Document:

NEITHER
THIS NOTE NOR THE SECURITIES THAT MAY BE ISSUED BY THE COMPANY UPON CONVERSION HEREOF (COLLECTIVELY,THE "SECURITIES")
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT'), OR THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION. NEITHER THE SECURITIES NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED: (1) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE 1933 ACT, OR APPLICABLE STATE
SECURITIES LAWS; OR (11) IN THE ABSENCE OF AN OPINION OF COUNSEL, IN A FORM ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT
REQUIRED UNDER THE 1933 ACT OR; (111) UNLESS SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO RULE 144 UNDER THE 1933 ACT.

12%
CONVERTIBLE PROMISSORY NOTE

MATURITY DATE OF FEBRUARY 26, 2019 *THE "MATURITY DATE"

$115,000
FEBRUARY 26, 2018 *THE " ISSUANCE DATE"

	PRINCIPAL AMOUNT:	$115,000	 
	PURCHASED PRICE:	$110,000	 

FOR
VALUE RECEIVED, Regen Biopharma, Inc. a Nevada Corporation (the "Company") doing business in La Mesa, CA hereby promises
to pay to the order of JSJ InvestmentsInc., an accredited investor and Texas Corporation, or its assigns (the "Holder"),
the principa l amount of One -Hundred and Fifteen Thousand Dollars ($115,000) ("Note"), on demand of the Holder at any
time on or after January 26, 2019 (the "Maturity Date"), and to pay interest on the unpaid principal balance hereof
at the rate of Twelve Percent (12%) per annum (the "Interest Rate") commencing on the date hereof (the "Issuance
Date").

The
Principal Amount is One -Hundred and Fifteen Thousand Dollars ($115,000) and the consideration paid by the Holder is One Hundred
and Ten Thousand Dollars ($110,000) (the "Consideration"); there exists an original issue discount of $5,000 (the "0
10 ").

 1. Payments of Principal and Interest.

a.
Pre-Payment and Payment of Principal and Interest. The Company may pay this Note in full, together with any and all
accrued and unpaid interest, plus any applicable pre-payment premium set forth herein and subject to the terms of this
Section 1.a, at any time on or prior to the date which occurs 180 days after the Issuance Date hereof (the "Prepayment
Date"). In the event the Note is not prepaid in full on or before the Prepayment Date, it shall be deemed a
"Pre-Payment Default hereunder. Until the One-Hundred and Eightieth {180th) day after the Issuance Date the Company may
pay the principal at a cash redemption premium of 135%, in addition to outstanding interest, without the Holder's consent.
After the Prepayment Date up to the Maturity Date this Note shall have a cash redemption premium of 135% of the then
outstanding principal amount of the Note, plus accrued interest and Default Interest, if any, which may only be paid by the
Company upon Holder's prior written consent. At any time on or after the Maturity Date, the Company may repay the then
outstanding principal plus accrued interest and Default Interest (defined below), if any, to the Holder.

 b. Demand of Repayment. The principal and interest balance of this Note shall be paid to the Holder hereof on demand by the Holder at any time on or after the Maturity Date. The Default Amount (defined herein), if applicable, shall be paid to Holder hereof on demand by the Holder at any time such Default Amount becomes due and payable to Holder. The Holder may, by written notice to the Company at least five (5) days before the Maturity Date (as may have been previously extended), extend the Maturity Date to up to one (1) year following the date of the original Maturity Date hereunder.

 

 c. Interest.
This Note shall bear interest ("Interest ") at the rate of Twelve Percent (12%) per annum from the Issuance Date
until the same is paid, or otherwise converted in accordance with Section 2 below, in full and the Holder, at the Holder's
sole discretion, may include any accrued but unpaid Interest in the Conversion Amount. Interest shall commence accruing on
the Issuance Date, shall be computed on the basis of a 365-day year and the actual number of days elapsed and shall accrue
daily and, after the Maturity Date, compound quarterly. Upon an Event of Default, as defined in Section10  below , the
Interest Rate shall increase to Eighteen Percent (18%) per annum for so long as the Event of Default is continuing
("Default lnterest).

d.
General Payment Provisions. This Note shall be paid in lawful money of the United States of America by check or wire transfer
to such account as the Holder may from time to time designate by written notice to the Company in accordance w ith the
provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a
Business Day (as defined below), the same shall instead be due on the next succeeding day which is a Business Day and, in the
case of any interest payment date which is not the date on which this Note is paid in full, the extension of the due date
thereof shall not be taken into account for purposes of determining the amount of interest due on such date. For purposes of
this Note, "Business Day" shall mean any day other than a Saturday, Sunday or a day on which commercial banks in
the State of Texas are authorized or required by law or executive order to remain closed.

