Document:

TIDS
NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THERULESANDREGULATIONS PROMULGATED THEREUNDER (THE "1933 ACT")

 

us
$40,000.00

 

REGEN
BIOPHARMA, INC.

8%
CONVERTIBLE REDEEMABLE NOTE

DUE
SEPTEMBER 7, 2018 

 

FOR
VALUE RECEIVED, Regen Biopharma, Inc. (the "Company") promises to pay to the order of LG CAPITAL FUNDING, LLC and its
authorized successors and permitted assigns ("Holder"), the aggregate principal face amount of Forty Thousand
Dollars (U.S. $40,000.00) on September 7, 2018 ("Maturity Date") and to pay interest on the principal amount
outstanding hereunder at the rate of 8% per annum commencing on September 7, 2017. The interest will be paid to the Holder in
whose name this Note is registered on the records of the Company regard ing registration and transfers of this Note. The principal
of, and interest on, this Note are payable at 1218 Union Street, Suite #2, Brooklyn, NY 11225, initially, and if changed, last
appearing on the records of the Company as designated in writing by the Holder hereof from time to time. The Company will pay
each interest payment and the outstanding principal due upon this Note before or on the Maturity Date, less any amounts required
by law to be deducted or withheld, to the Holder of this Note by check or wire transfer addressed to such Holder at the last address
appearing on the records of the Company. The forwarding of such check or wire transfer shall constitute a payment of outstanding
principal hereunder and shall satisfy and discharge the liability for principal on this Note to the extent of the sum represented
by such check or wire transfer. Interest shall be payable in Series A Preferred Stock (as defined below) pursuant to paragraph
4(b) herein.

 

This
Note is subject to the following additional provisions:

 

1.
This Note is exchangeable for an equal aggregate principal amount of different authorized denominations, as requested by the Holder
surrendering the same.

.

    	 	1	 

     

    

 

No
service charge will be made for such registration or transfer or exchange, except that Holder shall pay any tax or other governmental
charges payable in connection therewith.

 

2.
The Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3.
This Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended ("Act")
and applicable state securities laws. Any attempted transfer to a non-qualifying party shall be treated by the Company as
void. Prior to due presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose
name this Note is duly registered on the Company's records as the owner hereof for all other purposes, whether or not this Note
be overdue, and neither the Company nor any such agent shall be affected or bound by notice to the contrary. Any Holder of this
Note electing to exercise the right of conversion set forth in Section 4(a) hereof, in addition to the requirements set forth
in Section 4(a), and any prospective transferee of this Note, also is required to give the Company written confirmation that this
Note is being converted ("Notice of Conversion") in the form annexed hereto as Exhibit A. The date of
receipt (including receipt by telecopy) of such Notice of Conversion shall be the Conversion Date.

 

4.
(a) The Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount
of this Note then outstanding into shares of the Company's Series A Preferred Stock (the "Series A Preferred Stock")
at a price ("Conversion Price") for each share of Series A Preferred Stock equal to 65% of the lowest
trading price of the Series A Preferred Stock as reported on the National Quotations Bureau OTC Market Ex change which
the Company's shares are traded or any exchange upon which the Series A Preferred Stock may be traded in the future ("Exchange"),
for the twentv prior trading days including the day upon which a Notice of Conversion is received by
the Company or its transfer agent (provided such Notice of Conversion is delivered by fax or other electronic method of communication
to the Company or its transfer agent after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include the
same day closing price). If the shares have not been de livered within 3 business days, the Notice of Conversion may be rescinded.
Such conversion shall be effectuated by the Company delivering the shares of Series A Preferred Stock to the Holder within 3 business
days of receipt by the Company of the Notice of Conversion. Accrued but unpaid interest shall be subject to conversion. No fractional
shares or scrip representing fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded
to the nearest whole share. To the extent the Conversion Price of the Company's Series A Preferred 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 increase. In the
event the Company experiences a DTC "Chill" on its shares, the Conversion Price shall be decreased to 55% instead of
65% while that "Chill" is in effect. In no event shall the Holder be allowed to effect a conversion if such conversion,
along with all other shares of Company Series A Preferred Stock beneficially owned by the Holder and its affiliates would exceed
9.9% of the out standing shares of the Series A Preferred Stock of the Company. All the terms set forth herein, including but
not limited to interest rate, prepayment terms, conversion discount or lookback period will be adjusted downward (i.e. for the
benefit of the Holder) if the Company offers a more favorable conversion discount (whether via interest, rate OID or otherwise)
or lookback period to another party or otherwise grants any more favorable terms to any third party than those contained herein
while this note is in effect.

