Document:

Exhibit 10.4

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM
REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD
PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. ANY TRANSFEREE OF THIS NOTE SHOULD
CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTIONS 3(c)(iii) AND 19(a) HEREOF. THE PRINCIPAL AMOUNT REPRESENTED BY THIS
NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF
PURSUANT TO SECTION 3(c)(iii) OF THIS NOTE.

 

Amarantus
Bioscience Holdings, Inc.

 

Senior
Secured Convertible Note

 

	Issuance
    Date: October ____, 2016	Original
Principal Amount: U.S. $[____]1

 

FOR
VALUE RECEIVED, Amarantus Bioscience Holdings, Inc., a Nevada corporation (the “Company”), hereby promises
to pay to the order of [Xpress Group International Limited/Dominick Membership LLC] or its registered assigns (“Holder”)
the amount set forth above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion
or otherwise, the “Principal”) when due, whether upon the Maturity Date (as defined below), or upon acceleration,
redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”)
on any outstanding Principal at the applicable Interest Rate (as defined below) from the date set forth above as the Issuance
Date (the “Issuance Date”) until the same becomes due and payable, whether upon the Maturity Date, or upon
acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Senior Secured Convertible
Note (including all Senior Secured Convertible Notes issued in exchange, transfer or replacement hereof, this “Note”)
is one of an issue of Senior Secured Convertible Notes issued pursuant to the Securities Purchase Agreement, dated as of October
[    ], 2016 (the “Subscription Date”), by and among the Company and the investors
(the “Buyers”) referred to therein, as amended from time to time (collectively, the “Notes”,
and such other Senior Secured Convertible Notes, the “Other Notes”). Certain capitalized terms used herein
are defined in Section 22.

 

 

1
Each Lender’s allocation of $250k
investment to be inserted.

 

     

     

    

 

1.             PAYMENTS OF PRINCIPAL. On the Maturity Date, all outstanding Principal, accrued and unpaid Interest shall be converted
into Company Common Stock (as defined below), pursuant to the terms of Section 3 hereof. Other than as specifically permitted
by this Note, the Company may not prepay any portion of the outstanding Principal and accrued and unpaid Interest or accrued.

 

2.             INTEREST; INTEREST RATE. Interest on this Note shall accrue monthly at a rate of twelve percent (12%) per annum (the “Interest
Rate”) on the outstanding Principal amount from time to time, shall be computed on the basis of a 360-day year comprised
of twelve (12) thirty (30) day months.

 

3.             CONVERSION OF NOTES. At any time after the Issuance Date, but no later than the Maturity Date, this Note shall be converted
into either (a) validly issued, fully paid and non-assessable shares of Company Common Stock (as defined below) or (b) validly
issued, fully paid and non-assessable common shares of Avant Diagnostics, Inc. (“Avant”) owned by the Company
as of the Issuance Date (the “Avant Common Stock”), on the terms and conditions set forth in this Section 3.

 

(a)           Conversion Right. Subject to the provisions of Section 3(d), at any time or times on or after the Issuance Date, the Holder
shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into validly issued,
fully paid and non-assessable shares of (i) Company Common Stock (as defined below) or (ii) Avant Common Stock, in each case in
accordance with Section 3(c), at the applicable Conversion Rate (as defined below). The Company shall not issue any fraction of
a share of Company Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of
Company Common Stock, the Company shall round such fraction of a share of Company Common Stock up to the nearest whole share.
The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation,
fees and expenses of the Transfer Agent (as defined below)) that may be payable with respect to the issuance and delivery of Company
Common Stock or Avant Common Stock upon conversion of any Conversion Amount.

 

(b)          Conversion Rate. The number of shares of Company Common Stock or Avant Common Stock, as the case may be, issuable upon
conversion of any Conversion Amount pursuant to Section 3(a) shall be determined by dividing (x) such Conversion Amount by (y)
the Conversion Price and adding to such amount the applicable Conversion True-Up, if any (the “Conversion Rate”).

 

(i)         “Conversion Amount” means the sum of (x) the portion of the Principal to be converted, redeemed or otherwise
with respect to which this determination is being made and (y) all accrued and unpaid Interest with respect to such portion of
the Principal amount, if any.

 

(ii)         “Conversion Price” means, as of any Conversion Date or other date of determination, (a) with respect to Company
Common Stock, $0.0125 or (b) with respect to Avant Common Stock, $0.16.

 

    	 	2	 

     

    

 

(iii)       “Conversion True-Up” means an amount of Avant Common Stock, as the case may be, calculated as follows:

 

(a)           if the market price of Avant Common Stock based on an average of the closing trading
price of Avant Common Stock for the five trading days immediately prior to the Conversion Date (the “Avant Conversion
Market Price”) was less than $0.32, then Holder shall receive additional shares of Avant Common Stock such that the
total amount of Avant Common Stock received by Holder as of the Conversion Date, when valued at the Avant Conversion Market Price,
will equal the Conversion Amount up to a maximum total of 5.5 million shares of Avant Common Stock.

 

(c)          Mechanics of Conversion.

