Aethlon Medical, Inc. and Richard H. Tullis Salary Conversion Agreement (July 31, 2008)

Summary

Aethlon Medical, Inc. and Richard H. Tullis have agreed that, instead of paying $147,279 in past due salary, the company will issue Dr. Tullis 446,300 shares of its common stock at $0.32 per share. This arrangement fully settles the unpaid salary, and no further claims will be made regarding this amount. The company will publicly disclose this agreement in an SEC filing. Both parties have signed to confirm their acceptance of these terms.

EX-10.1 2 aethlon_8kex10-1.txt Exhibit 10.1 AETHLON MEDICAL, INC. 3030 Bunker Hill Street, Suite 4000 San Diego, California 92109 July 31, 2008 VIA ELECTRONIC TRANSMISSION Mr. Richard H. Tullis 3030 Bunker Hill Street Suite 4000 San Diego, California 92109 Re: Conversion of Past Due Salary Dear Ed: This letter will serve to memorialize and confirm the agreement between Aethlon Medical, Inc. ("AEMD") and Richard H. Tullis ("Tullis" or "you") that in lieu of $147,279 owed to you for unpaid salary, the Company will issue you 446,300 shares of common stock of AEMD. The shares will be issued to you at the price of $0.32 per share, the closing price on July 31, 2008. Accordingly, $150,000 of unpaid salary due to you shall be considered paid in full and satisfied. The conversion arrangement shall be of no further force or effect. AEMD shall issue an 8K describing the conversion agreement between AEMD and you. Kindly acknowledge your agreement with the foregoing, by signing the acknowledgment below and returning a copy of this letter to the Board of Directors of AEMD. Very Truly Yours, Aethlon Medical, Inc. /s/ James Joyce ------------------------------- By: James Joyce Title: Chief Executive Officer Agreed and Accepted: /s/ Richard H. Tullis - ------------------------- Dr. Richard H. Tullis