 

    	 	2	 

     

    

 

(b)
Interest on any unpaid principal balance of this Note shall be paid at the rate of 8% per annum. Interest shall be
paid by the Company in Common Stock ("Interest Shares"). Holder may, at any time, send
in a Notice of Conversion to the Company for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount
converted into Interest Shares shall be all or a portion of the accrued interest calculated on the unpaid principal balance of
this Note to the date of such notice.

 

(c)
The Notes may be prepaid with the following penalties:

 

	Time
    Period	 	Payment
    Premium
	<=61
    days after note issuance	 	115%
    of the sum of principal plus accrued interest
	>61
    days <= 120 days after note issuance	 	125%
    of the sum of principal plus accrued interest
	>120
    days <=180 days after note issuance	 	135%
    of the sum of principal plus accrued interest

 

This
Note may not be prepaid after the 180th day. Such redemption must be closed and funded within 3 days of giving notice of redemption
of the right to redeem shall be null and void.

 

(d)
Upon (i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of
related transactions, (ii) a reclassification, capital reorganization or other change or exchange of outstanding shares of the
Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any consolidation or merger of the Company
with or into another person or entity in which the Company is not the surviving entity (other than a merger which is effected
solely to change the jurisdiction of incorporation of the Company and results in a reclassification, conversion or exchange of
outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii) being referred to as
a "Sale Event"), then, in each case, the Company shall, upon request of the Holder, redeem this Note in cash for 150%
of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election of the Holder, such
Holder may convert the unpaid principal amount of this Note (together with the amount of accrued but unpaid interest) into shares
of Common Stock immediately prior to such Sale Event at the Conversion Price.

 

(e)
In case of any Sale Event (not to include a sale
of all or substantially all of the Company's assets) in connection with which this Note is not redeemed or converted, the Company
shall cause effective provision to be made so that the Holder of this Note shall have the right thereafter, by converting this
Note, to purchase or convert this Note into the kind and number of shares of stock or other securities or property (including
cash) receivable upon such reclassification, capital reorganization or other change, consolidation or merger by a holder of the
number of shares of Series A Preferred Stock that could have been purchased upon exercise of the Note and at the same Conversion
Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions shall similarly apply to successive
Sale Events. If the con sideration received by the holders of Series A Preferred Stock is other than cash, the value shall be
as determined by the Board of Directors of the Company or successor person or entity acting.

 

    	 	3	 

     

    

 

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

 

6. The
Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice
of dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for
hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

 

7. The
Company agrees to pay all costs and expenses, including reasonable attorneys' fees and expenses, which may be incurred by the
Holder in collecting any amount due under this Note.

 

8.
If one or more of the following described "Events of Default" shall occur:

 

(a) The
Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company;
or

 

(b) Any
of the representations or warranties made by the Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or
the Securities Purchase Agreement under which this note was issued shall be false or misleading in any respect; or

 

(c) The
Company shall fail to perform or observe, in any respect, any covenant, term, provision,
condition, agreement or obligation of the Company under this Note or any other note issued to the Holder; or

 

(d) The
Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3) make an
assignment for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the appointment
of a trustee, liquidator or receiver for its or for a substantial part of its property or business; (5) file a petition for bankruptcy
relief, consent to the filing of such petition or have filed against it an involuntary petition for bankruptcy relief, all under
federal or state laws as applicable; or

 

(e) A
trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
its consent and shall not be discharged with in sixty (60) days after such appointment; or

 

(f)
Any governmental agency or any court of competent jurisdiction at the in- stance of any governmental agency shall assume custody
or control of the whole or any substantial portion of the properties or assets of the Company; or

 

    	 	4	 

     

    

 

(g)
One or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000)
in the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

(h) The
Company shall have defaulted on or breached any term of any other note of similar debt instrument into which the Company has entered
and failed to cure such de fault within the appropriate grace period; or

 

(i)
The Company shall have its Series A Preferred
Stock delisted from an ex- change (including the OTC Market exchange) or, if the Series A Preferred Stock trades on an ex change,
then trading in the Series A Preferred Stock shall be suspended for more than 10 consecutive days;

 

(j) If
a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of the
Board;

 

(k) The
Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within 3 business
days of its receipt of a Notice of Conversion; or

 

(I)
The Company shall not replenish the reserve set forth in Section 12, with- in 3 business days of the request of the Holder.