 

(i)                
Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion Date”),
the Holder shall deliver (whether via facsimile, electronic mail or otherwise), for receipt on or prior to 11:59 p.m., New York
time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion
Notice”) to the Company. If required by Section 3(c)(iii), within three (3) Trading Days following a conversion of this
Note as aforesaid, the Holder shall surrender this Note to a nationally recognized overnight delivery service for delivery to
the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated
by Section 19(b)). On or before the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company
shall transmit by facsimile or electronic mail an acknowledgment of confirmation, in the form attached hereto as Exhibit II,
of receipt of such Conversion Notice to the Holder and the Company’s transfer agent (the “Transfer Agent”)
which confirmation shall constitute an instruction to the Transfer Agent to process such Conversion Notice in accordance with
the terms herein. On or before the third (3rd) Trading Day following the date on which the Company has received a Conversion Notice
the Company shall either a) issue and deliver (via reputable overnight courier) to the address as specified in the Conversion
Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Company Common Stock
to which the Holder shall be entitled pursuant to such conversion or b) release from escrow a sufficient number of shares of Avant
Common Stock pursuant Section 3(c)(iii). If this Note is physically surrendered for conversion pursuant to Section 3(c)(ii) or
3(c)(iii) and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted,
then the Company shall as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and
at its own expense, issue and deliver to the Holder (or its designee) a new Note (in accordance with Section 19(d)) representing
the outstanding Principal not converted. 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.

 

    	 	3	 

     

    

 

(ii)        Registration; Book-Entry. The Company shall maintain a register (the “Register”) for the recordation
of the names and addresses of the holders of each Note and the principal amount of the Notes held by such holders held by such
holders (the “Registered Notes”). The entries in the Register shall be conclusive and binding for all purposes
absent manifest error. The Company and the holders of the Notes shall treat each Person whose name is recorded in the Register
as the owner of a Note for all purposes (including, without limitation, the right to receive payments of Principal and Interest
hereunder) notwithstanding notice to the contrary. A Registered Note may be assigned, transferred or sold in whole or in part
only by registration of such assignment or sale on the Register. Upon its receipt of a written request to assign, transfer or
sell all or part of any Registered Note by the holder thereof, the Company shall record the information contained therein in the
Register and issue one or more new Registered Notes in the same aggregate principal amount as the principal amount of the surrendered
Registered Note to the designated assignee or transferee pursuant to Section 19, provided that if the Company does not so
record an assignment, transfer or sale (as the case may be) of all or part of any Registered Note within two (2) Business Days
of such a request, then the Register shall be automatically deemed updated to reflect such assignment, transfer or sale (as the
case may be). Notwithstanding anything to the contrary set forth in this Section 3, following conversion of any portion of
this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company
unless (A) the full Conversion Amount represented by this Note is being converted (in which event this Note shall be delivered
to the Company following conversion thereof as contemplated by Section 3(c)(i)) or (B) the Holder has provided the Company with
prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender
of this Note. The Holder and the Company shall maintain records showing the Principal and Interest converted and/or paid (as the
case may be) and the dates of such conversions and/or payments (as the case may be) or shall use such other method, reasonably
satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon conversion. If the Company
does not update the Register to record such Principal and Interest converted and/or paid (as the case may be) and the dates of
such conversions and/or payments (as the case may be) within two (2) Business Days of such occurrence, then the Register shall
be automatically deemed updated to reflect such occurrence.

 

(iii)       Pro Rata Conversion; Disputes. In the event that the Company receives a Conversion Notice from more than one holder of
Notes for the same Conversion Date and the Company can convert some, but not all, of such portions of the Notes submitted for
conversion, the Company, subject to Section 3(d), shall convert from each holder of Notes electing to have Notes converted on
such date a pro rata amount of such holder’s portion of its Notes submitted for conversion based on the principal amount
of Notes submitted for conversion on such date by such holder relative to the aggregate principal amount of all Notes submitted
for conversion on such date. In the event of a dispute as to the number of shares of Avent Common Stock or Company Common Stock
issuable to the Holder in connection with a conversion of this Note, the Company shall issue to the Holder the number of shares
of Avant Common Stock or Company Common Stock not in dispute and resolve such dispute in accordance with Section 24.

 

    	 	4	 

     

    

 

