such Common Stock made in reliance on Rule 144 may be made only in accordance with theterms of said Rule and further,
if said Rule is not applicable, any resale of such Common Stock under circumstances in which the seller (or the person through
whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) and may require compliance
with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder.

 

g.
Authorization; Enforcement. This Note has been duly and validly authorized by Starcity. This Note has been duly executed and delivered
on behalf of Starcity, and this Note constitutes a valid and binding agreement of Starcity enforceable in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally, the enforcement of creditors' rights and remedies or by other equitable principles
of general application.

 

h.
No Brokers. Starcity has taken no action which would give rise to any claim by any person for brokerage commissions, finder's
fees or similar payments relating to this Note or the transactions contemplated hereby.

 

8. REPRESENTATIONS
AND WARRANTIES OF the Company. the Company represents and warrants to Starcity that:

 

a.
Authorization; Enforcement.

(i)
the Company has all requisite power and authority to enter into and perform this Note and to consummate the transactions contemplated
hereby and to sell the relevant Purchased Note in accordance with the terms hereof,

(ii)
the execution and delivery of this Note by the Company and the consummation by it of the transactions contemplated hereby have
been duly authorized by the Company and no further consent or authorization of the Company or any person is required,

(iii)
this Note has been duly executed and delivered by the Company, and

(iv)
this Note constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally, the enforcement of creditors' rights and remedies or by other equitable principles
of general application.

 

b.
No Conflicts. The execution, delivery and performance of this Note by the Company and the consummation by the Company of the transactions
contemplated hereby will not

 

(i)
violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or
lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, note, bond, indenture or other instrument to which the Company is a party, or

 

(ii)
result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and
regulations and regulations of any selfregulatory organizations to which the Company is subject) applicable to the Company or
by which any property of the Company is bound or affected. Except as specifically contemplated by this Note and as required under
the 1933 Act and any applicable federal and state securities laws, the Company is not required to obtain any consent, authorization
or order of, or make any filing or registration with any court, governmental agency, regulatory agency, self-regulatory organization
or stock market or any third party in order for it to execute, deliver or perform any of its obligations under this Note in accordance
with the terms hereof. Except for filings that may be required under applicable federal and state securities laws in connection
with the issuance and sale of the Company's Note, all consents, authorizations, orders, filings and registrations which the Company
is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof.

 

c.
No Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, finder's
fees or similar payments relating to this Note or the transactions contemplated hereby.

 

d.
No Other Representations. The Company makes no other representations or warranties with respect to the Company, its financial
status, earnings, assets, liabilities, corporate status or any other matter.

 

9. GOVERNING
LAW; MISCELLANEOUS.

 

a.
Governing Law; Jurisdiction. THIS NOTE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITH SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED
IN THE CITY OF SAN DIEGO, CALIFORNIA WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS NOTE. THE AGREEMENTS ENTERED INTO IN
CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A
PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH
SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT ANY PARTY'S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE
PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE PARTIES HEREBY WAIVE A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING
OUT OF OR IN CONNECTION WITH THIS NOTE.

 

b.
Counterparts; Signatures by Facsimile. This Note may be executed in one or more counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed
by each party and delivered to the other party. This Note, once executed by a party, may be delivered to the other party hereto
by facsimile transmission of a copy of this Note bearing the signature of the party so delivering this Note.

 

c.
Headings. The headings of this Note are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Note.

 

e.
Severability. In the event that any provision of this Note is invalid or enforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

f.
Entire Agreement; Amendments. This Note, the Settlement Agreement executed herewith and the exhibits and instruments referenced
herein and therein contain the entire understanding of the parties with respect to the matters covered herein and therein and,
except as specifically set forth herein or therein, neither the Company nor Starcity makes any representation, warranty, covenant
or undertaking with respect to such matters. No provision of this Note may be waived or amended other than by an instrument in
writing signed by the party to be charged with enforcement.