 

(m) The
Company shall not be "current" in its filings with the Securities and Exchange Commission;

 

(n) The
Company shall lose the "bid" price for its stock in a market (including the OTC marketplace or other exchange); or

 

Then,
or at any time thereafter, unless cured within 5 days, and in each and every such
case, unless such Event of Default shall have been waived in writing by the Holder (which waiver shall not be deemed to be a waiver
of any subsequent default) at the option of the Holder and in the Holder's sole discretion, the Holder may consider this Note
immediately due and payable, with out presentment, demand, protest or (further) notice of any kind (other than notice of acceleration),
all of which are hereby expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding,
and the Holder may immediately, and without expiration of any period of grace, enforce any and all of the Holder's rights and
remedies provided herein or any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a
default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate
of interest permitted by law. In the event of a breach of Section 8(k) the penalty shall be $250 per day the shares are not issued
beginning on the 4th day after the conversion notice was delivered to
the Company. This penalty shall increase to $500 per day beginning on the 10th day. The penalty for a breach of Section
8(n) shall be an in crease of the outstanding principal amounts by 20%. In case of a breach of Section 8(i), the out standing
principal due under this Note shall increase by 50%. If this Note is not paid at maturity,
the outstanding principal due under this Note shall increase by 10%. Further, if a
breach of Section 8(m) occurs or is continuing after the 6 month anniversary of the Note, then the Holder shall be entitled to
use the lowest closing bid price during the delinquency period as a base price for the conversion. For example, if the lowest
closing bid price during the delinquency period is $0.01 per share and the conversion discount is 50% the Holder may elect to
convert future conversions at $0.005 per share.

 

    	 	5	 

     

    

 

If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging
an attorney, then if the Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys' fees
and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

Make-Whole
for Failure to Deliver Loss. At the Holder's election, if the Company fails for any reason to deliver to the Holder the conversion
shares by the by the 3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder incurs
a Failure to Deliver Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable to
the Holder in respect of the Failure to Deliver Loss and the Company must make the Holder whole as follows:

 

Failure
to Deliver Loss = [(Highest VWAP for the 30 trading days on or after the day of exercise) x (Number of conversion shares)]

 

The
Company must pay the Failure to Deliver Loss by cash payment, and any such cash payment must be made by the third business day
from the time of the Holder's written notice to the Company.

 

9. In
case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or
unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of this Note will not in
any way be affected or impaired thereby.

 

10.
Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument
signed by the Company and the Holder.

 

11.
The Company represents that it is not a "shell" issuer and has never been a "shell" issuer or that if it previously
has been a "shell" issuer that at least 12 months have passed since the Company has reported form 10 type information
indicating it is no longer a "shell issuer. Further. The Company will instruct its counsel to either (i) write a 144 opinion
to allow for salability of the conversion shares or (ii) accept such opinion from Holder's counsel.

 

12.
The Company shall issue irrevocable transfer agent instructions reserving 5,594,000 shares of its Series A Preferred Stock for
conversions under this Note (the "Share Re serve"). Upon full conversion of this Note, any shares remaining in the Share
Reserve shall be cancelled. The Company shall pay all costs associated with issuing and delivering the shares. If such amounts
are to be paid by the Holder, it may deduct such amounts from the Conversion Price. The company should at all times reserve a
minimum of four times the amount of shares required if the note would be fully converted. The Holder may reasonably request increases
from time to time to reserve such amounts. The Company will instruct its transfer agent to provide the outstanding share information
to the Holder in connection with its conversions.

 

    	 	6	 

     

    

 

13.
The Company will give the Holder direct notice of any corporate actions, including but not limited to name changes, stock splits,
recapitalizations etc. This notice shall be given to the Holder as soon as possible under law.

 

14. If
it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest
permitted under applicable law. The Company covenants (to the extent that it 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 or interest
on this Note.