2.
Conversion of Note. At any time after the Pre-payment Date, the Conversion Amount (see Paragraph 2(a)(i)) of this Note shall be
convertible into shares of the Company's common stock (the "Common Stock") according to the terms and conditions set
forth in this Paragraph 2.

 

a.
Certain Defined Terms. For purposes of this Note, the following terms shall have the following meanings:

 

 i. "Conversion Amount" means the sum of (a) the principal amount of this Note to be converted with respect to which this determination is being made, (b) Interest; and (c) Default Interest, if any, if so included at the Holder's sole discretion.

 ii. "Conversion
Price" means a 35% discount to the lowest trading price during the previous fourteen (14) trading days to the date of a
Conversion Notice (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company
relating to the Company's securities or the securities of any subsidiary of the Company, combinations, recapitalization,
reclassification, extraordinary distributions and similar events).

 iii. "Person" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

 iv. "Shares" means the Shares of the Common Stock of the Company into which any balance on this Note may be converted upon submission of a "Conversion Notice" to the Company substantially in the form attached hereto as Exhibit 1.

 b. Holder's Conversion Rights. At any time after the Pre-payment Date, the Holder shall be entitled to convert all of the outstanding and unpaid principal and accrued interest of this Note into fully paid and non-assessable shares of Common Stock in accordance with the stated Conversion Price. The Holder shall not be entitled to convert on a Conversion Date that amount of the Note in connection with that number of shares of Common Stock which would be in excess of the sum of the number of shares of Common Stock issuable upon the conversion of the Note with respect to which the determination of this provision is being made on a Conversion Date, which would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock of the Company on such Conversion Date. For the purposes of the provision to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Subject to the foregoing, the Holder shall not be limitedto aggregate conversions of 4.99% ("Conversion Limitation 1"). The Holder shall have the authority to determine whether the restriction contained in this Section 2(b) will limit any conversion hereunder, and accordingl,y the Holder may waive the conversion limitation described in this Section 2(b), in whole or in part, upon and effective after 61 days prior written notice to the Company to increase or decrease such percentage to any other amount as determined by Holder in its sole discretion ("Conversion Limitation 2"). In the case that the Company's Common Stock is "chilled" for deposit into the OTC system and only eligible for clearing deposit, then an additional 15% discount to the Conversion Price shall apply for all future conversions under the Note while the "chill" is in effect. For the avoidance of doubt, with reference to section 2(a)ii of this note, when the "chill" is in effect the conversion price will stack additively to become a 50% discount to the lowest trading price during the previous (20) days to the date of a Conversion Notice. To the extent the Conversion Price of the Company's Common Stock closes below the par value per share, the Company will take all steps necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under law. The Company agrees to honor all conversions submitted pending this adjustment unless the Holder, in its sole and absolute discretion elects instead to set the Conversion Price to par value for such conversion(s) and the conversion amount for such conversion(s) shall be increased to include Additional Principal, where " Additional Principal" means such additional amount to be added to the conversion amount to the extent necessary to cause the number of Common Stock issuable upon such conversion(s) to equal the same number of Common Stock as would have been issued had the Conversion Price not been set to par value in the Holder's sole and absolute discretion.

 c. Fractional Shares. The Company shall not issue any fraction of a share of Common Stock upon any conversion; if such issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share except in the event that rounding up would violate the conversion limitation set forth in section 2(b) above.

 d. Conversion Amount. The Conversion Amount shall be converted pursuant to Rule 144(b)(1)(ii) and Rule 144(d)(1)(ii) as promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended, into unrestricted shares at the Conversion Price.

 e. Mechanics of Conversion. The conversion of this Note shall be conducted in the following manner:

 i. Holder's Conversion Requirements. To convert this Note into shares of Common Stock on any date set forth in the Conversion Notice by the Holder (the · c onversionDate"), the Holder shall transmit by email, facsimile or otherwise deliver, for receipt on or prior to 11:59 p.m., Eastern Time, on such date or on the next business day, a copy of a fully executed notice of conversion in the form attached hereto as Exhibit 1 to the Company.

 

 ii. Company's Response. Upon receipt by the Company of a copy of a Conversion Notice, the Company shall as soon as practicable, but in no event later than one (1) Business Day after receiptof such Conversion Notice, send, via email, facsimile or overnight courier, a confirmat ion of receipt of such Conversion Notice to such Holder indicating that the Company will process such Conversion Notice in accordance with the terms herein. Within two (2) Business Days after the date the Conversion Notice is delivered, the Company shall have issued and electronically transferred the shares to the Broker indicated in the Conversion Notice; should the Company be unable to transfer the shares electronically, it shall, within two (2) Business Days after the date the Conversion Notice was delivered, have surrendered to an overnight courier for delivery the next day to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder, for the num ber of shares of Common Stock to which the Holder shall be entitled. Without in any way limiting the Holder's right to pursue other remedies, including actual damages and/or equitable relief, the Company and Holder agree that if delivery of the Common Stock issuable upon a conversion of this Note is not delivered by the applicable deadline as describedin this Note, then the Company shall pay to the Holder $1,000.00 per day in cash, for each day beyond the applicable deadline that the Company fails to deliver such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the option of the Holder, shall be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note.

