Document:

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:
    05/05/17	 	Principal
    Amount: $200,000

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 May 5, 2020
(the "Maturity Date"), the principal amount of Two Hundred Thousand Dollars ($00,000) 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 and any accrued interest commencing
as of the date which is the earlier of:

		(i)	One
                                         day subsequent to the execution of an agreement to a transaction whose completion would
                                         result in a "Change of Control" of the Company. For purposes of this Note,
                                         a Change of Control shall be defined as any transaction or series of transactions, whether
                                         by merger, sale of substantially all of the assets, or sale or transfer of more than
                                         fifty percent (50%) of the outstanding stock of the relevant entity in which the members
                                         of the Board of Directors immediately preceding the closing of the Change of Control
                                         transaction no longer constitute a majority of the Board of Directors of the surviving
                                         entity following the closing of such transaction.

		(ii)	One
                                         day subsequent to the commencement, in compliance with applicable law, of a broad solicitation
                                         by a third party to purchase a majority percentage of the Company's outstanding equity
                                         securities for a limited period of time contingent on shareholders of the Company tendering
                                         a fixed number of their equity securities ("Tender Offer").

		(iii)	That
                                         date which is twenty four (24) months subsequent to the date of execution of this Note.

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 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 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 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 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. lithe 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 $0.05 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"):

(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.
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.

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).

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	 	 
	David R. Koos, Chairman and CEO	 	 
	 	 	 
	5/11/2017	 	 

 

 

EXHIBIT
A

NOTICE
OF CONVERSION

The
undersigned hereby elects to convert $  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 Month 00, 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 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 DTC through its Deposit Withdrawal Agent Commission system ("DWAC Transfer").

 

	 	Name of DTC
    Prime Broker:	 	 
	 	Account Number	 	 

[1The
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	 	 	 

 

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 $0.05 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 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 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: (1) 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

	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 with this 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
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 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 purchaseWarrant 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:CONVERTIBLE
    PROMISSORY NOTE

 

FOR
VALUE RECEIVED, Regen Biopharma, Inc., a Nevada corporation (the "Issuer" of this Security) with at least 138,000,000
common shares issued and outstanding, issues this Security and promises to pay to JMJ Financial, a Nevada sole proprietorship,
or its Assignees (the "Investor") the Principal Sum along with the Interest Rate and any other fees according to the
terms herein. This Note will become effective only upon execution by both parties and delivery of the payment of Consideration
by the Investor (the "Effective Date").

The
Principal Sum is $79,000 (seventy nine thousand) plus accrued and unpaid interest and any other fees. The Consideration is $75,000
(seventy five thousand) payable by wire (there exists a $4,000 original issue discount (the "OID")). The Investor shall
pay $75,000 of Consideration upon closing of this Note as the Purchase Price under the Securities Purchase Agreement Document
SPA-06212017 of even date herewith between the Issuer and the Investor. The Maturity Date is eight months after the Effective
Date and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and
payable. The Investor may extend any Maturity Date in its sole discretion in increments of up to three months at any time before
or after any Maturity Date. The Maturity Date shall automatically be deemed extended unless the Investor provides notice to the
Issuer that it is not or has not extended the Maturity Date, which notice the Investor may provide at any time before or after
the Maturity Date.

1.      
Interest and Repayment. A one-time Interest charge of 10% shall be applied to the Principal Sum. The Interest is in addition
to the OID, and that OID remains payable- regardless of time and manner of payment by the Issuer. The Issuer may not repay any
payment of Consideration after its Effective Date prior to its Maturity Date without written approval from the Investor.

2.      
Conversions. The Investor has the right, at any time after the Effective Date, at
its election, to convert all or part of the outstanding and unpaid Principal Sum and accrued interest (and any other fees) into
shares of fully paid and non-assessable shares of common stock of the Issuer as per this conversion formula: Number of shares
receivable upon conversion equals the dollar conversion amount divided by the Conversion Price. Conversion notices may be delivered
to the Issuer by method of the Investor's choice- (including but not limited to email, facsimile, mail, overnight courier, or
personal delivery), and all conversions shall be cashless and not require further payment from the Investor. If no objection is
delivered from the Issuer to the Investor regarding any variable or calculation of the conversion notice within 24 hours of delivery
of the conversion notice, the Issuer shall have been thereafter deemed to have irrevocably confirmed and irrevocably ratified
such notice of conversion and waived any objection thereto. The Issuer shall deliver the shares from any conversion to the Investor
(in any name directed by the Investor) within 3 (three) business days of conversion notice delivery. The Investor, at any time
prior to selling all of the shares from a conversion, may, for any reason, rescind any portion, in whole or in part, of that particular
conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded
conversion shares returned to the Issuer (under the Investor's and the Issuer's expectations that any returned conversion amounts
will tack back to the original date of the Note). Unless otherwise agreed in writing by both parties, at no time will the Investor
convert any amount of the Note into common stock that would result in the Investor owning more than 4.99% of the common stock
outstanding.

