Document:

AGREEMENT BY AND BETWEEN REGEN
BIOPHARMA, INC. AND ZANDER THERAPEUTICS, INC.

Dated December 15, 2017

 

WHEREAS, REGEN BIOPHARMA, INC. (“REGEN”)
AND ZANDER THERAPEUTICS, INC. (“ZANDER”) ARE PARTIES TO THAT AGREEMENT DATED JUNE 23, 2015 WITH ZANDER WHEREBY REGEN
GRANTED TO ZANDER AN EXCLUSIVE WORLDWIDE RIGHT AND LICENSE FOR THE DEVELOPMENT AND COMMERCIALIZATION OF ANY AND ALL INTELLECTUAL
PROPERTY CONTROLLED BY REGEN (“LICENSE AGREEMENT”).

WHEREAS IT HAS BEEN DETERMINED THAT ZANDER HAS NO DESIRE
TO DEVELOP AND COMMERCIALIZE CERTAIN INTELLECTUAL PROPERTY CONTROLLED BY REGEN.

THEREFORE IT IS AGREED AS FOLLOWS:

EXHIBIT A OF THE LICENSE AGREEMENT SHALL BE AND READ:

Exhibit A

Any and all intellectual property controlled by Regen
Biopharma, Inc. exclusive of trademarks and also exclusive of (a)that intellectual property for which a license has been granted
to Regen Biopharma, Inc. by Benitec Australia Limited on August 5, 2013, (b) US Patent #8389708, and (c) US Patent #8263571 

 

EACH PARTY HEREBY IS DULY ORGANIZED,
VALIDLY EXISTING AND IN GOOD STANDING UNDER THE LAWS OF THEIR RESPECTIVE JURISDICTION. EACH PARTY HAS THE FULL RIGHT AND POWER
TO ENTER INTO AND PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT AND EACH HAS DULY AUTHORIZED, EXECUTED AND DELIVERED THIS AGREEMENT
WHICH IS BINDING UPON, AND ENFORCEABLE AGAINST, EACH PARTY IN ACCORDANCE WITH ITS TERMS. TO THE BEST KNOWLEDGE OF EACH PARTY THERE
IS NO ACTION AT LAW OR IN EQUITY, NO ARBITRATION PROCEEDING AND NO ACTION, PROCEEDING, COMPLAINT OR INVESTIGATION BEFORE OR BY
ANY FEDERAL, FOREIGN, STATE OR LOCAL GOVERNMENT OR REGULATORY COMMISSION, AGENCY OR OTHER ADMINISTRATIVE OR REGULATORY BODY OR
AUTHORITY PENDING OR THREATENED AGAINST OR AFFECTING EITHER PARTY ITS OFFICERS, DIRECTORS, BUSINESS OR AFFAIRS THAT WILL AFFECT
THE SET OVER OF THE ASSIGNED PATENT AND THE EQUITABLE CONSIDERATION, AS STATED HEREIN.

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.

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.

 

	REGEN BIOPHARMA INC. 	ZANDER THERAPEUTICS INC.
	 	 
	By: /s/David R. Koos	By: /s/David R Koos
	 	 
	David R. Koos	David R. Koos 
	Chairman & CEO 	Chairman & CEOCONVERTIBLE
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: 07/24/2017	 	Principal Amount:
    $60,000

 

1.     
Terms. For value received, the Regen BioPharma, Inc., a Nevada corporation (the "Company') hereby absolutely and
unconditionally promises to pay to the order of ______________(the "Lender")
ON DEMAND AT ANY TIME AFTER July 24, 2020 (the "Maturity Date''), the principal amount
of Sixty Thousand Dollars ($60,000) and interest on
the whole amount of said principals 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'').

 

    	 	1	 

     

    

2.2
Conversion Price.The "Conversion Price" shall be defined as the lower $0.025 per share, or, a 75% discount
to the closing price of the Common Stock on the Over-the-Counter Bulletin Board on the trading day immediately prior to the date
that a Notice of Conversion is submitted pursuant to Section 2.3. or, if the Over-the-Counter Bulletin Board is not the principal
trading market for such security, the closing price of such security on the principal securities exchange or trading market where
such security is listed or traded on the trading day immediately prior to the date that a Notice of Conversion is submitted pursuant
to Section 2.3. or, if no closing bid price of such security is available in any of the foregoing manners, the average of the
closing bid prices of any market makers for such security that are listed in the "pink sheets" by the National Quotation
Bureau, Inc. on the trading day immediately prior to the date that a
Notice of Conversion is submitted pursuant to Section 2.3.