 

15. This
Note shall be governed by and construed in accordance with the laws of New York applicable to contracts made and wholly to be
performed within the State of New York and shall be binding upon the successors and assigns of each party hereto. The Holder and
the Company hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State of
New York or in the Federal courts sitting in the county or city of New York. This Agreement may be executed in counterparts, and
the facsimile transmission of an executed counterpart to this Agreement shall be effective as an original.

 

    	 	7	 

     

    

 

IN
                                         WITNESS WHEREOF, the Company has caused this Note to be duly executed by an officer thereunto
                                         duly authorized.

 

	Dated: September 11, 2017	 	REGEN BIOPHARMA, INC.
	 	 	 
	 	 	/s/ David
    R. Koos
	 	Title:	David R. Koos
	 	 	Chairman & CEO

 

 

    	 	8	 

     

    

 

EXHIBIT
                                         A

 

 

NOTICE
OF CONVERSION

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $ __________ of
the above Note into __________ Shares of Common Stock of Regen Biopharma, Inc. ("Shares") according to the conditions
set forth in such Note, as of the date written below.

 

If
Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other truces
and charges payable with respect thereto.

 

 

	Date of Conversion:	 
	Applicable Conversion Price:	 
	 	 	 
	Signature:	 
	[Print
    Name of Holder and Title of Singer]
	 	 	 
	Address:	 
	 	 
	 	 	 
	SSN or EIN:	 	 
	Shares to be registered in the following
    name:	 
	 	 	 
	Name	 
	Address:	 
	Tel:	 	 
	FAX:	 	 
	SSN or EIN	 	 
		 	 
	Shares are to be sent or delivered
    to the following account:
	 	 	 
	Account Name:	 
	Address:	 

 

    	 	9TIDS
NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THERULESANDREGULATIONS PROMULGATED THEREUNDER (THE "1933 ACT")

 

us
$40,000.00

 

REGEN
BIOPHARMA, INC.

8%
CONVERTIBLE REDEEMABLE NOTE

DUE
SEPTEMBER 7, 2018

BACK
END NOTE 

 

FOR
VALUE RECEIVED, Regen Biopharma, Inc. (the "Company") promises to pay to the order of LG CAPITAL FUNDING, LLC and its
authorized successors and permitted assigns ("Holder"), the aggregate principal face amount of Forty Thousand
Dollars (U.S. $40,000.00) on September 7, 2018 ("Maturity Date") and to pay interest on the principal amount
outstanding hereunder at the rate of 8% per annum commencing on September 7, 2017. The interest will be paid to the Holder in
whose name this Note is registered on the records of the Company regard ing registration and transfers of this Note. The principal
of, and interest on, this Note are payable at 1218 Union Street, Suite #2, Brooklyn, NY 11225, initially, and if changed, last
appearing on the records of the Company as designated in writing by the Holder hereof from time to time. The Company will pay
each interest payment and the outstanding principal due upon this Note before or on the Maturity Date, less any amounts required
by law to be deducted or withheld, to the Holder of this Note by check or wire transfer addressed to such Holder at the last address
ap pearing on the records of the Company. The forwarding of such check or wire transfer shall con stitute a payment of outstanding
principal hereunder and shall satisfy and discharge the liability for principal on this Note to the extent of the sum represented
by such check or wire transfer. In terest shall be payable in Series A Preferred Stock (as defined below) pursuant to paragraph
4(b) herein.

 

This
Note is subject to the following additional provisions:

 

1.
This Note is exchangeable for an equal aggregate principal amount of different authorized denominations, as requested by the Holder
surrendering the same.

.

    	 	1	 

     

    

 

No
service charge will be made for such registration or transfer or exchange, except that Holder shall pay any tax or other governmental
charges payable in connection therewith.

 

2.
The Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3.
This Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended ("Act")
and applicable state securities laws. Any attempted transfer to a non-qualifying party shall be treated by the Company as
void. Prior to due presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose
name this Note is duly registered on the Company's records as the owner hereof for all other purposes, whether or not this Note
be overdue, and neither the Company nor any such agent shall be affected or bound by notice to the contrary. Any Holder of this
Note electing to exercise the right of conversion set forth in Section 4(a) hereof, in addition to the requirements set forth
in Section 4(a), and any prospective transferee of this Note, also is required to give the Company written confirmation that this
Note is being converted ("Notice of Conversion") in the form annexed hereto as Exhibit A. The date of
receipt (including receipt by telecopy) of such Notice of Conversion shall be the Conversion Date.