 

3.      
Conversion Price. The Conversion Price is the lesser of $0.0365 or 60% of the lowest
trade price in the 25 trading days previous to the(In the case- that conversion
shares are not deliverable- by DWAC an additional 10% discount will apply; and if the shares are ineligible for deposit into the
DTC system and only eligible for clearing deposit an additional 5% discount shaft apply; in the case of both an additional cumulative
15% discount shall apply); provided, however, that, subject to the following sentence, the Conversion shall not be less than $0.01
(the "Floor Price"). Notwithstanding the foregoing, if an Issuer default or breach of terms occurs among any
of the agreements between the parties, regardless of whether the Investor provides notice of such default or breach and regardless
of whether such default or breach is cured or remedied, the Conversion Price shall automatically become the lesser of $0.01 or
60% of the lowest trade price in the 25 trading days previous to the conversion (In the case that conversion share& are not
deliverable by DWAC an additional 10% discount will apply; and if the shares are ineligible for deposit into the DTC system and
only eligible for clearing deposit an additional 5% discount shall apply; in the case of both an additional cumulative 15% discount
shall apply). Additionally, if the Issuer (i) issues stock at any price (in any type of issuance or sale including but not limited
to sale, conversion, exchange, or compensation to any party (including the Investor)) below the Floor Price (including pursuant
to the terms of any previously outstanding securities, warrants, convertible notes, or other agreements), or (ii) enters into
any agreement that may in the future provide for such issuance at any price (in any type of issuance or sale including but not
limited to sale, conversion, exchange, or compensation to any party (including the Investor)) below the Floor Price (including
pursuant to the terms of any previously outstanding securities, warrants, convertible notes, or other agreements) (such lower
price under (i) or (ii) being a "Sales Price"), then the Conversion Price under the Note shall automatically
become the Investor's choice of the lesser of the Floor Price, the Sales Price, or 60% of the lowest trade price in the 25 trading
days previous to the conversion (In the case that conversion shares are not deliverable by DWAC an additional 10% discount will
apply; and if the shares are ineligible for deposit into the DTC system and only eligible for clearing deposit an additional 5%
discount shall apply; in the case of both an additional cumulative 15% discount shall apply).

4.                  
Reservation of Shares. At all times during which this Note is outstanding, the Issuer
will reserve for the Investor from its authorized and unissued Common Stock a number of shares of not less than five times the
number of shares necessary to provide for the issuance of Common Stock upon the full conversion of this Note. The Issuer initially
shall reserve at least 20,000,000 shares of Common Stock for the Investor. The Issuer represents that Securities Transfer Corporation
serves as the Issuer's transfer agent as of the date of this Note. The Issuer acknowledges that Securities Transfer Corporation
is a party to an irrevocable instruction and share reservation letter agreement between the Issuer, the transfer agent and the
Investor regarding this Note. The Issuer agrees that the Issuer's use of Securities Transfer Corporation as its transfer agent
is material to the Investor, that the Issuer may not terminate or replace Securities Transfer Corporation as the Issuer's transfer
agent without obtaining the Investor's written consent thirty days in advance of such termination or replacement, and that the
Issuer must provide the Investor, within five business days following the termination, resignation or replacement of Securities
Transfer Corporation or any subsequent transfer agent an irrevocable instruction and share reservation letter, executed by the
Issuer and the new transfer agent, providing rights to the Investor identical to the rights provided to the Investor in the irrevocable
instruction and share reservation letter between the Issuer, the Investor, and Securities Transfer Corporation. The Issuer further
agrees that every provision in the irrevocable instruction and share reservation letter agreement is material to the Investor
such that the Investor would not otherwise enter into this Note.