(d)           Limitations on Conversions. The Company shall not effect the conversion of any portion of this Note, and the Holder shall
not have the right to convert any portion of this Note pursuant to the terms and conditions of this Note and any such conversion
shall be null and void and treated as if never made, to the extent that after giving effect to such conversion, the Holder together
with the other Attribution Parties collectively would beneficially own in excess of 9.99% (the “Maximum Percentage”)
of the shares of Avant Common Stock outstanding immediately after giving effect to such conversion or Company Common Stock outstanding
immediately after giving effect to such conversion. For purposes of the foregoing sentence, the aggregate number of shares of
Avant Common Stock or Company Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the
number of shares of Avant Common Stock or Company Common Stock held by the Holder and all other Attribution Parties plus the number
of shares of Avant Common Stock or Company Common Stock issuable upon conversion of this Note with respect to which the determination
of such sentence is being made, but shall exclude shares of Avant Common Stock or Company Common Stock which would be issuable
upon (A) conversion of the remaining, nonconverted portion of this Note beneficially owned by the Holder or any of the other Attribution
Parties and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any convertible notes or convertible preferred stock or warrants, including the Warrants) beneficially owned
by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained
in this Section 3(d)(i). For purposes of this Section 3(d)(i), beneficial ownership shall be calculated in accordance with Section
13(d) of the 1934 Act. For purposes of determining the number of outstanding shares of Avant Common Stock or Company Common Stock
the Holder may acquire upon the conversion of this Note without exceeding the Maximum Percentage, the Holder may rely on the number
of outstanding shares of Avant Common Stock or Company Common Stock as reflected in (x) Avant’s or the Company’s most
recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC,
as the case may be, (y) a more recent public announcement by Avant or the Company or (z) any other written notice by Avant or
the Company or the Transfer Agent, if any, setting forth the number of shares of Avant or Company Common Stock outstanding (the
“Reported Outstanding Share Number”). If the Company receives a Conversion Notice from the Holder at a time
when the actual number of outstanding shares of Avant Common Stock or Company Common Stock is less than the Reported Outstanding
Share Number, the Company shall notify the Holder in writing of the number of shares of Avant Common Stock or Company Common Stock
then outstanding and, to the extent that such Conversion Notice would otherwise cause the Holder’s beneficial ownership,
as determined pursuant to this Section 3(d)(i), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced
number of shares of Avant Common Stock or Company Common Stock to be purchased pursuant to such Conversion Notice. For any reason
at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and
in writing or by electronic mail to the Holder the number of shares of Avant Common Stock or Company Common Stock then outstanding.
In any case, the number of outstanding shares of Avant Common Stock or Company Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Note, by the Holder and any other Attribution Party
since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of shares of Avant
Common Stock or Company Common Stock to the Holder upon conversion of this Note results in the Holder and the other Attribution
Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares
of Avant Common Stock or Company Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued
by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage
(the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder shall
not have the power to vote or to transfer the Excess Shares. Upon delivery of a written notice to the Company, the Holder may
from time to time increase (with such increase not effective until the sixty-first (61st) day after delivery of such
notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided
that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such
notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution
Parties and not to any other holder of Notes that is not an Attribution Party of the Holder. For purposes of clarity, the shares
of Avant Common Stock or Company Common Stock issuable pursuant to the terms of this Note in excess of the Maximum Percentage
shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1)
of the 1934 Act. No prior inability to convert this Note pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3(d)(i) to the
extent necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the
intended beneficial ownership limitation contained in this Section 3(d)(i) or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a
successor holder of this Note.

 

4.            RIGHTS OF HOLDER UPON EVENT OF DEFAULT.

 

(a)           Event of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)            the suspension from trading or the failure of Avant Common Stock or Company Common Stock to be trading or listed (as applicable)
on an Eligible Market for a period of five (5) consecutive Trading Days;

 

    	 	5	 

     

    

 

(ii)           the Company’s failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this
Note, except, in the case of a failure to pay Interest when and as due, in which case only if such failure remains uncured for
a period of at least two (2) Trading Days;

 

(iii)          bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted
by or against the Company or any Subsidiary and, if instituted against the Company by a third party, shall not be dismissed within
thirty (30) days of their initiation;

 

(iv)          a final judgment or judgments for the payment of money aggregating in excess of $[     ]2 are rendered against the Company
which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal,
or are not discharged within thirty (30) days after the expiration of such stay; provided, however, any judgment which is covered
by insurance or an indemnity from a credit worthy party shall not be included in calculating the $[ ] amount set forth above so
long as the Company provides the Holder a written statement from such insurer or indemnity provider (which written statement shall
be reasonably satisfactory to the Holder) to the effect that such judgment is covered by insurance or an indemnity and the Company
will receive the proceeds of such insurance or indemnity within thirty (30) days of the issuance of such judgment;

 

(v)          other than as specifically set forth in another clause of this Section 4(a), the Company or any Subsidiary breaches any material
representation, warranty, covenant or other term or condition of any Transaction Document, except, in the case of a breach of
a covenant or other term or condition that is curable, only if such breach remains uncured for a period of twenty (20) consecutive
Trading Days; or

 

(vi)          any Material Adverse Effect (as defined in the Securities Purchase Agreement) occurs.

 

(b)           Holder’s Remedies Upon an Event of Default. Notwithstanding anything to the contrary herein, and notwithstanding
any conversion that is then required or in process, upon any Event of Default, the Company shall immediately pay to the Holder
an amount in cash representing all outstanding Principal and accrued and unpaid Interest in addition to any and all other amounts
due hereunder, without the requirement for any notice or demand or other action by the Holder or any other person or entity, provided
that the Holder may, in its sole discretion, waive such right to receive payment upon an Event of Default, in whole or in part,
and any such waiver shall not affect any other rights of the Holder hereunder, including any other rights in respect of such Event
of Default, any right to conversion.

 

 

2 Need
to insert appropriate amount.  

    	 	6	 

     

    

 

5.            HOLDER’S RIGHTS UPON CHANGE OF CONTROL.

 

(a)           No sooner than [twenty (20) Trading Days] nor later than [ten (10) Trading Days]3 prior to the consummation
of a transaction that would result in a Change of Control (the “Change of Control Date”), but not prior to
the public announcement of such Change of Control, the Company shall deliver written notice thereof via facsimile or electronic
mail and overnight courier to the Holder (a “Change of Control Notice”). At any time during the period beginning
after the Holder’s receipt of a Change of Control Notice or the Holder becoming aware of a Change of Control if a Change
of Control Notice is not delivered to the Holder in accordance with the immediately preceding sentence (as applicable) and ending
on the later of [twenty (20) Trading Days after (A) consummation of such Change of Control or (B) the date of receipt of such
Change of Control Notice], the Holder may elect (i) to declare this Note payable in cash on demand as of the closing of the
transaction giving rise to a Change of Control or (ii) redeem this Note in full for a payment equal to the amount Holder would
have received if the Note had been converted pursuant to Section 3 of this Note immediately prior to the transaction giving rise
to a Change of Control, in each case to be paid in the same form of consideration (e.g. a mix of cash and stock) received by the
other existing equity holders of the Company in connection with the transaction giving rise to a Change of Control.4