 

4.
(a) The Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount
of this Note then outstanding into shares of the Company's Series A Preferred Stock (the "Series A Preferred Stock")
at a price ("Conversion Price") for each share of Series A Preferred Stock equal to 65% of the lowest
trading price of the Series A Preferred Stock as reported on the National Quotations Bureau OTC Market Ex change which
the Company's shares are traded or any exchange upon which the Series A Preferred Stock may be traded in the future ("Exchange"),
for the twentv prior trading days including the day upon which a Notice of Conversion is received by
the Company or its transfer agent (provided such Notice of Conversion is delivered by fax or other electronic method of communication
to the Company or its transfer agent after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include the
same day closing price). If the shares have not been de livered within 3 business days, the Notice of Conversion may be rescinded.
Such conversion shall be effectuated by the Company delivering the shares of Series A Preferred Stock to the Holder within 3 business
days of receipt by the Company of the Notice of Conversion. Accrued but unpaid interest shall be subject to conversion. No fractional
shares or scrip representing fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded
to the nearest whole share. To the extent the Conversion Price of the Company's Series A Preferred 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 increase. In the
event the Company experiences a DTC "Chill" on its shares, the Conversion Price shall be decreased to 55% instead of
65% while that "Chill" is in effect. In no event shall the Holder be allowed to effect a conversion if such conversion,
along with all other shares of Company Series A Preferred Stock beneficially owned by the Holder and its affiliates would exceed
9.9% of the out standing shares of the Series A Preferred Stock of the Company. All the terms set forth herein, including but
not limited to interest rate, prepayment terms, conversion discount or lookback period will be adjusted downward (i.e. for the
benefit of the Holder) if the Company offers a more favorable conversion discount (whether via interest, rate OID or otherwise)
or lookback period to another party or otherwise grants any more favorable terms to any third party than those contained herein
while this note is in effect.

 

    	 	2	 

     

    

 

(b)
Interest on any unpaid principal balance of this Note shall be paid at the rate of 8% per annum. Interest shall be
paid by the Company in Common Stock ("Interest Shares"). Holder may, at any time, send
in a Notice of Conversion to the Company for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount
converted into Interest Shares shall be all or a portion of the accrued interest calculated on the unpaid principal balance of
this Note to the date of such notice.

 

(c)
This Note may not be prepaid, except that if the $80,000.00 Rule 144 convertible redeemable note issued by the Company of even
date herewith is redeemed by the Company within 6 months of the issuance date of such Note, all obligations of the Company under
this Note and all obligations of the Holder under the Holder issued Back End Note will be automatically be deemed satisfied and
this Note and the Holder issued Back End Note will be automatically be deemed cancelled and of no further force or effect.

 

(d)
Upon (i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of
related transactions, (ii) a reclassification, capital reorganization or other change or exchange of outstanding shares of the
Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any consolidation or merger of the Company
with or into another person or entity in which the Company is not the surviving entity (other than a merger which is effected
solely to change the jurisdiction of incorporation of the Company and results in a reclassification, conversion or exchange of
outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii) being referred to as
a "Sale Event"), then, in each case, the Company shall, upon request of the Holder, redeem this Note in cash for 150%
of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election of the Holder, such
Holder may convert the unpaid principal amount of this Note (together with the amount of accrued but unpaid interest) into shares
of Common Stock immediately prior to such Sale Event at the Conversion Price.

 

(e)
In case of any Sale Event (not to include a sale
of all or substantially all of the Company's assets) in connection with which this Note is not redeemed or converted, the Company
shall cause effective provision to be made so that the Holder of this Note shall have the right thereafter, by converting this
Note, to purchase or convert this Note into the kind and number of shares of stock or other securities or property (including
cash) receivable upon such reclassification, capital reorganization or other change, consolidation or merger by a holder of the
number of shares of Series A Preferred Stock that could have been purchased upon exercise of the Note and at the same Conversion
Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions shall similarly apply to successive
Sale Events. If the consideration received by the holders of Series A Preferred Stock is other than cash, the value shall be as
determined by the Board of Directors of the Company or successor person or entity acting.