5.                
Piggyback
Registration Rights. The Issuer shall include on the next registration statement the Issuer files with SEC (or on the subsequent
registration statement if such registration statement is withdrawn) all shares issuable upon conversion of this Note (the "Registrable
Securities"). Failure to do so will result in liquidated damages of 25% of the outstanding principal balance of this Note,
but not less than $20,000, being immediately due and payable to the Investor at its election in the form of cash payment or addition
to the balance of this Note.

5.                  
Terms of Future Financings. So long as this Note is outstanding, upon any issuance by the-Issuer
or any of its subsidiaries of any security with any term more favorable to the holder of such security or with a term in favor
of the holder of such security that was not similarly provided to the Investor in this Note, such term, at the Investor's option,
shall become a part of the transaction documents with the Investor. The types of terms contained in another security that may
be more favorable to the holder of such security include, but are not limited to, terms addressing conversion rights, conversion
discounts, conversion lookback periods, interest rates, original issue discounts, and warrant coverage. The Issuer shall notify
the Investor of such additional or more favorable term, including the applicable issuance price, or applicable reset price, exchange
price, conversion price, exercise price and other pricing terms, and, at any time while this Note is outstanding, the Investor
may request of the Issuer and/or its transfer agent (and they will provide) a schedule of all issuances since the Effective Date
of this Note of shares of common stock or of securities entitling the holder thereof to acquire shares of common stock, including,
without limitation, any debt, preferred stock, right, option, warrant or other instrument that is convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, shares of common stock of the Issuer.

6.                  
Default. Each of the following are an event of default under this Note:- (i) the Issuer shall
fail to pay any principal under the Note when due and payable (or payable by conversion) thereunder; or (ii) the Issuer shall
fail to pay any interest or any other amount under the Note when due and payable (or payable by conversion) thereunder; or (iii)
the Issuer shall breach or fail to honor any other term of this Note, any term under any other document related to this Note,
or any other written agreement between the Issuer and the Investor (collectively, the "Transaction Documents"), including,
without limitation, the Issuer's obligation to reserve at all times a sufficient number of shares to provide for the issuance
of common stock upon the full conversion of this Note pursuant to Section 4 of this Note; or (iv) the Issuer fails to keep available
a sufficient number of authorized, unissued and unreserved shares of common stock (other than shares of common stock reserved
for the Investor) to permit the Investor to increase its share reserve to such number of shares as equals not less than five times
the outstanding Note balance divided by the closing price of the Issuer's common stock; or (v) the Issuer's failure to increase
the number of authorized shares of common stock of the Issuer within sixty days of having a number of authorized, unissued, and
unreserved shares of common stock (excluding shares of common stock reserved for the Investor) of less than five times the number
of shares necessary to provide for the issuance of common stock upon full conversion of this Note; or (vi) the Issuer terminates
or replaces the entity or person serving as the transfer agent for the Issuer without obtaining the previous written consent of
the Investor thirty days in advance of such termination or replacement; or (vii) the Issuer's failure to appoint a new transfer
agent approved by the Investor (such approval not to be unreasonably withheld) and to provide the Investor, within five business
days following termination, resignation or replacement of the current transfer agent, an irrevocable instruction and share reservation
letter, executed by the Issuer and the new transfer agent, providing rights to the Investor identical to the rights provided to
the Investor in the irrevocable instruction and share reservation letter between the Issuer, the Investor, and the terminated,
resigned or replaced transfer agent; or (viii) the Issuer shall become insolvent or generally fails to pay, or admits in writing
its inability to pay, its debts as they become due, subject to applicable grace periods, if any; or (ix) the Issuer shall make
a general assignment for the benefit of creditors; or (x) the Issuer shall file a petition for relief under any bankruptcy, insolvency
or similar law (domestic or foreign); or (xi) an involuntary proceeding shall be commenced or filed against the Issuer; or (xii)
the Issuer's common stock has an offering price of $0.0001 on its principal trading market at any time; or (xiii) the Issuer's
market capitalization (the number of shares of common stock issued and outstanding multiplied by the price per share of common
stock) is less than $200,000 at any time or decreases to less than 50% of the market capitalization on the Effective Date; or
(xiv) the price per share of the Issuer's common stock decreases to less than 50% of the price per share on the Effective Date;
or (xv) the Issuer shall lose its status as "DTC Eligible" or the Issuer's shareholders shall lose the ability to deposit
(either electronically or by physical certificates, or otherwise) shares into the DTC System (xvi) the Issuer shall become delinquent
in its filing requirements as a fully-reporting issuer registered with the SEC; or (xvii) the Issuer shall fail to meet all requirements
to satisfy the availability of Rule 144 to the Investor or its assigns including but not limited to timely fulfillment of its
filing requirements as a fully-reporting issuer registered with the SEC, requirements for XBRL filings, and requirements for disclosure
of financial statements on its website; or (xviii) the Issuer's chief executive officer fails to engage in a telephone call with
the Investor upon the request of the Investor at least 36 hours in advance up to once per week with such telephone call generally
not to be in excess of 20 minutes.