 

6.            HOLDER’S RIGHT OF FIRST REFUSAL TO PROVIDE ADDITIONAL FINANCING.

 

(a)           At
least [10 days]5 prior to the closing of any proposed transaction whereby the Company will, if such proposed transaction
is consummated, either (i) obtain additional debt financing not in existence on the Issuance Date or (ii) sell or transfer shares
of Avant Common Stock owned by the Company to a third party, the Company shall deliver a written notice (the “Company
Transaction Notice”) to Holder notifying Holder of the material terms of such proposed financing or sale of Avant Common
Stock.

 

(b)          After receiving a Company Transaction Notice, Holder shall have the right (the “Right of Refusal”) to provide
additional debt financing to the Company or to purchase such Avant Common Stock in the applicable Holder Pro-Rata Amount, as the
case may be, upon terms and conditions mutually agreeable to Holder and the Company (provided, however, that such
terms shall be no less favorable to Company than the terms identified in the Company Transaction Notice), within [10 days]
after the Company Debt Notice has been delivered to Holder (the “Right of Refusal Election Period”). Holder
may elect to exercise its Right of Refusal by delivering a written notice to the Company of such election setting forth the amount
of debt financing it desires to provide or the amount of Avant Common Stock it wishes to purchase, in response to the Company
Transaction Notice.

 

 

3
NTD: To discuss appropriate timing.

4
NTD: Need to make sure definition of Change of Control is appropriate.

5 NTD: Need to discuss time
frame.

 

    	 	7	 

     

    

 

(c)           Upon the expiration of the Right of Refusal Election Period, to the extent that Holder does not notify the company of its intent
to exercise its Right of Refusal, then Holder’s Right of Refusal shall terminate.

 

7.            VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law (including,
without limitation, Chapter 78 of the Nevada Revised Statute) and as expressly provided in this Note.

 

8.            COVENANTS. Until all of the Notes have been converted, redeemed or otherwise satisfied in accordance with their terms:

 

(a)           Rank. All payments due under this Note (a) shall rank pari passu with all Other Notes.

 

(b)           Change in Nature of Business. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly
contemplated to be conducted by the Company and each of its Subsidiaries on the Subscription Date. The Company shall not, and
the Company shall cause each of its Subsidiaries to not, directly or indirectly, modify its or their corporate structure or purpose.

 

(c)           Preservation of Existence, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain,
duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in
which the transaction of the Business makes such qualification necessary.

 

(d)           Restricted Issuances. The Company shall not, directly or indirectly, without the prior written consent of the holders of
a majority in aggregate principal amount of the Notes then outstanding, (i) issue any Notes (other than as contemplated by the
Securities Purchase Agreement and the Notes)6 or (ii) issue any other securities that would cause a breach or default
under the Notes.

 

9.            SECURITY. This Note and the Other Notes are secured to the extent and in the manner set forth in the Transaction Documents
(including, without limitation, the Security Agreement, the other Security Documents).

 

10.          AMENDING THE TERMS OF THIS NOTE. The prior written consent of the Holder shall be required for any change, waiver or amendment
to this Note.

 

11.          TRANSFER. This Note and any shares of Company Common Stock or Avant Common Stock issued upon conversion of this Note may
be offered, sold, assigned or transferred by the Holder without the consent of the Company, subject only to the provisions of
Section 2(g) of the Securities Purchase Agreement.

 

 

6 NTD: To be checked against restrictions in the NPA. 

 

    	 	8	 

     

    

 

12.          REISSUANCE OF THIS NOTE.

 

(a)           Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note, registered as the Holder may request, representing the
outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is being transferred,
a new Note to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance
of this Note, acknowledge and agree that, by reason of the provisions of Section 3(c)(iii) following conversion or redemption
of any portion of this Note, the outstanding Principal represented by this Note may be less than the Principal stated on the face
of this Note.

 

(b)           Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below
shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder
to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note,
the Company shall execute and deliver to the Holder a new Note (in accordance with Section 19(d)) representing the outstanding
Principal.

 

(c)           Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Note or Notes and in principal amounts of at least $1,000) representing in the aggregate
the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal as is
designated by the Holder at the time of such surrender.

 

(d)          Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new
Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 19(a) or Section 19(c), the Principal designated
by the Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does
not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have
an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have
the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges on the Principal
and Interest of this Note, from the Issuance Date.

 

    	 	9	 

     

    

 

13.          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 and any of the other Transaction Documents at law
or in equity (including a decree of specific performance and/or other injunctive relief). 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 and shall not, except as expressly provided herein, be subject to any other obligation of the Company
(or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an
injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without
any bond or other security being required.

 

14.          PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the
Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements. The
Company expressly acknowledges and agrees that no amounts due under this Note shall be affected, or limited, by the fact that
the purchase price paid for this Note was less than the original Principal amount hereof.