 

    	 	3	 

     

    

 

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

 

6. The
Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice
of dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for
hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

 

7. The
Company agrees to pay all costs and expenses, including reasonable attorneys' fees and expenses, which may be incurred by the
Holder in collecting any amount due under this Note.

 

8.
If one or more of the following described "Events of Default" shall occur:

 

(a) The
Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company;
or

 

(b) Any
of the representations or warranties made by the Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or
the Securities Purchase Agreement under which this note was issued shall be false or misleading in any respect; or

 

(c) The
Company shall fail to perform or observe, in any respect, any covenant, term, provision,
condition, agreement or obligation of the Company under this Note or any other note issued to the Holder; or

 

(d) The
Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3) make an
assignment for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the appointment
of a trustee, liquidator or receiver for its or for a substantial part of its property or business; (5) file a petition for bankruptcy
relief, consent to the filing of such petition or have filed against it an involuntary petition for bankruptcy relief, all under
federal or state laws as applicable; or

 

(e) A
trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
its consent and shall not be discharged with in sixty (60) days after such appointment; or

 

(f)
Any governmental agency or any court of competent jurisdiction at the in- stance of any governmental agency shall assume custody
or control of the whole or any substantial portion of the properties or assets of the Company; or

 

    	 	4	 

     

    

 

(g)
One or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000)
in the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

(h) The
Company shall have defaulted on or breached any term of any other note of similar debt instrument into which the Company has entered
and failed to cure such de fault within the appropriate grace period; or

 

(i)
The Company shall have its Series A Preferred
Stock delisted from a trad- ing market (including the OTC markets) or, if the Series A Preferred Stock trades on an ex change,
then trading in the Series A Preferred Stock shall be suspended for more than 10 consec utive days or ceases to file its 1934
act reports with the SEC;

 

(j)
If a majority of the members of the Board of
Directors of the Company on the date hereof are no longer serving as members of the Board;

 

(k)
The Company shall not deliver to the Holder the Series A Preferred Stock pursuant to paragraph 4 herein without restrictive legend
within 3 business days of its receipt of a Notice of Conversion; or

 

(1)
The Company shall not replenish the reserve set forth in Section 12, with- in 3 business days of the request of the Holder.

 

(m)
The Company's Series A Preferred Stock has a
closing bid price of less than $0.02 per share for at least 5 consecutive trading days; or

 

(n)
The aggregate dollar trading volume of the Company's Series A Preferred Stock is less than twenty thousand dollars ($20,000.00)
in any 5 consecutive trading days; or

 

(o)
The Company shall cease to be "current"
in its filings with the Securities and Exchange Commission.

 

(p)
The Company shall lose the "bid" price
for its stock and a market (including the OTC marketplace or other exchange)

 

Then,
or at any time thereafter, unless cured (except for 8(m) and 8(n) which are incurable de faults, the sole remedy of which
is to allow the Holder to cancel both this Note and the Holder Issued Note, and in each and every such case, unless such Event
of Default shall have been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent
default) at the option of the Holder and in the Holder's sole discretion, the Holder may consider this Note immediately due and
payable, without presentment, demand, protest or (further) notice of any kind (other than
notice of acceleration), all of which are hereby expressly waived, anything herein or in any note or other instruments contained
to the contrary notwithstanding, and the Holder may immediately, and without expiration of any period of grace, en force any and
all of the Holder's rights and remedies provided herein or any other rights or remedies afforded by law. Upon an Event of Default,
interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law,
then at the highest rate of interest permitted by law. In the event of a breach of Section 8(k) the penalty shall be $250 per
day the shares are not issued beginning on the 4th day after the conversion
notice was delivered to the Company. This penalty shall increase to $500 per day beginning on the 10th day. The penalty
for a breach of Section 8(n) shall be an increase of the outstanding principal amounts by 20%. In case of a breach of Section
8(i), the outstanding principal due under this Note shall increase by 50%. Further, if a breach of Section 8(0) occurs or is continuing
after the 6 month anniversary of the Note, then the Holder shall be entitled to use the lowest closing bid price during the delinquency
period as a base price for the conversion. For example, if the lowest closing bid price during the delinquency period is $0.01
per share and the conversion discount is 50% the Holder may elect to convert future conversions at $0.005 per share. If this Note
is not paid at maturity, the outstanding principal due under this Note shall increase by 10%.

