SEC Contract Filing

Filing Date: 2015-03-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>bmsn20150309form8kex10_5.htm
<DESCRIPTION>CONVERTIBLE PROMISSORY NOTE ISSUED TO MINNESOTA LLC
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
10.5</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12.65pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>CONVERTIBLE
PROMISSORY NOTE</U></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.65pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THIS
NOTE AND ANY SHARES OF STOCK ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE AND ANY SHARES OF STOCK ISSUABLE UPON THE CONVERSION HEREOF MAY NOT BE
SOLD, OFFERED FOR SALE, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT COVERING THIS NOTE OR SUCH SHARES UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR THE DELIVERY OF AN OPINION
OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. THIS NOTE IS ALSO SUBJECT TO RESTRICTIONS ON TRANSFER.</B></FONT></P>

<P STYLE="font: 10pt/12.65pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Regen
BioPharma, Inc.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.65pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Issue
Date:</B>&nbsp;March 3, 2015 &nbsp;<B>Principal Amount:</B>&nbsp;$50,000</FONT></P>

<P STYLE="font: 10pt/12.65pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.&nbsp;<B>Terms</B>.
For value received, the Regen BioPharma, Inc., a Nevada corporation (the &#8220;Company&#8221;) hereby absolutely and unconditionally
promises to pay to the order of______________, a Minnesota limited Liability Company, ON DEMAND AT ANY TIME AFTER March 3 , 2016
(the &#8220;Maturity Date&#8221;), the principal amount of Fifty Thousand Dollars ($50,000) and interest on the whole amount of
said principal sum outstanding and remaining from time to time unpaid (the &#8220;Note&#8221;), commencing from the date hereof
and continuing until payment in full of this Note or conversion as hereinafter provided, at an annual rate equal to ten percent
(10%) simple interest. Interest shall be payable quarterly upon demand or upon conversion pursuant to Section 2 hereunder. Interest
shall be computed on the basis of the actual number of days elapsed divided by 365. Principal and interest shall be payable in
lawful money of the United States of America, at the principal place of business of the Lender or at such other place as the Lender
may have designated from time to time in writing to the Company.</FONT></P>

<P STYLE="font: 10pt/12.65pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.&nbsp;<B>Conversion.</B></FONT></P>

<P STYLE="font: 10pt/12.65pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>2.1
Conversion Right.</U>&nbsp;The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid
principal amount of this Note into fully paid and non- assessable shares of Common Stock, as such Common Stock exists on the Issue
Date, or any shares of capital stock or other securities of the Company into which such Common Stock shall hereafter be changed
or reclassified at the conversion price (the &#8220;Conversion Price&#8221;) determined as provided herein (a &#8220;Conversion&#8221;).
The Lender shall have the right to convert one hundred percent (100%) of the Principal Amount immediately upon execution of this
agreement and any accrued interest may be converted as well.</FONT></P>

<P STYLE="font: 10pt/12.65pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the principal
amount of this Note to be converted (the &#8220;Conversion Amount&#8221;) by the applicable Conversion Price as defined in this
Section 2 then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the &#8220;Notice
of Conversion&#8221;), delivered to the Company by the Lender on such conversion date (the &#8220;Conversion Date&#8221;).</FONT></P>

<P STYLE="font: 10pt/12.65pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>2.2
Conversion Price.</U>&nbsp;The &#8220;Conversion Price&#8221; shall be defined as a 65% discount to the lowest Trading Price (as
defined below) for the Common Stock during the thirty (30) Trading Day (as defined below) period ending on the latest complete
Trading Day prior to the Conversion Date. &#8220;Trading Price&#8221; means the closing bid price on the Over-the-Counter Bulletin
Board, or applicable trading market (the &#8220;OTCQB&#8221;) as reported by a reliable reporting service (&#8220;Reporting Service&#8221;)
designated by the Lender (i.e. Bloomberg) or, if the OTCQB is not the principal trading market for such security, the clo