 

15.          CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the initial Holder and shall
not be construed against any such Person as the drafter hereof. The headings of this Note are for convenience of reference and
shall not form part of, or affect the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun
herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,”
“includes,” “include” and words of like import shall be construed broadly as if followed by the words
“without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like
import refer to this entire Agreement instead of just the provision in which they are found. Unless expressly indicated otherwise,
all section references are to sections of this Note. Terms used in this Note and not otherwise defined herein, but defined in
the other Transaction Documents, shall have the meanings ascribed to such terms on the Closing Date in such other Transaction
Documents unless otherwise consented to in writing by the Holder.

 

16.          
NOTICES; CURRENCY; PAYMENTS.

 

(a)           Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with Section 9(f) of the Securities Purchase Agreement.

 

    	 	10	 

     

    

 

(b)           Currency. All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall
be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S.
Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed
that where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date
of such period of time).

 

17.          CANCELLATION. After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note have
been paid in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and
shall not be reissued.

 

18.          WAIVER OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest
and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note
and the Securities Purchase Agreement.

 

19.          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 internal laws of the State of New York. THE
COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

20.          SEVERABILITY. If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Note so long as this Note as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

21.           MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or
other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Company to the Holder and thus refunded to the Company.

 

    	 	11	 

     

    

 

22.          CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)           “1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(b)           “1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(c)           “Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

(d)           “Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle,
including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly
managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect
Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together
with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock
would or could be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934
Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the
Maximum Percentage.

 

(e)           “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City
of New York are authorized or required by law to remain closed.

 

(f)            “Change of Control” means any Fundamental Transaction other than (i) any merger of the Company or any of its,
direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization
or reclassification of the shares of Common Stock in which holders of the Company’s voting power immediately prior to such
reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification
to hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power
of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or
their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification,
or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company
or any of its Subsidiaries.

 

(g)           “Closing Date” shall have the meaning set forth in the Securities Purchase Agreement, which date is the date
the Company initially issued Notes pursuant to the terms of the Securities Purchase Agreement.

 

    	 	12	 

     

    

 

(h)           “Company Common Stock” means (i) the Company’s shares of common stock, $0.001 par value per share, and
(ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

 

(i)            “Eligible Market” means The New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global
Select Market, the Nasdaq Global Market or the Principal Market.

 

(j)            “Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of
Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company
to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or
exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of
the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party
to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding;
or (z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule
13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire,
either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock
calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number
of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under
the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common
Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or
more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the
“beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition,
purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification
or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued
and outstanding Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common
Stock not held by all such Subject Entities as of the date of this Note calculated as if any shares of Common Stock held by all
such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and
outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect
a statutory short form merger or other transaction requiring other shareholders of the Company to surrender their shares of Common
Stock without approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates
or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured
in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct
this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument
or transaction.

 

    	 	13	 

     

    

 

(k)           “GAAP” means United States generally accepted accounting principles, consistently applied.

 

(l)            “Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in
Rule 13d-5 thereunder.

 

(m)          “Holder Pro Rata Amount” means a fraction (i) the numerator of which is the original Principal amount of this
Note on the Closing Date and (ii) the denominator of which is the aggregate original principal amount of all Notes issued to the
initial purchasers pursuant to the Securities Purchase Agreement on the Closing Date.

 

(n)         
“Indebtedness” shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

(o)           “Major Market” means The New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global
Select Market or the Nasdaq Global Market.

 

(p)           “Maturity Date” shall mean ____________, 2016.

 

(q)           “Permitted Indebtedness” means (i) Indebtedness evidenced by this Note and the Other Notes, (ii) Indebtedness
set forth on Schedule 3(s) to the Securities Purchase Agreement, as in effect as of the Subscription Date and (iii) Indebtedness
secured by Permitted Liens or unsecured but as described in clauses (iv) and (v) of the definition of Permitted Liens.

 

    	 	14	 

     

    

 

(r)           “Permitted Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by
appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising
in the ordinary course of business by operation of law with respect to a liability that is not yet due or delinquent, (iii) any
Lien created by operation of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in
the ordinary course of business with respect to a liability that is not yet due or delinquent or that are being contested in good
faith by appropriate proceedings, (iv) Liens (A) upon or in any equipment acquired or held by the Company or any of its Subsidiaries
to secure the purchase price of such equipment or Indebtedness incurred solely for the purpose of financing the acquisition or
lease of such equipment, or (B) existing on such equipment at the time of its acquisition, provided that the Lien is confined
solely to the property so acquired and improvements thereon, and the proceeds of such equipment, in either case, with respect
to Indebtedness in an aggregate amount not to exceed $[ ], (v) Liens incurred in connection with the extension, renewal or
refinancing of the Indebtedness secured by Liens of the type described in clause (iv) above, provided that any extension, renewal
or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness
being extended, renewed or refinanced does not increase, (vi) Liens in favor of customs and revenue authorities arising as a matter
of law to secure payments of custom duties in connection with the importation of goods, and (vii) Liens arising from judgments,
decrees or attachments in circumstances not constituting an Event of Default under Section 4(a)(x).

 

(s)           “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(t)            “Principal Market” means the OTCQB.

 

(u)           “SEC” means the United States Securities and Exchange Commission or the successor thereto.

 

(v)           “Securities Purchase Agreement” means that certain securities purchase agreement, dated as of the Subscription
Date, by and among the Company and the initial holders of the Notes pursuant to which the Company issued the Notes, as may be
amended from time to time.

 

(w)          “Security Agreement” shall have the meaning as set forth in the Securities Purchase Agreement.