 iii. Record Holder. The person or persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.

 iv. Timely Response by Company. Upon receipt by Company of a Conversion Notice, Company shall respond within one business day to Holder confirming the details of the Conversion, and provide within two business days the Shares requested in the Conversion Notice.

 v. Liquidated Damages for Delinquent Response. If the Company fails to deliver for whatever reason (including any neglect or failure by, e.g., the Company, its counsel or the transfer agent) to Holder the Shares as requested in a Conversion Notice within three (3) business days of the Conversion Date, the Company shall be deemed in "Default of Conversion." Beginning on the fourth (4111) business day after the date of the Conversion Notice, after the Company is deemed in Default of Conversion, there shall accrue liquidated damages (the "Conversion Damages") of $2,000 per day for each day after the third business day until delivery of the Shares is made, and such penalty will be added to the Note being converted (under the Company's and Holder's expectation and understanding that any penalty amounts will tack back to the Issuance Date of the Note). The Parties agree that, at the time of drafting of this Note, the Holder's damages as to the delinquent response are incapable or difficult to estimate and that the liquidated damages called for is a reasonable forecast of just compensation.

 vi. Liquidated
Damages for Inability to Issue Shares. If the Company fails to deliver Shares requested by a Conversion Notice due to an
exhaustion of authorized and issuable common stock such that the Company must increase the number of shares of authorized
Common Stock before the Shares requested may be issued to the Holder, the discount set forth in the Conversion Price will be
increased by 5 percentage points (i.e. from 35% to 40%) for the Conversion Notice in question and all future Conversion
Notices until the outstanding principal and interest of the Note is converted or paid in full. These liquidated damages shall
not render the penalties prescribed by Paragraph 2(e)(v) void, and shall be applied in conjunction with Paragraph 2(e)(v)
unless otherwise agreed to in writing by the Holder. The Parties agree that, at the time of drafting of this Note, the
Holder's damages as to the inability to issue shares are incapable or difficult to estimate and that the liquidated damages
called for is a reasonable forecast of just compensation

vii.
Rescindment of Conversion Notice. If: (i) the Company fails to respond to Holder within one business day from the date of delivery
of a Conversion Notice confirming the details of the Conversion, (ii) the Company fails to provide the Shares requested in the
Conversion Notice within three business days from the date of the delivery of the Conversion Notice, (iii) the Holder is
unable to procure a legal opinion required to have the Shares issued unrestricted and/or deposited to sell for any reason related
to the Company's standing with the SEC or FINRA, or any action or inaction by the Company, (iv) the Holder is unable to deposit
the Shares requested in the Conversion Notice for any reason related to the Company's standing with the SEC or FINRA, or any action
or inaction by the Company, (v) if the Holder is informed that the Company does not have the authorized and issuable Shares available
to satisfy the Conversion, or (vi) if OTC Markets changes the Company's designation to 'Limited Information'(Yield), 'No Information'
(Stop Sign), 'Caveat Emptor' (Skull and Crossbones), or 'OTC', 'Other OTC' or 'Grey Market' (Exclamation Mark Sign) on the day
of or any day after the date of the Conversion Notice, the Holder maintains the option and sole discretion to rescind the Conversion
Notice ("Rescindment") by delivering a notice of rescindment to the Company in the same manner that a Conversion Notice
is required to be delivered to the Company pursuant to the terms of this Note.

 

viii.
Transfer Agent Fees and Legal Fees. The issuance of the certificates shall be without charge or expense to the Holder. The Company
shall pay any and all Transfer Agent fees , legal fees. and advisory fees required for execution of this Note and processing of
any Notice of Conversion,including but not limited to the cost of obtaining a legal opinion with regard to the Conversion. The
Holder will deduct $2,000 from the principal payment of the Note solely to cover the cost of obtaining any and all legal opinions
required to obtain the Shares requested in any given Conversion Notice. These fees do not make provision for or suffice to defray
any legal fees incurred in collection or enforcement of the Note as described in Paragraph 13. The Holder will deduct 3rd party
due diligence fees due Chestnut Hill Capital LLC. in the amount of $8,000 from the principal payment of the Note. All expenses
incurred by Holder, for the issuance and clearing of the Common Stock into which this Note is convertible into, shall immediately
and automatically be added to the balance of the Note at such time as the expenses are incurred by Holder.

 

ix.
Conversion Right Unconditional. If the Holder shall provide a Notice of Conversion as provided herein, the Company's obligations
to deliver Common Stock shall be absolute and unconditional, irrespective of any claim of setoff, counterclaim, recoupment, or
alleged breach by the Holder of any obligation to the Company.