 

10. Notices.
Any notices required or permitted to be given under the terms of this Agreement shall be sent by certified or registered mail
(return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service, which may
include UPS, Fedex or UnitedStates Postal Service) or by facsimile and shall be effective five days after being placed in the
mail, if mailed by regular United States mail, or upon receipt, if delivered personally or by courier (including a recognized
overnight delivery service) or by facsimile, in each case addressed to a party. The addresses for such communications shall be
as provided in the Settlement Agreement between the parties executed concurrently with this Note. The Company may change its address
by notice similarly given to each Starcity. Each Starcity may change its address by notice similarly given to the Company.

 

11. Successors
and Assigns. This Note shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither
the Company nor Starcity shall assign this Note or any rights or obligations hereunder without the prior written consent of the
other. Notwithstanding the foregoing, Starcity also may assign its rights hereunder without further consent of the Company to
any person that purchases the same in a private transaction from Starcity or to any of Starcity’s or its members’
affiliates, without the consent of the Company.

 

12. Third
Party Beneficiaries. This Note is intended for the benefit of the Parties hereto and their respective permitted successors and
assigns; and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

13. Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order
to carry out the intent and accomplish the purposes of this Note and the consummation of the transactions contemplated hereby.

 

14. If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, including, 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.

 

15. 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.

 

16. 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.

 

17.
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 144-3(a)(9) opinion to allow
for salability of the conversion shares or (ii) accept such opinion from Holder's counsel.

 

18. 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.

 

In Witness
Whereof the Company has caused the Note to be duly executed by an officer thereunto duly authorized.

 

BIO MATRIX
SCIENTIFIC GROUP, Inc.

 

By: /s/David
R Koos

David R.
Koos

Its: Chief
Executive OfficerExhibit
10.2 

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: January 28, 2015 Principal
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______________, a Minnesota limited liability company (the "Lender") ON DEMAND AT ANY
TIME AFTER January 28, 2016 (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 a 65% discount to the lowest Trading Price
(as defined below) for the Common Stock during the thirty (30) Trading Day (as defined below) period ending on the latest
complete Trading Day prior to the Conversion Date. “Trading Price” means the closing bid price on the
Over-the-Counter Bulletin Board, or applicable trading market (the “OTCQB”) as reported by a reliable reporting
service (“Reporting Service”) designated by the Lender (i.e. Bloomberg) or, if the OTCQB is not the principal
trading market for such security, the closing bid price of such security on the principal securities exchange or trading
market where such security is listed or traded 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. If the Trading Price cannot be calculated for such security
on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the
Company and the Lender. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on
the OTCQB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded.
“Trading Volume” shall mean the number of shares traded on such Trading Day as reported by such Reporting
Service. The Conversion Price shall be equitably adjusted for stock splits, stock dividends, rights offerings, combinations,
recapitalization, reclassifications, extraordinary distributions and similar events by the Company relating to the
Lender’s securities.

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 five (5) 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 Timing
of the sale of Common Shares. Upon expiration of Rule 144, the Company will, at the request of the Investor, remove the
sale restrictions on one sixth (1/6) of the shares that resulted from conversions made through the issuance of this note, each
month, for a period of six months, with all restrictions being removed by the Company by the expiration of the six month subsequent
to Rule 144.

2.5
Concerning the Shares. The shares of Common Stock and/or Preferred 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 and/or Preferred 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 and/or Preferred 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
and/or Preferred 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 and/or Preferred
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.

2.6 
Incentive to Convert on or prior to 180 Days from Issue Date.  Each Lender who converts principal into Common Stock
of the Company on or prior to 180 days from Issuance shall receive one share of Preferred Series “A” Stock of the Company
for each share of Common Stock received through conversion.  Lenders who convert principal into Common Stock of the Company
after 180 from Issuance shall receive no shares of Preferred Stock of the Company. 

3. Prepayment.
Notwithstanding anything to the contrary contained herein, the Company shall have the right, exercisable on not less than three
(3) 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 three
(3) 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.

4. Events
of Default.

4.1 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.

4.2 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. 

5. 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.

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

7. 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.

8. 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	February 6, 2015
	David R. Koos 	 
	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.

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