 

2.3  
Method of Conversion. Subject to Section 2.1, this Note may be converted by the Lender by submitting to the Company a Notice
of Conversion by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to
5:00 p.m., New York, New York time. The Lender shall not be required to physically
surrender this Note to the Company unless the entire unpaid principal amount of this Note is so converted. The Lender and the
Company shall maintain records showing the principal amount so converted and the dates of such conversions so as not to require
physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records of the Company
shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding the foregoing, if any portion
of this Note is converted as aforesaid, the Lender may not transfer this Note unless the Lender first physically surrenders this
Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Lender a new Note of like tenor,
registered as the Lender (upon payment by the Lender of any applicable transfer taxes) may request, representing in the aggregate
the remaining unpaid principal amount of this Note.

 

Upon
receipt by the Company from the Lender of a facsimile transmission, e-mail, or other reasonable means of communication of a Notice
of Conversion meeting the requirements for conversion, the Company shall issue and deliver or cause to be issued and delivered
to or upon the order of the Lender certificates for the Common Stock issuable upon such conversion within ten (10) business days
after such receipt. Upon receipt by the Company of a Notice of Conversion, the Lender shall be deemed to be the Lender of record
of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest
on this Note shall be reduced to reflect such conversion. All rights with respect to the portion of this Note being so converted
shall forthwith terminate except the right to receive the Common Stock or other securities as herein provided on such conversion.
In lieu of delivering physical certificates representing the Common Stock issuable upon conversion, provided the Company is participating
in the Depository Trust Company ("DTC") Fast Automated Securities Transfer (''FAST'') program, upon request of the Lender,
the Company shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion
to the Lender by crediting the account of Lender's Prime Broker with DTC through its Deposit Withdrawal Agent Commission ("DWAC'')
system.

 

2.4 
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Company or its transfer
agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable actions) to the effect that the shares to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act
(or a successor rule) ("Rule 144") or (iv) such shares are transferred to an "affiliate" (as defined in
Rule 144) of the Company who agrees to sell or otherwise transfer the shares only in accordance with this Section 2.5 and
who is an Accredited Investor as the term Accredited Investor is defined in Rule 501 of Regulation D, promulgated under the Act

 

Subject
to the removal provisions set forth below, until such time as the shares of Common Stock issuable upon conversion of this Note
have been registered under the Act or otherwise may be sold pursuant to
Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold,
each certificate for shares of issuable upon conversion of this Note that has not been so
included in an effective registration statement or that has not been sold pursuant to an
effective registration statement or an exemption that permits removal of the legend, shall bear a legend substantially in
the following form, as appropriate:

 

"NEITHER
THE ISSUANCE OR SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS BEEN REGISTERED UNDER THE SECURITIBS ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIBS 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 (WIDCH COUNSEL SHALL BE SELECTED BY THE LENDER), IN A GENERALLY ACCEPTABLE FORM, 1HAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT."

 

The
legend set forth above shall be removed and the Company shall issue to the Lender a new certificate therefore free of any transfer
legend if (i) the Company or its transfer agent shall have received. an opinion of counsel,
in form, substance and scope customary for opinions of counsel in comparable transactions,
to the effect that a public sale or transfer of such Common Stock may be made without registration under the Act and the shares
are so sold or transferred, (ii) such Lender provides the Company or its transfer agent with reasonable
assurances that the Common Stock issuable upon conversion of this Note (to the extent such securities are deemed to have been
acquired on the same date) can be sold pursuant to Rule 144 or (iii) in the case of the
Common Stock issuable upon conversion of this Note, such security is registered for sale by under an effective registration statement
filed under the Act or (iv) otherwise may be sold pursuant to Rule 144 without any restriction
as to the number of securities as of a particular date that
can then be immediately sold.

 

2.5 
Reverse Stock Splits. If the number of shares of Common Stock outstanding at any time while this Note is outstanding is
decreased by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the
Conversion Price shall be appropriately increased so that the number of shares of Common Stock issuable on conversion hereof shall
be decreased in proportion to such decrease in outstanding shares.