 

    	 	5	 

     

    

 

If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging
an attorney, then if the Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys' fees
and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

Make-Whole
for Failure to Deliver Loss. At the Holder's election, if the Company fails for any reason to deliver to the Holder the conversion
shares by the by the 3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder incurs
a Failure to Deliver Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable to
the Holder in respect of the Failure to Deliver Loss and the Company must make the Holder whole as follows:

 

Failure
to Deliver Loss = [(Highest VWAP for the 30 trading days on or after the day of exercise) x (Number of conversion shares)]

 

The
Company must pay the Failure to Deliver Loss by cash payment, and any such cash payment must be made by the third business day
from the time of the Holder's written notice to the Company.

 

9. In
case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or
unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of this Note will not in
any way be affected or impaired thereby.

 

10.
Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument
signed by the Company and the Holder.

 

11.
The Company represents that it is not a "shell" issuer and has never been a "shell" issuer or that if it previously
has been a "shell" issuer that at least 12 months have passed since the Company has reported form 10 type information
indicating it is no longer a "shell issuer. Further. The Company will instruct its counsel to either (i) write a 144 opinion
to allow for salability of the conversion shares or (ii) accept such opinion from Holder's counsel.

 

12.
Prior to cash funding of this Note, The Company will issue irrevocable transfer agent instructions reserving 3x the number of
shares of Series A Preferred Stock necessary to allow the holder to convert this note based on the discounted conversion price
set forth in Section 4(a) herewith. The reserve shall be replenished as needed to allow for conversions of this Note. Upon full
conversion of this Note, the reserve representing this Note shall be can celled. The Company will pay all transfer agent costs
associated with issuing and delivering the shares. If such amounts are to be paid by the Holder, it may deduct such amounts from
the Con version Price. Conversion Notices may be sent to the Company or its transfer agent via electric mail. The Company will
instruct its transfer agent to provide the outstanding share information to the Holder in connection with its conversions.

 

    	 	6	 

     

    

 

13.
The Company will give the Holder direct notice of any corporate actions, including but not limited to name changes, stock splits,
recapitalizations etc. This notice shall be given to the Holder as soon as possible under law.

 

14. If
it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest
permitted under applicable law. The Company covenants (to the extent that it 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 or interest
on this Note.

 

15. This
Note shall be governed by and construed in accordance with the laws of New York applicable to contracts made and wholly to be
performed within the State of New York and shall be binding upon the successors and assigns of each party hereto. The Holder and
the Company hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State of
New York or in the Federal courts sitting in the county or city of New York. This Agreement may be executed in counterparts, and
the facsimile transmission of an executed counterpart to this Agreement shall be effective as an original.

 

    	 	7	 

     

    

 

IN
                                         WITNESS WHEREOF, the Company has caused this Note to be duly executed by an officer thereunto
                                         duly authorized.

 

	Dated: September 11, 2017	 	REGEN BIOPHARMA, INC.
	 	 	 
	 	 	/s/ David
    R. Koos
	 	Title:	David R. Koos
	 	 	Chairman & CEO

 

 

    	 	8	 

     

    

 

EXHIBIT
                                         A

 

 

NOTICE
OF CONVERSION

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $ __________ of
the above Note into __________ Shares of Common Stock of Regen Biopharma, Inc. ("Shares") according to the conditions
set forth in such Note, as of the date written below.

 

If
Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other truces
and charges payable with respect thereto.

 

 

	Date of Conversion:	 
	Applicable Conversion Price:	 
	 	 	 
	Signature:	 
	[Print
    Name of Holder and Title of Singer]
	 	 	 
	Address:	 
	 	 
	 	 	 
	SSN or EIN:	 	 
	Shares to be registered in the following
    name:	 
	 	 	 
	Name	 
	Address:	 
	Tel:	 	 
	FAX:	 	 
	SSN or EIN	 	 
		 	 
	Shares are to be sent or delivered
    to the following account:
	 	 	 
	Account Name:	 
	Address:	 

 

    	 	9

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