 

 3. Other Rights of Holder: Reorganization, Reclassifica tion, Consolidation, Merger or Sale. Any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company's assets to another Person or other transaction which is effected in such a way that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities, cash or other assets with respect to or in exchange for Common Stock is referred to herein as "Organic Change." Prior to the consummation of any (i) Organic Change or (ii) other OrganicChange following which the Company is not a surviving entity, the Company will secure from the Person purchasing such assets or the successor resulting from such Organic Change (in each case. the "Acquiring Entity") a written agreement (in form and substance reasonably satisfactory to the Holder) to deliver to Holder in excha n ge for this Note, a security of the Acquiring Entity evidenced by a written instrument substantially similar in form and substance to this Note. and reasonably satisfactory to the Holder. Prior to the consummation of any other Organic Change, the Company shall make appropriate provision (in form and substance reasonably satisfactory to the Holder) to ensure that the Holder will thereafter have the right to acquire and receive in lieu of or in addition to (as the case may be) the shares of Common Stock immediately theretofore acquirable and receivable upon the conversion of the Note. such shares of stock, securities, cash or other assets that would have been issued or payable in such Organic Change with respect to or in exchange for the number of shares of Common Stock which would have been acquirable and receivable upon the conversion of the Note as of the date of such Organic Change (without taking into account any limitations or restrictions on the convertibility of the Note set forth in Section 2(b) or otherwise). All provisions of this Note must be included to the satisfaction of Holder in any new Note created pursuant to this section.

 4. Representations and Warrant ies of the Company. In connection with the transactions provided for herein. the Company hereby represents and warrants to the Holder the following:

 a. Organization, Good Standing and Qualification. The Company is a corporation duly organized. validly existing and in good standing under the laws of the state of its incorporation and has all requisite corporate power and authority to carry on its business as now conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business or properties.

 b. Authorization.
All corporate action has been taken on the part of the Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Agreement. The Company has taken all corporate action required to make all of
the obligations of the Company reflected in the provisions of this Agreement, valid and enforceable obligations. The shares
of capital stock issuable upon conversion of the Note have been authorized or will be authorized prior to the issuance of
such shares.

 c. Fiduciary Obligations. The Company hereby represents that it intends to use the proceeds of the Note primarily for the operations of its business and not for any personal, family, or household purpose. The Company hereby represents that its board of directors, in the exercise of its fiduciary duty, has approved the execution of this Agreement based upon a reasonable belief that the proceeds of the Note provided for herein is appropriate for the Company after reasonable inquiry concerning its financial objectives and financial situation.

d.
Due Diligence Form. The Company hereby represents and warrants to Holder that all of the information furnished to Holder pursuant
to the Due DiligenceForm ("DDF") dated January 17, 2018 is true and correct in all material respects as of the date
hereof. 

 

 5. Covenants of the Company.

a.
So long as the Company shall have any obligations under this Note, the Company shall not without the Holder's prior written consent
pay, declare or set apart for such payment any dividend or other distribution (whether in cash, property, or other securities)
on shares of capital stock solely in the form of additional shares of Common Stock

 

 b. So long as the Company shall have any obligations under this Note, the Company shall not without the Holder's prior written consent redeem, repurchase, or otherwise acquire (whether for cash or in exchange for property or other securities) in any one transaction or series of transactions any shares of capital stock of the Company or any warrants, rights, or options to acquire any such shares.

c.
So long as the Company shall have any obligations under this Note, the Company shall not without the Holder's prior written consent
sell, lease, or otherwise dispose of a significant portion of its assets outside the ordinary course of business. Any consent
to the disposition of any assets may be conditioned upon a specified use of the proceeds thereof.

 

 6. Issuance
of Common Stock Equivalents. If the Company, at any time after the Issuance Date, shall issue any securities convertible into
or exchangeable for, directly or indirectly, Common Stock ("Convertible Securities"), other than the Note, or any
rights or warrants or options to purchase any such Common Stock or Convertible Securities, shall be issued or sold
(collectively, the "Common Stock Equivalents") and the aggregate of the price per share for which additional Shares
of Common Stock may be issuable thereafter pursuant to such Common Stock Equivalent, plus the consideration received by the
Company for issuance of such Common Stock Equivalent divided by the number of shares of Common Stock issuable pursuant to
such Common Stock Equivalent (the "Aggregate Per Common Share Price") shall be less than the applicable Conversion
Price then in effect, or if, after any such issuance of Common Stock Equivalents, the price per share for which additional
Shares of Common Stock may be issuable thereafter is amended or adjusted, and such price as so amended shall make the
Aggregate Per Share Common Price be less than the applicable Conversion Price in effect at the time of such amendment or
adjustment, then the applicable Conversion Price upon each such issuance or amendment shall be reduced to the lower of: (i)
the Conversion Price; or (ii) a twenty-five percent (25%) discount to the lowest Aggregate Per Common Share Price (whether or
not such Common Stock Equivalents are actually then exercisable, convertible or exchangeable in whole or in part) as of the
earlier of (A) the date on which the Company shall enter into a firm contract for the issuance of such Common Stock
Equivalent, or (B) the date of actual issuance of such Common Stock Equivalent. No adjustment of the applicable Conversion
Price shall be made under this Section 6 upon the issuance of any Convertible Security which is outstanding on the day
immediately preceding the Issuance Date.

