Document:

THIS NOTE
AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HA VE 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 THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE "1933 ACT")

 

US $50,000.00

 

 

REGEN BIOPHARMA,
INC.

10% CONVERTIBLE
REDEEMABLE NOTE

DUE JANUARY
22, 2020

BACK END NOTE

 

FOR VALUE
RECEJVED, Regen Biopharma, Inc. (the "Company") promises to pay to the order of ADAR ALEF, LLC and its authorized successors
and permitted assigns ("Holder"), the aggregate principal face amount of Fifty Thousand Dollars (U.S. $50,000.00) on
January 22, 2020 ("Maturity Date") and to pay interest on the principal amount outstanding hereunder at the rate of
10% per amrnm commencing on January 22, 2019. The interest will be paid to the Holder in whose name this Note is registered on
the records of the Company regarding registration and transfers of this Note. The principal of, and interest on, this Note are
payable at 38 Olympia Ln, Monsey, NY I 0952. 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 Common 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 Notes of different authorized denominations, as requested by the Holder
surrendering the same.

 

No 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 common stock (the "Common Stock") at a price ("Conversion Price")
for each share of Common Stock equal to 60% of the lowest trading price of the Common Stock as reported on the National Quotations
Bureau OTC Market Exchange which the Company's shares are traded or any exchange upon which the Common Stock may be traded in
the future ("Exchange"), for the twenty 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 delivered within 3 business days, the Notice of Conversion may be rescinded.
Such conversion shall be effectuated by the Company delivering the shares of Common Stock to the Holder within 3 business days
of receipt by the Company of the Notice of Conversion. 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 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 increase. In the event the Company experiences
a DTC “Chill" on its shares, the Conversion Price shall be decreased to 50% instead of 60% 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 Common Stock beneficially owned by the Holder and its affiliates would exceed 4.99% of the outstanding shares of the Common
Stock of the Company (which may be increased to 9.99% on 61 days prior written notice).

 

(b) Interest
on any unpaid principal balance of this Note shall be paid at the rate of 10% 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 $50,000.00 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 Common 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 Common 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 in good faith.

 

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.

 

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 within 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 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 prope11ies 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 default within the appropriate grace period; or

 

(i) The Company
shall have its Common Stock delisted from an exchange (including the OTC Market exchange) or, if the Common Stock trades on an
exchange, then trading in the Common 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, within 3 business days of the request of the Holder.

 

(m) intentionally
deleted, or

 

(n) intentionally
deleted, or

 

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

 

(p) The Company
shall lose the "bid" price for its stock in 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 defaults, 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, 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 increase of the outstanding principal an10Lmts by 20%. Further, if a breach of
Section 8( o) 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 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 VW AP price 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
Common Stock necessary to allow the holder to convert thjs 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 cancelled. 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 Conversion 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.

 

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. [fit 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.

 

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

 

	 	 	REGEN BIOPHARMA, INC.
	 	 	 
	Dated: January 22, 2019	 	/s/ David R. Koos
	 	 	 
	 	 	Title: Chairman and CEO

 

    	 	1Exhibit 10.7

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STA TE SECURITIES LAWS, PURSUANT TO REGISTRATION
OR EXEMPTION THEREFROM. LENDERS SHOULD BE AW ARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCJAL RISKS OF THIS INVESTMENT FOR
AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY
TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

 

ADAR ALEF, LLC

COLLATERALIZED SECURED PROMISSORY NOTE

BACK END NOTE

 

$50,000.00

 

Monsey, NY

January 22, 2019

 

1. Principal and Interest.

 

FOR VALUE RECEIVED, Adar Alef, LLC, a New York Limited Liability Company (the "Company")
hereby absolutely and unconditionally promises to pay to Regen Biopharma, Inc. (the "Lender"), or order, the principal
amount of Fifty Thousand Dollars ($50,000.00) no later than September 22, 2019, unless the Lender does not meet the "current
information requirements" required under Rule 144 of the Securities Act of 1933, as amended, in which case the Company may
declare the offsetting note issued by the Lender on the same date herewith to be in Default (as defined in that note) and cross
cancel its payment obligations under this Note as well as the Lenders payment obligations under the offsetting note. This Full
Recourse Note shall bear simple interest at the rate of 10%.

 

2. Repayments and Prepayments: Security.

 

a.       All principal under this Note shall
be due and payable no later than September22, 2019 unless the Lender does not meet the "current information requirements"
required under Rule 144 of the Securities Act of 1933, as amended, in which case the Company may declare the offsetting note issued
by the Lender on the same date herewith to be in Default (as defined in that note) and cross cancel its payment obligations under
this Note as well as the Lenders payment obligations under the offsetting note.

