Aethlon Medical, Inc. and James A. Joyce Salary Conversion Agreement (July 24, 2008)

Summary

Aethlon Medical, Inc. and James A. Joyce have agreed that, instead of paying Mr. Joyce $35,000 in overdue salary, the company will issue him 100,000 shares of its common stock at $0.35 per share. This arrangement fully settles the unpaid salary, and no further claims for this amount will be made. The company will also publicly disclose this agreement in an SEC Form 8-K filing.

EX-10.1 2 aethlon_8k-ex1001.txt LETTER AGREEMENT Exhibit 10.1 AETHLON MEDICAL, INC. 3030 Bunker Hill Street, Suite 4000 San Diego, California 92109 July 24, 2008 VIA ELECTRONIC TRANSMISSION Mr. James A. Joyce 3030 Bunker Hill Street, Suite 4000 San Diego, California 92109 Re: CONVERSION OF PAST DUE SALARY Dear Jim: This letter will serve to memorialize and confirm the agreement between Aethlon Medical, Inc. ("AEMD") and James A. Joyce ("Mr. Joyce" or "you") that in lieu of $35,000 owed to you for unpaid salary, the Company will issue you 100,000 shares of common stock of AEMD. The shares will be issued to you at the price of $0.35 per share, the closing price on July 24, 2008. Accordingly, $35,000 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. By: /s/ Richard Tullis ---------------------- Title: Director Agreed and Accepted: /s/ James A. Joyce - -------------------- Mr. James A. Joyce