 7. Reservation of Shares. The Company shall at all times, so long as any principal amount of the Note is outstanding, reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the conversion of the Note, eight times the number of shares of Common Stock as shall at all times be sufficient to effect the conversion of all of the principal amount, plus Interest and Default Interest, if any, of the Note then outstanding ("Share Reserve"), unless the Holder stipulates otherwise in the "Irrevocable Letter of Instructions to the Transfer Agent." So long as this Note is outstanding, upon written request of the Holder or via telephonic communication, the Company's Transfer Agent shall furnish to the Holder the then current number of common shares issued and outstanding, the then-current number of common shares authorized, the then current number of unrestricted shares, and the then-current number of shares reserved for third parties.

 8. Voting Rights. The Holder of this Note shall have no voting rights as a note holder, except as required by law, however, upon the conversion of any portion of this Note into Common Stock, Holder shall have the same voting rights as all other Common Stock holders with respect to such shares of Common Stock then owned by Holder.

9.
Reissuance of Note. In the event of a conversion or redemption pursuant to this Note of less than all of the Conversion
Amount represented by this Note, the Company shall promptly cause to be issued and delivered to the Holder, upon tender by the
Holder of the Note converted or redeemed, a new note of like tenor representing the remaining principal amount of this Note which
has not been so converted or redeemed and which is in substantially the same form as this Note, as set forth above.

 

10.
Default and Remedies.

 

 a. Event of Default. For purposes of this Note, an "Event of Default" shall occur upon:

 

i. the Company's default in the payment of the outstanding principal, Interest or Default Interest of this Note when due, whether at Maturity, acceleration or otherwise;

 

ii. the occurrence of a Default of Conversion as set forth in Section 2(e)(v);

 

iii. the failure by the Company for ten (1O) days after notice to it to comply with any material provision of this Note not included in this Section 10(a);

 

iv. the Company's breach of any covenants, warranties, or representations made by the Company herein;

 

v. any of the information in the Due Diligence Form is false or misleading in any material respect;

 

vi. the default by the Company in any Other Agreement entered into by and between the Company and Holder, for purposes hereof "Other Agreement" shall mean, collectively, all agreements and instruments between, among or by: (1) the Company, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including without limitation, promissory notes;

 

vii. the cessation of operations of the Company or a material subsidiary;

 

viii. the Company pursuant to or within the meaning of any Bankruptcy Law; (a) commences a voluntary case; (b) consents to the entry of an order for relief against it in an involuntary case; (c) consents to the appointment of a Custodian of it or for all or substantially all of its property; (d) makes a general assignment for the benefit of its creditors; or (e) admits in writing that ii is generally unable to pay its debts as the same become due;

 

ix. court of competent jurisdiction entering an order or decree under any Bankruptcy Law that: (a) is for relief against the Company in an involuntary case; (b) appoints a Custodian of the Company or for all or substantially all of its property; or (c) orders the liquidation of the Company or any subsidiary, and the order or decree remains unstayed and in effect for thirty (30) days;

 

x. the Company files a Form 15 with the SEC;

 

xi. the Company's failure to timely file all reports required to be filed by ii with the Securities and Exchange Commission;

 xii. the Company's failure to timely file all reports required lo be filed by it with OTC Markets to remain a "Current Information " designated company;

 

xiii. the Company's Common Stock is reported as ·No Inside" by OTC Markets at any time while any principal, Interest or Default Interest under the Note remains outstanding;

 

xiv. the Company's failure to maintain the required Share Reserve pursuant to the terms of the IrrevocableLetter of Instructions to the Transfer Agent;

 

xv. the Company directs its transfer agent not to transfer, or delays, impairs, or hinders its transfer agent in transferring or issuing (electronically or in certificated form) any certificate for Shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw and stop transfer instructions) on any certificate for any Shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor its obligations pursuant to a Conversion Notice submitted by the Holder) and any such failure shall continue uncured for three (3) Business Days after the Conversion Notice has been delivered to the Company by Holder;

 

xvi.
the Company's failure to remain current in its billing obligations with its transfer agent and such delinquency causes the
transfer agent to refuse to issue Shares to Holder pursuant to a Conversion Notice;

 

xvii.the Company effectuates a reverse split of its Common Stock and fails to provide twenty (20) days prior written notice to Holder of its intention to do so; or

 

xviii. OTC Markets changes the Company's designation to 'No Information' (Stop Sign), 'Caveat Emptor' (Skull and Crossbones), or 'OTC', 'Other OTC' or 'Grey Market' (Exclamation Mark Sign).