 

(x)           “Subscription Date” means [_______].

 

(y)          “Subsidiaries” shall have the meaning as set forth in the Securities Purchase Agreement

 

(z)           “Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons
or Group.

 

    	 	15	 

     

    

 

(aa)         “Trading Day” means, as applicable, (x) with respect to all price or trading volume determinations relating
to the Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during
the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise
designated as a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations
relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

23.           DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the
Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall within one (1) Business Day after any such receipt or delivery
publicly disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company
believes that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company
so shall indicate to the Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the
Holder shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries. If the Company or any of its Subsidiaries provides material non-public information
to the Holder that is not simultaneously filed in a Current Report on Form 8-K and the Holder has not agreed to receive such material
non-public information, the Company hereby covenants and agrees that the Holder shall not have any duty of confidentiality to
the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents with respect
to, or a duty to any of the foregoing not to trade on the basis of, such material non-public information. Nothing contained in
this Section 33 shall limit any obligations of the Company, or any rights of the Holder, under Section 4(i) of the Securities
Purchase Agreement.

 

[signature
page follows]

 

    	 	16	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	AMARANTUS BIOSCIENCE HOLDINGS, INC.

	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

Senior Convertible Note - Signature Page

 

     

     

    

 

EXHIBIT
I

 

AMARANTUS
BIOSCIENCE HOLDINGS, INC.

CONVERSION NOTICE

 

Reference
is made to the Convertible Note (the “Note”) issued to the undersigned by Amarantus Bioscience Holdings, Inc.,
a Nevada corporation (the “Company”). In accordance with and pursuant to the Note, the undersigned hereby elects
to convert the Conversion Amount (as defined in the Note) of the Note indicated below into shares of Avant Common Stock or Company
Common Stock as indicated below, as of the date specified below. Capitalized terms not defined herein shall have the meaning as
set forth in the Note.

 

	Date
    of Conversion:	 
	 	 
	Aggregate
    Principal to be converted:	 
	 	 
	Aggregate
    accrued and unpaid Interest with respect to such portion of the Aggregate Principal and such Aggregate Interest to be converted:	 
	 	 
	AGGREGATE
    CONVERSION AMOUNT

     TO BE CONVERTED:	 
	 	 
	Please
    confirm the following information:
	 
	Conversion
    Price:	 
	 	 
	Number
    of shares of Avant Common Stock to be issued:	 
	 	 
	Number
    of shares of Company Common Stock to be issued:	 
	 

                                                                                                     Please
                                         issue either Avant Common Stock or Company Common Stock into which the Note is being
                                         converted to Holder, or for its benefit, as follows:

         

        ☐       Check
here if requesting delivery as a certificate to the following name and to the following address:

         

	Issue
    to:	 
	 	 
	 	 
	 	 	 	 	 	 

	Date:                            ,        	 
	 	 	 
	 	 
	Name
    of Registered Holder	 
	 	 	 
	 	 	 
	By:	           	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Tax
    ID:                                      	 
	 	 	 
	 	Facsimile:                                  	 
	 	 	 
	E-mail
    Address:	 

 

     

     

    

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Conversion Notice and hereby directs _________________ to issue the above indicated number of
shares of Common Stock in accordance with the Transfer Agent Instructions dated _____________, 20__ from the Company and acknowledged
and agreed to by ________________________.

 

	 	AMARANTUS BIOSCIENCE HOLDINGS, INC.

	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:Exhibit 10.5

 

CONVERTIBLE PROMISSORY NOTE

 

	US $500,000	October 18th, 2016

 

For good and valuable consideration,
Amarantus BioScience Holdings, Inc., a Nevada corporation, (“Maker”), hereby makes and delivers this
Convertible Promissory Note (this “Note”) in favor of BMI Capital Partners International Ltd, (“Holder”),
and hereby agree as follows:

 

1.          Principal
Obligation and Interest. For value received, Maker promises to pay to Holder, in currently available funds of the
United States, the principal sum of Five Hundred Thousand United States Dollars ($500,000). Maker’s obligation under
this Note shall be non-interest bearing.

 

2.          Payment
Terms.

 

a.       All
principal then outstanding shall be due and payable by the Maker to the Holder on or before 12 months (365) Days from the
date of issuance of this Note.

 

b.       Maker
shall have the right to prepay all or any part of the principal under this Note without penalty upon not less than ten (10) days
prior written notice to Holder.

 

c.       Holder
may, upon not less than five (5) days written notice to Maker, convert all or part of the then unpaid principal balance due of
this Note into common stock of the Maker pursuant to the terms set forth herein.

 

3.         Conversion. Terms of Conversion:“Mandatory
Conversion”: The Notes will be converted on April 18, 2017 ( the “Conversion Date”) into the Company’s
common stock in fully registered, unrestricted and fully tradeable form (the “Shares”) in the amount of a) US$500,000
(“Principal Amount") using the price per share of $0.025/share (the “Conversion Price”) to determine
the number of shares to be delivered.

 

No fraction of a share or scrip
representing a fraction of a share will be issued on conversion, but the number of shares issuable shall be rounded to the nearest
whole share. The date on which Notice of Conversion is given (the “Conversion Date”) shall be deemed to be the date
on which the Holder faxes the Notice of Conversion duly executed to the Maker. Facsimile delivery of the Notice of Conversion shall
be accepted by the Maker at facsimile number (415) 688-4484 Attn.: Gerald Commissiong. Certificates representing Common
Stock upon conversion will be delivered to the Holder within five (5) trading days from the date the Notice of Conversion is delivered
to the Maker. Delivery of shares upon conversion shall be made to the address specified by the Holder or its assigns in the Notice
of Conversion.