7.                  
Remedies. For each conversion, in the event that shares are not delivered by the fourth
business day (inclusive of the day of conversion), a fee of $2,000 per day will be assessed for each day after the third business
day (inclusive of the day of the conversion) until share delivery is made; and such fee will be added to the Principal Sum of
the Note (under the Investor's and the Issuer's expectations that any penalty amounts-will tack back to the original date of the
Note). Upon each occurrence of any other event of default, the Investor may asses and apply a fee against the Issuer of not less
than $25,000 at any time any balance remains outstanding on this Note, regardless of whether such event of default has
been cured or remedied and regardless of whether the Investor delivered a notice of default at the time of the event of default
or at the time the Investor discovered the event of default. The parties agree that the fee shall be applied to the balance of
the Note and shall tack back to the Effective Date of the Note for purposes of Rule 144. The parties acknowledge and agree that
upon an event of default, Investor's damages would be uncertain and difficult (if not impossible) to accurately estimate because
of the parties' inability to predict future interest rates and future share prices, Investor's increased risk, and the uncertainty
of the availability of a suitable substitute investment opportunity for Investor, among other reasons. Accordingly, any fees,
charges, and default interest due under this Note or any other Transaction Document between the parties are intended by the parties
to be, and shall be deemed, liquidated damages. The parties agree that such liquidated damages are a reasonable estimate of Investor's
actual damages and not a penalty, and shall not be deemed in any way to limit any other right or remedy Investor may have hereunder,
at law or in equity. The parties acknowledge and agree that under the circumstances existing at the time this Note is entered
into, such liquidated damages are fair and reasonable and are not penalties. All fees, charges, and default interest provided
for in this Note and the Transaction Documents are agreed to by the parties to be based upon the obligations and the risks assumed
by the parties as of the Effective Date and are consistent with investments of this type. The liquidated damages provisions shall
not limit or preclude a party from pursuing any other remedy available at law or in equity; provided, however, that the liquidated
damages are intended to be in lieu of actual damages.

9.    
Acceleration. In the event of any default, the outstanding principal amount of this Note, plus accrued but unpaid interest,
liquidated damages, fees and other amounts owing in respect thereof through the date of acceleration (the "Note Balance"),
shall become, at the Investor's election, immediately due and payable in cash at the Mandatory Default Amount. The Mandatory Default
Amount means the Investor's choice of (this choice may be made at any time without presentment, demand, or notice of any kind):
(i) the Note Balance divided by the Conversion Price on the date of the default multiplied by the closing price on the date of
the default; or (ii) the Note Balance divided by the Conversion Price on the date the Mandatory Default Amount is either (a) demanded
or (b) paid in full, whichever has a lower Conversion Price, multiplied by the closing price on the date the Mandatory Default
Amount is either (a) demanded or (b) paid in full, whichever has a higher closing price; or (iii) 150% of the Note Balance. In
connection with such acceleration described herein, the Investor need not provide, and the Issuer hereby waives, any presentment,
demand, protest or other notice of any kind; and the Investor may immediately and without expiration of-any grace period enforce
any and all of-its rights-and remedies hereunder and all other remedies available to it under applicable
law. Such acceleration may be rescinded and annulled by the Investor at any time prior to payment hereunder and the Investor shall
have all rights as a holder of the note until such time, if any, as the Investor receives full payment pursuant to this Section
9. No such rescission or annulment shall affect any subsequent event of default or impair any right consequent thereon.