 

xix.
"Change of Control Transaction" means the occurrence after the date hereof of any of (a) an acquisition after the date
hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Securities
Exchange Act of 1934) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by
contract or otherwise) of in excess of 40% of the voting securities of the Company, (b) the Company merges into or consolidates
with any other Person, as that term is defined in the Securities Act of 1933, as amended, or any Person merges into or consolidates
with the Company and, after giving effect to such transaction, the stockholders of the Company immediately prior to such transaction
own less than 60% of the aggregate voting power of the Company or the successor entity of such transaction, (c) the Company sells
or transfers all or substantially all of its assets to another Person and the stockholders of the Company immediately prior to
such transaction own less than 60% of the aggregate voting power of the acquiring entity immediately after the transaction, (d)
a replacement at one time or within a three year period of more than one-half of the members of the Board of Directors which is
not approved by a majority of those individuals who are members of the Board of Directors on the Issuance Date (or by those individuals
who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a
majority of the members of the Board of Directors who are members on the date hereof), or (e) the execution by the Company of
an agreement to which the Company is a party or by which it is bound.

 

xx.
Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach or default
by the Company of any covenant or other term or condition contained in any of other agreement entered into by the Company, after
the passage of all applicable notice and cure or grace periods therein.

 

The
Term "Bankruptcy Law" means Title 11, U.S. Code, or any similar Federal or State Law for the relief of debtors. The
term '"Custodian" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 b. Remedies.
If an Event of Default occurs, the Holder may in its sole discretion determine to request immediate repayment of all or any
portion of the Note that remains outstanding; at such time the Company will be required to pay the Holder the Default Amount
(defined herein) in cash. For purposes hereof, the "Default Amount'' shall mean: the product of (A) the then outstanding
principal amount of the Note, plus accrued Interest and Default Interest, divided by (B) the Conversion Price as determined
on the Issuance Date, multiplied by (C) the highest price at which the Common Stock traded at any time between the Issuance
Date and the date of the Event of Default (subject to equitable adjustments for stock splits, stock dividends or rights
offerings by the Company relating to the Company's securities or the securities of any subsidiary of the Company,
combinations, recapitalization, reclassifications, extraordinary distributions and similar events). If the Company fails to
pay the Default Amount within five (5) Business Days of written notice that such amount is due and payable, then Holder shall
have the right at any time, so long as the Company remains in default (and so long and to the extent there are a sufficient
number of authorized but unissued shares), to require the Company, upon written notice, to immediately issue, in lieu of the
Default Amount, the number of shares of Common Stock of the Company equal to the Default Amount divided by the Conversion
Price then in effect.

 c. If
at any time after the Issuance Date, the Company is not DWAC Eligible, then an additional 5% discount shall be factored into
the Conversion Price. If at any time after the Issuance Date, the Common Stock is not OTC Eligible, then an additional 5%
discount shall be factored into the Conversion Price. In addition, if any Event of Default occurs after the Issuance Date,
then an additional 5% discount shall be factored into the Conversion Price for each of the first three

 

(3)
Events of Default that occur after the Issuance Date (for the avoidance of doubt, each occurrence of any Event of Default shall
be deemed to be a separate occurrence for purposes of the foregoing reductions, even if the same Event of Default occurs three
(3) separate times). For example, if there are three (3) separate occurrences of an Event of Default, then an additional 5% discount
shall be factored into the Conversion Price for the first such occurrence, and so on for each of the second and third occurrencesof
such Event of Default.

 11. Vote to Change the Terms of this Note. This Note and any provision hereof may only be amended by an instrument in writing signed by the Company and the Holder.

 12. Lost
or Stolen Note. Upon receipt by the Company of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of this Note, and, in the case of loss, theft or destruction, of an indemnification undertaking by the Holder to
the Company in a form reasonably acceptable to the Company and, in the case of mutilation, upon surrender and cancellation of
the Note, the Company shall execute and deliver a new Note of like tenor and date and in substantially the same form as this
Note; provided, however, the Company shall not be obligated to re-issue a Note if the Holder contemporaneously requests the
Company to convert such remaining principal amount, plus accrued Interest and Default Interest, if any, into Common
Stock.

 13. Payment of Collection, Enforcement and Other Costs. If: (i) this Note is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding; or (ii) an attorney is retained to represent the Holder of this Note in any bankruptcy, reorganization, receivership or other proceedings affecting creditors' rights and involving a claim under this Note, then the Company shall pay to the Holder all reasonable attorneys' fees, costs and expenses incurred in connection therewith, in addition to all other amounts due hereunder.