 

b. The Company may pay this Note at any time. This note may not be assigned
by the Lender, except by operation of law.

 

c. This Note shall initially be secured by the pledge of the $50,000.00 10%
convertible promissory note issued to the Company by the Lender on even date herewith (the"Lender Note"). The Company
may exchange this collateral for other collateral with an appraised value of at least $50,000.00, by providing 3 days prior written
notice to the Lender. If the Lender does not object to the substitution of collateral in that 3 day period, such substitution
of collateral shall be deemed to have been accepted by the Lender. Notwithstanding the foregoing, an exchange of collateral for
$50,000.00 in cash shall not require the approval of the Lender. All collateral shall be retained by New Venture Attorneys, P.C.,
which shall act as the escrow agent for the collateral for the benefit of the Lender. The Company may not effect any conversions
under the Lender Note until it has made full cash payment for the portion of the Lender Note being converted.

 

 3. Events of Default; Acceleration.

 

a. The principal amount of this Note is subject to prepayment
in whole or in part upon the occurrence and during the continuance of any of the following events ( each, an "Event of Default"):
the initiation of any bankruptcy, insolvency, moratorium, receivership or reorganization by or against the Company, or a general
assignment of assets by the Company for the benefit of creditors. Upon the occurrence of any Event of Default, the entire unpaid
principal balance of this Note and all of the unpaid interest accrued thereon shall be immediately due and payable. The Company
may offset amounts due to the Lender under this Note by similar amounts that may be due to the Company by the Lender resulting
from breaches under the Lender Note.

 

b. No remedy herein conferred upon the Lender is intended to be exclusive of
any other remedy and each and every remedy shall be cumulative and in addition to every other remedy hereunder, now or hereafter
existing at law or in equity or otherwise. The Company accepts and agrees that this Note is a full recourse note and that the
Holder may exercise any and all remedies available to it under law.

 

 4. Notices

 

 a. All notices, reports and other communications required or permitted hereunder shall be in writing and may be delivered in person, by telecopy with written confirmation, overnight delivery service or U.S. mail, in which event it may be mailed by first-class, certified or registered, postage prepaid, addressed (i) if to a Lender, at such Lender's address as the Lender shall have furnished the Company in writing and (ii) if to the Company at such address as the Company shall have furnished the Lender(s) in writing.

 

 b. .Each such notice, report or other communication shall for all purposes under this Note be treated as effective or having been given when delivered if delivered personally or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or, if sent by electronic communication with confirmation, upon the delivery of electronic communication.

 

 5. Miscellaneous

 

a. Neither this Note nor any provisions hereof may be
changed, waived, discharged or terminated orally, but only by a signed statement in writing.

 

b. No failure or delay by the Lender to exercise any
right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude
any other right, power or privilege. The provisions of this Note are severable and if any one provision hereof shall be held invalid
or unenforceable in whole or in part in any jurisdiction, such invalidity or unenforceability shall affect only such provision
in such jurisdiction. This Note expresses the entire understanding of the parties with respect to the transactions contemplated
hereby. The Company and every endorser and guarantor of this Note regardless of the time, order or place of signing hereby waives
presentment, demand, protest and notice of every kind, and assents to any extension or postponement of the time for payment or
any other indulgence, to any substitution, exchange or release of collateral, and to the addition or release of any other party
or person primarily or secondarily liable.

 

c. If Lender retains an attorney for collection of this
Note, or if any suit or proceeding is brought for the recovery of all, or any part of, or for protection of the indebtedness respected
by this Note, then the Company agrees to pay all costs and expenses of the suit or proceeding, or any appeal thereof, incurred
by the Lender, including without limitation, reasonable attorneys' fees.

 

d. This Note shall for all purposes be governed by,
and construed in accordance with the laws of the State of New York ( without reference to conflict of laws).

 

e. This Note shall be binding upon the Company's successors
and assigns, and shall inure to the benefit of the Lender's successors and assigns.

 

IN WITNESS WHEREOF, the Company has caused this Note to be executed by its
duly authorized officer to take effect as of the date first hereinabove written.

	ADAR ALEF, LLC	 	 
	 	 	 
	By:	 	 
	Title:	 	 
	 	 	 
	APPROVED:	 	 
	 	 	 
	REGEN BIOPHARMA, INC.	 	 
	/s/ David R. Koos	 	 
	Title: Chairman and CEO	 	 

 

    	 	1

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