 

2.6
Stock Dividends and Stock Splits. If the Company, at any time while this Note is outstanding subdivides outstanding shares
of Common Stock into a larger number of shares then the Conversion price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately before such
event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event

 

3.
Payment.

 

WIRE
INSTRUCTIONS:

 

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

 

5.    
Warrant Coverage.In the event that that the Company exercises its right to prepay the note, or if the Lender chooses
not to convert the remaining amount of the note into Common . Shares of the company, the Lender shall receive warrants equal
to 10% of the Common shares it would have received had the Lender converted the remaining amount of the Note into Common
shares of the Company.The warrants shall have a strike price of$0.025 per share. See Exhibit B (incorporated into this Note)
for instructions on completing the Exercise of Warrants document.

 

6.
Events of Default.

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

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
    Koos	Date:	7/26/2017
	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.

 

	 	 	
	Lender	 	Date

 

    	 	4	 

     

    

 

EXHIBIT
A

NOTICE
OF CONVERSION

 

The
undersigned hereby elects  toconvert $ __________ principal amount and $ __________ accrued interest of the Note into that
number of shares of Common Stock to be issued pursuant to the conversion of the Note as set forth below of REGEN BIOPHARMA, INC.
according to the conditions of the convertible note of the Company dated as of July 24, 2020 as of the date written below.

 

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

 

Checked
box corresponds to applicable instructions:

 

	☐ 	The Borrower shall electronically
    transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned or its nominee
    with OTC through its Deposit Withdrawal Agent Commission system (“Wire Transfer”)
	 	 	 
	 	Name of DTC Prime Broker:	 	 
	 	Account Number:	 	 
	 	 	 
	☐ 	The undersigned hereby requests
    that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth below in the name(s)
    specified immediately below or, if additional space is necessary, on an attachment hereto:
	 	 	 
	 	Name:	 	 
	 	Address:	 	 
	 	 	 	 
	 	 	 	 
	 	Phone:	 	 

 

	 	 	 
	Name	 	Date
	Title	 	 

 

    	 	5	 

     

    

 

 

 

 

EXHIBIT
B

 

COMMON
STOCK PURCHASE WARRANT REGEN BIOPHARMA, INC.

 

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

 

THIS
COMMON STOCK PURCHASE WARRANT (the "Warrant'') certifies that, for value received, Lender
is entitled, solely upon the terms and subject to the limitations on exercise and
the conditions hereinafter set forth, to subscribe for
and purchase from the Company, shares of common stock
of the Company (the "Warrant Shares"). The purchase price of one Warrant
Share under this Warrant shall be equal to
the $0.025 per Warrant Share ("Exercise Price").

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

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

 

6.
The Warrant Shares may not be sold or transferred unless (i) such shares are sold pursuant to an effective registration statement
under the Act or (ii) the Company or its transfer agent shall have been furnished with an opinion of counsel (which opinion shall
be in form, substance
and scope customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred
may be sold or transferred pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant
to Rule 144 under the Act (or a successor rule) ("Rule 144") or (iv) such shares are transferred to an ''affiliate"
(as defined in Rule 144) of the Company who agrees to sell or otherwise transfer the shares only in accordance withthis Section
6 and who is an Accredited Investor as the term Accredited Investor is defined in Rule 501 of Regulation D, promulgated under
the Act. Subject to the removal provisions set forth below, until such time as the Warrant Shares have been registered under the
Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date
that can then be immediately sold, each certificate for Warrant Shares that have not been so included in an effective registration
statement or that have not been sold pursuant to an effective registration statement or an exemption that permits removal of the
legend, shall bear a legend substantially in the following form, as appropriate:

 

"NEITHER
THEE 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."

 

    	 	7	 

     

    

 

The
legend set forth above shall be removed and the Company shall issue to
the Lender a new certificate therefore free of any transfer legend if (i) the Company
or its transfer agent shall have received an opinion
of counsel, in form, substance and
scope customary for opinions of counsel in comparable transactions, to the effect
that a public sale or transfer of such securities may be made without registration under
the Act and the shares are so sold or transferred, (ii) such Lender provides the Company
or its transfer agent with reasonable assurances that the Warrant Shares can be sold pursuant
to Rule 144 or (iii) such security is registered for sale by under an effective registration
statement filed under the Act or (iv) otherwise may
be sold pursuant to Rule 144 without any restriction as to
the number of securities as of a particular date that can then be immediately sold.

 

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

 

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

 

9.
FORM OF WARRANT NOTICE

 

NOTICE
OF EXERCISE

TO:
REGEN BIOPHARMA, INC.

 

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

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

 

[SIGNATURE]

 

	Name:	 	 
	Date:	 	 

 

 

    	 	8

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