 14. Cancellation. After all principal accrued Interest and Default Interest, if any, at any time owed on this Note has been paid in full or otherwise converted in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 15. Waiver of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

16.
Governing Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the laws of the State of Texas, without giving
effect to provisions thereof regarding conflict of laws. Each party hereby irrevocably submits to the non-exclusive
jurisdiction of the state and federal courts sitting in Texas for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and herebyirrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that ii is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Each party hereby irrevocably waives personals ervice of process and consents to process being served in
any such suit, action or proceeding by sending, through certified mail or overnight courier, a copy thereof to such party at
the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by l aw. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUND ER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 17. Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note, at law or in equity (including a decree of specific performance and/or other injunctive relief), and no remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit the Holder's right to pursue actual damages for any failure by the Company to comply with the terms of this Note. The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the Holder thereof and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof).

 18. Specific Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general provision contained herein. This Note shall be deemed to be jointly dratted by the Company and the Holder and shall not be construed against any person as the drafter hereof.

 19. Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude further exercise thereof or of any other right, power or privilege.

 20. Partial Payment. In the event of partial payment by the Holder, the principal sum due to the Holder shall be prorated based on the consideration actually paid by the Holder such that the Company is only required to repay the amount funded and the Company is not required to repay any unfunded portion of this Note, with the exception of any OID contemplated herein.

 21. Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subjects herein. None of the terms of this Agreement can be waived or modified, except by an express agreement signed by all Parties hereto.

 22. Additional Representations and Warranties. The Company expressly acknowledges that the Holder, including but not limited to its officer, directors, employees, agents, and affiliates, have not made any representation or warranty to ii outside the terms of this Agreement. The Company further acknowledges that there have been no representations or warrantiesabout future financing or subsequent transactions between the parties.

 23. Notices. All notices and other communications given or made to the Company pursuant hereto shall be in writing (including facsimile or similar electronic transmissions) and shall be deemed effectively given: (i) upon personal delivery, (ii) when sent by electronic mail or facsimlie, as deemed received by the close of business on the date sent, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery. All communications shall be sent either by email, or fax, or to the email address or facsimile number set forth on the signature page hereto. The physical address, email address, and phone number provided on the signature page hereto shall be considered valid pursuant to the above stipulations; should the Company's contact information change from th at listed on the signaturepage, ii is incumbent on the Company to inform the Holder.

 24. Severabiilty. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the rest of the Agreement shall be enforceable in accordance with its terms.

 25. Usury. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. The Company covenants (to the extent that ii may lawfully do so) that it will not seek to claim or take advantage of any law that would prohibit or forgive the Company from paying all or a portion of the principal, Interestor Default Interest on this Note.

26.
Successors and Assigns. This Agreement shall be binding upon all successors and assigns hereto. The Company may not assign this
Note without the prior written consent of Holder. This Note and any shares of Common Stock issued upon conversion of this Note
may be offered, sold, assigned or transferred by Holder without the consent of the Company.

27.
Right of First Refusal. If at any time while this Note is outstanding,the Company has a bona fide offer of capital
or financing from any 3rd party, that the Company intends to act upon, then the Company must first offer such opportunity to
the Holder to provide such capital or financing to the Company on the same terms as each respective 3rd party's terms. Should
the Holder be unwilling or unable to provide such capital or financing to the Company within 10 trading days from
Holder's receipt of written notice of the otter (the "Offer Notice") from the Company, then the Company may obtain
such capital or financing from that respective 3rd party upon the exact same terms and conditions offered by the Company to
the Holder, which transaction must be completed within 30 days after the date of the Otter Notice. If the Company does
not receive the capital or financing from the respective 3rd party within 30 days after the date of the respective Otter
Notice, then the Company must again otter the capital or financing opportunity to the Holder as described above, and the
process detailed above shall be repeated. The Otter Notice must be sent via electronic mail to
matthewhirji@jsjinvestments.com. In addition, the Holder shall have the right, at any time until the Note is satisfied in its
entirety, and upon written notice to the Company, to purchase an additional convertible promissory note from the Company,
with the exact same terms and conditions as provided in this Note (with the understanding that the Company shall execute the
form of this Note and all related transaction documents with updated dates within three (3) business days after the Holder
exercises such right).

 28. Terms
of Future Financings. So long as this Note is outstanding, upon any issuance by the Company 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 Holder in this Note, then the Company shall notify the Holder of such additional or
more favorable term, and such term, at Holder's option, shall become a part of the transaction documents with the Holder. 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 discounts, prepayment rate, conversion look back periods, interest rates, original
issue discounts, stock sale price, private placement price per share, and warrant coverage.