 

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                                         1
                                         of 7	 

     

    

 

4.          Conversion
Price. Upon any conversion of this Note, the conversion price shall be $0.025 per share, subject to adjustment from time
to time upon the happening of certain events (the “Conversion Price”) as set forth below.

 

a.       Stock
Splits, etc. In case the Maker shall: (i) pay a dividend in shares of Common Stock or make a distribution in shares of Common
Stock to holders of its outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of
shares of Common Stock, (iii) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, or
(iv) issue any shares of its capital stock in a reclassification of the Common Stock, then the number of shares of Common Stock
issuable upon conversion of this Note immediately prior thereto shall be adjusted so that the holder of this Note shall be entitled
to receive the kind and number of shares of Common Stock which he would have owned or have been entitled to receive had such Note
been converted in advance thereof. An adjustment made pursuant to this paragraph shall become effective immediately after the effective
date of such event retroactive to the record date, if any, for such event.

 

b.       Reorganization,
Reclassification, Merger, Consolidation or Disposition of Assets. In case the Maker shall reorganize its capital, reclassify
its capital stock, consolidate or merge with or into another corporation (where the Maker is not the surviving corporation or where
there is a change in or distribution with respect to the Common Stock of the Maker), or sell, transfer or otherwise dispose of
all or substantially all its property, assets or business to another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation,
or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription
or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”),
are to be received by or distributed to the holders of Common Stock of the Maker, then Holder shall have the right thereafter to
receive, upon conversion of this Note, the number of shares of common stock of the successor or acquiring corporation or of the
Maker, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification,
merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock into which this Note is convertible
immediately prior to such event. In case of any such reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Maker) shall expressly assume the due and punctual observance
and performance of each and every covenant and condition of this Note to be performed and observed by the Maker and all the obligations
and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith by resolution
of the Board of Directors of the Maker) in order to provide for adjustments of the number of shares of common stock into which
this Note is convertible which shall be as nearly equivalent as practicable to the adjustments provided for in this Section 2.4(b).
For purposes of this Section 2.4(b), “common stock of the successor or acquiring corporation” shall include stock of
such corporation of any class which is not preferred as to dividends or assets over any other class of stock of such corporation
and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities
which are convertible into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the
happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions
of this Section 2.4(b) shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition
of assets.

 

    	 	Page
                                         2
                                         of 7	 

     

    

 

c.        Notice
of Adjustment. Whenever the number of shares of Common Stock or number or kind of securities or other property issuable upon
the conversion of this Note or the Conversion Price is adjusted, as herein provided, the Maker shall promptly mail by registered
or certified mail, return receipt requested, to the Holder of this Note notice of such adjustment or adjustments setting forth
the number of shares of Common Stock (and other securities or property) issuable upon the conversion of this Note and the Conversion
Price of such shares of Common Stock (and other securities or property) after such adjustment, setting forth a brief statement
of the facts requiring such adjustment and setting forth the computation by which such adjustment was made. Such notice, in the
absence of manifest error, shall be conclusive evidence of the correctness of such adjustment.

 

5.          Representations
and Warranties of Maker. Maker hereby represents and warrants the following to Holder:

 

a.       Maker
and those executing this Note on its behalf have the full right, power, and authority to execute, deliver and perform the Obligations
under this Note, which are not prohibited or restricted under the articles of incorporation or bylaws of Maker. This Note has been
duly executed and delivered by an authorized officer of Maker and constitutes a valid and legally binding obligation of Maker enforceable
in accordance with its terms.

 

b.       The
execution of this Note and Maker’s compliance with the terms, conditions and provisions hereof does not conflict with or
violate any provision of any agreement, contract, lease, deed of trust, indenture, or instrument to which Maker is a party or by
which Maker is bound, or constitute a default thereunder.

 

6.          Defaults.
The following events shall be defaults under this Note:

 

a.        Maker’s
failure to remit any payment under this Note on before the date due, if such failure is not cured in full within ten (10) days
of written notice of default;

 

b.        Maker’s
failure to perform or breach of any non-monetary obligation or covenant set forth in this Note or in the Agreement if such failure
is not cured in full within ten (10) days following delivery of written notice thereof from Holder to Maker;

 

c.        If
Maker is dissolved, whether pursuant to any applicable articles of incorporation or bylaws, and/or any applicable laws, or otherwise;

 

d.        The
entry of a decree or order by a court having jurisdiction in the premises adjudging the Maker bankrupt or insolvent, or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Maker under
the federal Bankruptcy code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee or trustee
of the Maker, or any substantial part if its property, or ordering the winding up or liquidation of its affairs, and the continuance
of any such decree or order unstayed and in effect for a period of twenty (20) days; or

 

    	 	Page
                                         3
                                         of 7	 

     

    

 

g.
       Maker’s institution of proceedings to be adjudicated a bankrupt or insolvent, or
the consent by it to the institution of bankruptcy or insolvency proceedings against it, or its filing of a petition or answer
or consent seeking reorganization or relief under the federal Bankruptcy Code or any other applicable federal or state law, or
its consent to the filing of any such petition or to the appointment of a receiver, liquidator, assignee or trustee of the company,
or of any substantial part of its property, or its making of an assignment for the benefit of creditors or the admission by it
in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Maker in furtherance
of any such action.