10. 
Right
to Specific Performance and Injunctive Relief. Nothing herein shall limit the Investor's right to pursue any other remedies
available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.
In this regard, the Issuer hereby agrees that the Investor will be entitled to obtain specific performance and/or injunctive relief
with respect to the Issuer's failure to timely deliver shares of Common Stock upon conversion of the Note as required pursuant
to the terms hereof or the Issuer's obligations regarding the reservation of shares and its transfer agent, including the use,
termination, replacement or resignation of the transfer agent and the obligation to deliver an irrevocable instruction and share
reservation letter with any subsequent transfer agent. The Issuer agrees that, in such event, all requirements for specific performance
and/or preliminary and permanent injunctive relief will be satisfied, including that the Investor would suffer irreparable harm
for which there would be no adequate legal remedy. The Issuer further agrees that it will not object to a court or arbitrator
granting or ordering specific performance or preliminary and/or permanent injunctive relief in the event the Investor demonstrates
that the Issuer has failed to comply with any obligation herein. Such a grant or order may require the Issuer to immediately issue
shares to the Investor pursuant to a Conversion Notice and/or require the Issuer to immediately satisfy its obligations regarding
the reservation of shares and its transfer agent, including the use, termination, replacement or resignation of the Issuer's transfer
agent and the obligation to deliver an irrevocable instruction and share reservation letter with any subsequent transfer agent.
The Issuer further expressly waives any right to any bond in connection with any temporary or preliminary injunction.

11. 
No Shorting. The Investor
agrees that so long as this Note from the Issuer to the Investor remains outstanding, the Investor will not enter into or effect
"short sales" of the Common Stock or hedging transaction which establishes a net short position with respect to the
Common Stock of the Issuer. The Issuer acknowledges and agrees that upon delivery of a conversion notice by the Investor, the
Investor immediately owns the shares of Common Stock described in the conversion notice and any sale of those shares issuable
under such conversion notice would not be considered short sales.

12. 
Assignability. The Issuer
may not assign this Note. This Note will be binding upon the Issuer and its successors and will inure to the benefit of the Investor
and its successors and assigns and may be assigned by the Investor to anyone without the Issuer's approval.

13. 
Governing
Law, Legal Proceedings, and Arbitration. THIS NOTE WILL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE
LAWS OF THE STATE OF NEVADA (INCLUDING ANY RIGHTS TO SPECIFIC RELIEF PROVIDED FOR UNDER NEVADA STATUTES), WITHOUT REGARD TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF. THE PARTIES HEREBY WARRANT AND REPRESENT THAT THE SELECTION OF NEVADA LAW AS GOVERNING UNDER
THIS NOTE (I) HAS A REASONABLE NEXUS TO EACH OF THE PARTIES AND TO THE TRANSACTIONS CONTEMPLATED BY THE NOTE; AND (II) DOES NOT
OFFEND ANY PUBLIC POLICY OF NEVADA, FLORIDA, OR OF ANY OTHER STATE, FEDERAL, OR OTHER JURISDICTION.

ANY
ACTION BROUGHT BY EITHER PARTY AGAINST THE OTHER ARISING OUT OF OR RELATED TO THIS NOTE, OR ANY OTHER AGREEMENTS BETWEEN THE PARTIES,
SHALL BE COMMENCED ONLY IN THE STATE OR FEDERAL COURTS OF GENERAL JURISDICTION LOCATED IN MIAMI-DADE COUNTY, IN THE STATE OF FLORIDA,
EXCEPT THAT ALL SUCH DISPUTES BETWEEN THE PARTIES SHALL BE SUBJECT TO ALTERNATIVE DISPUTE RESOLUTION THROUGH BINDING ARBITRATION
AT THE INVESTOR'S SOLE

DISCRETION
AND ELECTION (REGARDLESS OF WHICH PARTY INITIATES THE LEGAL PROCEEDINGS). The parties agree that, in connection with any such
arbitration proceeding, each shall submit or file any claim which would constitute a compulsory counterclaim within the same proceeding
as the claim to which it relates. Any such claim that is not submitted or filed in such proceeding shall be waived and such party
will forever be barred from asserting such a claim. Both parties and the individuals signing this Note agree to submit to the
jurisdiction of such courts or to such arbitration panel, as the case may be.

