SEC Contract Filing

Filing Date: 2015-04-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.159
<SEQUENCE>12
<FILENAME>vgls_ex10159.htm
<DESCRIPTION>CONVERTIBLE PROMISSORY NOTE
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.159</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">VG LIFE
SCIENCES, INC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONVERTIBLE PROMISSORY NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 44pt">THIS
CONVERTIBLE PROMISSORY NOTE (&ldquo;Note&rdquo;) is issued as of March 15, 2015 (the &ldquo;Original Issue Date&rdquo;), by VG
Life Sciences, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in an aggregate principal amount of $600,000.00.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 44pt">Terms
not otherwise defined herein shall have the meanings given in <U>Section 6</U> below.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 44pt">FOR
VALUE RECEIVED, the Company promises to pay to KED Consulting Group LLC, or registered assigns (the &ldquo;Holder&rdquo;), the
principal sum of Six Hundred Thousand Dollars ($600,000.00), on or before March 15, 2016 (the &ldquo;Maturity Date&rdquo;) and
to pay interest to the Holder on the principal sum, at the rate per annum of eight percent (8%). Interest shall accrue daily commencing
on the Original Issue Date until payment in full of the principal sum, together with all accrued and unpaid interest, has been
made or duly provided for. Interest shall be calculated on the basis of a 360-day year. Interest hereunder will be due and payable
at the Maturity Date, to the person in whose name this Note is registered on the records of the Company (the &ldquo;Note Register&rdquo;).
The principal of, and interest on, this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts, at the address of the Holder last appearing on the Note Register.
A transfer of the right to receive principal and interest under this Note shall be transferable only through an appropriate entry
in the Note Register as provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 44pt">This
Note is subject to the following additional provisions:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 66pt"><U>Section
1.</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Convertible Note and Warrant Purchase Agreement</U>. This Note is one of the Notes issued pursuant to that certain Convertible
Note and Warrant Purchase Agreement (the &ldquo;Agreement&rdquo;) between the Company and Holder dated as of March 15, 2015. This
Note is subject to, and qualified by, all the terms and conditions set forth in the Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 66pt"><U>Section
2.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events of Default</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 66pt"><U>Section
2.1</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events of Default Defined; Acceleration of Maturity</U>. If an Event of Default (as defined
in the Agreement) has occurred then upon the occurrence of any such Event of Default, the Holder may, by notice to the Company,
declare the unpaid principal amount of the Notes to be, and the same shall forthwith become, due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Company, together with the interest accrued
thereon and all other amounts payable by the Company hereunder and pursue all of Holder&rsquo;s rights and remedies hereunder
and under the other Loan Documents and all other remedies available to Holder under applicable law.</P>

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