-
SIGNATURE PAGE TO FOLLOW -

    	 	1	 

     

    

IN
WITNESS WHEREOF, the Company has caused this Note to be signed by its CEO, on and as of the Issuance Date.

COMPANY

Regen Biopharma, Inc

 

 

Signature:

 

 

	By:	/s/David R. Koos	 
	 	 	 
	Title:	CEO	 

  

 

JSJ
InvestmentsInc .

Signature: 

	/s/ Sameer Hirji, President	 	 

 

    	 	2	 

     

    

Exhibit
1

Conversion
Notice

 

Reference
is made to the 12% Convertible Note issued by Regen Biopharma, Inc. (the "Note"), dated February 26, 2017 in the principal
amount of $115,000 with 12% interest. This note currently holds a principal balance of $115,000. The features of conversion stipulate
a Conversion Price equal to a 35% discount to the lowesl trading price during the previous fourteen (14) trading days to the date
of a Conversion Notice.

 

In
accordance with and pursuant to the Note, the undersigned hereby elects to convert $_ _ _ of the principal/interest balance
of the Note,

indicated
below into shares of Common Stock (the "Common Stock"), of the Company, by tendering the Note specified as of the date
specified below.

 

Date
of Conversion: _______________

 

Please
confirm the following information:

Conversion
Amount: $ ___________

Conversion
Price: $ ______________ % discount from $ __________________

Number
of Common Stock to be issued: _______________________________________________________

Current
Issued/Outstanding: ______________________________________________________

 

If
the Issuer is DWAC eligible, please issue the Common Stock into which the Note is being converted in the name of the Holder of
the Note and transfer the shares electronically to:

 

[BROKERINFORMATION]

 

Holder
Authorization:

JSJ
Investments Inc.

10830
North Central Expressway, Suite 152    • Do not send certificates to this address

Dallas,
TX 75231

888-503-2599

Tax
ID: 20-2122354

 

 

 Sameer
Hirji, President

 

[DATE] 

[CONTINUED
ON NEXT PAGE]

    	 	3	 

     

    

 

PLEASE
BE ADVISED, pursuant to Section 2(e)(ii) of the Note, "Upon receipt by the Company of a copy of the Conversion Notice, the
Company shall as soon as practicable, but in no event later than one (1) Business Day after receipt of such Conversion Notice,
SEND, VIA EMAIL, FACSIMILE OR OVERNIGHT COURIER, A CONFIRMATION OF RECEIPT OF SUCH CONVERSION NOTICE TO SUCH HOLDER

INDICATING
THAT THE COMPANY WILL PROCESS SUCH CONVERSION NOTICE in accordance with the terms herein. Within two (2) Business Days after the
date of the Conversion Confirmation, the Company shall have issued and electronically transferred the sharesto the Broker indicated
in the Conversion Notice; should the Company be unable to transfer the shares electronically, they shall, within two (2) Business
Days after the date of the Conversion Confirmation, have surrendered to FedEx for delivery the next day to the address as specified
in the Conversion Notice, a certific ate , registered in the name of the Holder, for the number of shares of Common Stock to which
the Holder shall be entitled."

 

 

Signature:

 

 

	 	 	 
	 	 	 
	David Koos	 	 
	CEO	 	 
	Regen Biopharma, Inc.UNIT
PURCHASE AGREEMENT

REGEN
BIOPHARMA, INC.

 

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

WHEREAS: 

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

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

THEREFORE,
IT IS AGREED AS FOLLOWS

 1. Units

 

Each
Unit shall consist of one (1) share of the common stock of the Company and one (I) share of the Series A preferred stock of the
Company.

 2. Purchase Price

 

The
purchase price per Unit ("Purchase Price"), payable in US Dollars, shall be 2 cents per unit (each unit consists of
1 share of common and 1 share of Series A preferred stock in Regen BioPharma Inc.).

3.
Form of Payments

 

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

WIRE
INSTRUCTIONS:

________ 

 4. Issuance of Units

 

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

 5. Purchaser's Representations and Warranties

 

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

 

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

 

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

 

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

 

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

 

6. Company's representations and warranties

 

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

 

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

 

 7. Restricted Securities Acknowledgement

 

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

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

 8. Entire Agreement

 

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

 

 9. Governing Law, Venue, Waiver Of Jury Trial

 

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

 

    	 	1	 

     

    

 

IN
WITNESS WHEREOF, the parties have hereunto executed this Agreement on the 26th day of January 2018.

 

	By:	/s/ David R. Koos	 
	 	David Koos, Chairman & CEO	 
	 	Regen Biopharma, Inc.	 
	 	Date:	 
	 	 	 
	 	 	 
	 	Purchaser	 
	 	 	 
	 	 	 
	 	Date: 01/26/2018	 
	 	Number of Units Purchased: 2,500,000	 
	 	Total Purchase Price: $50,000	 
	 	 	 

    	 	2

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