 

h.       The
failure by Maker to timely file with the United States Securities and Exchange Commission (“SEC”) all reports
and other documents required of the Maker under the Securities Act of 1933 (“Securities Act”) and the Securities Exchange
Act of 1934 (“Exchange Act”).

 

7.          Interest
To Accrue Upon Default. Upon the occurrence of an event of default by Maker under this Note, the balance then owing under
the terms of this Note shall accrue interest at the rate of Ten Percent percent (10.0%) per annum from the date of default
until Holder is satisfied in full.

 

8.         Change of Control:If
an acquisition or similar change of control transaction occurs prior to the Conversion Date, then upon the closing of such transaction,
the Notes will, at the election of the Note Holder, become

 

a)       payable
upon demand as of the closing of such transaction; or

 

b)       redeemable
for a payment equal to the amount each Note Holder would have received had the Note converted immediately prior to the
transaction to be paid in the same form of consideration (e.g. a mix of cash and stock) received by the other equity holders
in the transaction.

 

9.          Choice
of Laws. This Note shall be constructed and construed in accordance with the internal substantive laws of the State of
Nevada, without regard to the choice of law principles of said State.

 

10.        Costs
of Collection. Should the indebtedness represented by this Note, or any part hereof, be collected at law, in equity, or
in any bankruptcy, receivership or other court proceeding, or this Note be placed in the hands of any attorney for collection after
default, Maker agrees to pay, in addition to the principal and interest due hereon, all reasonable attorneys’ fees, plus
all other costs and expenses of collection and enforcement, including any fees incurred in connection with such proceedings or
collection of the Note.

 

    	 	Page
                                         4
                                         of 7	 

     

    

 

11.        Miscellaneous.

 

a.        This
Note shall be binding upon Maker and shall inure to the benefit of Holder and its successors, assigns, heirs, and legal representatives.

 

b.        Any
failure or delay by Holder to insist upon the strict performance of any term, condition, covenant or agreement of this Note, or
to exercise any right, power or remedy hereunder shall not constitute a waiver of any such term, condition, covenant, agreement,
right, power or remedy.

 

c.        Any
provision of this Note that is unenforceable shall be severed from this Note to the extent reasonably possible without invalidating
or affecting the intent, validity or enforceability of any other provision of this Note.

 

d.        This
Note may not be modified or amended in any respect except in a writing executed by the party to be charged.

 

e.        Time
is of the essence.

 

12.       Notices.
All notices required to be given under this Note shall be given as follows or at such other address as a party may designate by
written notice to the other parties:

 

To Maker:

 

	 	Amarantus Bioscience Holdings, Inc.	 
	 	Attn: Gerald Commissiong	 
	 	655 Montgomery St	 
	 	San Francisco, CA 94111	 

 

To Holder:

 

	 	BMI Capital Partners International Ltd	 
	 	570 Lexington Ave	 
	 	42nd Floor	 
	 	New York, NY 10022	 

 

Notices may be transmitted by facsimile,
certified mail, private delivery, or any other commercially reasonable means, and shall be deemed given upon receipt by the Party
to whom they are addressed.

 

13.       Waiver
of Certain Formalities. All parties to this Note hereby waive presentment, dishonor,
notice of dishonor and protest. All parties hereto consent to, and Holder is hereby expressly authorized to make, without notice,
any and all renewals, extensions, modifications or waivers of the time for or the terms of payment of any sum or sums due hereunder,
or under any documents or instruments relating to or securing this Note, or of the performance of any covenants, conditions or
agreements hereof or thereof. Any such action taken by Holder shall not discharge the liability of any party to this Note.

 

[The rest of
the page left intentionally blank]

 

    	 	Page
                                         5
                                         of 7	 

     

    

 

IN WITNESS WHEREOF, this Note has been executed
effective the date and place first written above.

 

	Amarantus Bioscience Holdings Inc. “Maker”:	 
	 	 	 
	By: 	        	 
	 	 	 
	Its: 	 	 

 

	Print Name:	 	 

 

	Date: 	        	 
	 	 	 
	BMI Capital Partners International Ltd “Holder”:	 
	 	 	 
	By: 	            	 
	 	 	 
	Its: 	 	 

 

	Print Name:	 	 

 

	Date:	 	 

 

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                                         6
                                         of 7	 

     

    

 

EXHIBIT 1

 

CONVERSION NOTICE

 

 

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

 

TO:

  

The undersigned hereby irrevocably elects to convert
US$______________ of the Principal Amount of the above Note into Shares of Common Stock of Amarantus BioScience Holdings, Inc.,
according to the conditions stated therein, as of the Conversion 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 taxes payable with respect thereto and is delivering
herewith such certificates and opinions as reasonably requested by the Maker in accordance therewith. No fee will be charged to
the Holder for any conversion, except for such transfer taxes, if any.

 

Conversion Date: ___________________________________________

 

Applicable Conversion Price: $____________

  

	Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	Tax I.D. or Soc. Sec. No:	 	 

 

Principal Amount to be converted:

US$________________________________________

 

Amount of Note unconverted:

US$________________________________________

 

Number of shares of Common Stock to be issued: ________________________

 

Page 7 of 7

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