If
the Investor elects alternative dispute resolution by arbitration, the arbitration proceedings shall be conducted in Miami-Dade
County and administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules and Mediation
Procedures in effect on the Effective Date of this Note, except as modified by this agreement. The Investor's election to arbitrate
shall be made in writing, delivered to the other party, and filed with the American Arbitration Association. The American Arbitration
Association must receive the demand for arbitration prior to the date when the institution of legal or equitable proceedings would
be barred by the applicable statute of limitations, unless legal or equitable proceedings between the parties have already commenced,
and the receipt by the American Arbitration Association of a written demand for arbitration also shall constitute the institution
of legal or equitable proceedings for statute of limitations purposes. The parties shall be entitled to limited discovery at the
discretion of the arbitrator(s) who may, but are not required to, allow depositions. The parties acknowledge that the arbitrators'
subpoena power is not subject to geographic limitations. The arbitrator(s) shall have the right to award individual relief which
he or she deems proper under the evidence presented and applicable law and consistent with the parties' rights to, and limitations
on, damages and other relief as expressly set forth in this Note. The award and decision of the arbitrator(s) shall be conclusive
and binding on all parties, and judgment upon the award may be entered in any court of competent jurisdiction. The Investor reserves
the right, but shall have no obligation, to advance the Issuer's share of the costs, fees and expenses of any arbitration proceeding,
including any arbitrator fees, in order for such arbitration proceeding to take place, and by doing so will not be deemed to have
waived or relinquished its right to seek the recovery of those amounts from the arbitrator, who shall provide for such relief
in the final award, in addition to the costs, fees, and expenses that are otherwise recoverable. The foregoing agreement to arbitrate
shall be specifically enforceable under applicable law in any court having jurisdiction thereof.

14. 
Delivery of Process by the Investor to the Issuer. In the event of any action or proceeding by the Investor against the
Issuer, and only by the Investor against the Issuer, service of copies of summons and/or complaint and/or any other process which
may be served in any such action or proceeding may be made by the Investor via U.S. Mail, overnight delivery service such as FedEx
or UPS, email, fax, or process server, or by mailing or otherwise delivering a copy of such process to the Issuer at its last
known attorney as set forth in its most recent SEC filing.

15. 
Attorney Fees. If any attorney is employed by either party with regard to any legal or equitable action, arbitration or
other proceeding brought by such party for enforcement of this Note or because of an alleged dispute, breach, default or misrepresentation
in connection with any of the provisions of this Note, the prevailing party will be entitled to recover from the other party reasonable
attorneys' fees and other costs and expenses incurred, in addition to any other relief to which the prevailing party may be entitled.

16. 
Opinion of Counsel. The Issuer shall provide the Investor with an opinion of counsel
prior to the Effective Date of the Note that neither this Note, nor any other agreement between the parties, nor any of their
terms (including, but not limited to, interest, original issue discount, conversion terms, warrants terms, penalties, fees or
liquidated damages), individually or collectively violate any usury laws in the State of Nevada. Prior to the Effective Date of
the Note, the Issuer and its management have reviewed such opinion, consulted their counsel on the opinion and on the matter of
usury, and have further researched the matter of usury to their satisfaction. Further, the Issuer and its management agree with
the opinion of the Issuer's counsel that neither this Note nor any other agreement between the parties is usurious and they agree
they will not raise a claim of usury as a defense to the performance of the Issuer's obligations under this Note or any other
agreement between the parties. THE ISSUER HEREBY WARRANTS AND REPRESENTS THAT THE SELECTION OF NEVADA LAW AS GOVERNING UNDER THIS
AGREEMENT (I) HAS A REASONABLE NEXUS TO EACH OF THE PARTIES AND TO THE TRANSACTIONS CONTEMPLATED BY THESE AGREEMENTS; AND (II)
DO NOT OFFEND ANY PUBLIC POLICY OF NEVADA, FLORIDA, OR OF ANY OTHER STATE, FEDERAL, OR OTHER JURISDICTION. In the event that any
other opinion of counsel is needed for any matter related to this Note, the Investor has the right to have any such opinion provided
by its counsel. Investor also has the right to have any such opinion provided by Issuer's counsel.

17. 
Notices. Any notice required or permitted hereunder (including Conversion Notices and demands for arbitration) must be
in writing and either personally served, sent by facsimile or email transmission, or sent by overnight courier. Notices will be
deemed effectively delivered at the time of transmission if by facsimile or email, and if by overnight courier the business day
after such notice is deposited with the courier service for delivery.

 

	Issuer:	 	Investor:
	 	 	 
	 	 	 
	David R. Koos	 	JMJ Financial
	Regen Biopharma, Inc.	 	Its Principal
	Chief Executive Officer	 	 
	 	 	 
	Date: 06/23/20017	 	Date: 06/23/2017

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