Company: AEMD
Filing Date: 2025-06-26
Form Type: 10-K
Source: 0001683168-25-004780
Chunk: 1456

Company: AETHLON MEDICAL INC
Filing Date: 2025-06-26
Form: 10-K
Item: Item 9B
Chunk 1456
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 his employment.
Effective November 7, 2023, in connection with his appointment as Interim Chief Executive Officer, the Board of Directors increased Mr.
Frakes’ annual base salary to $500,000. On October 3, 2024, Mr. Frakes was appointed as our permanent Chief Executive Officer. He
will also continue to serve as Chief Financial Officer.

The agreement also provides
that Mr. Frakes is eligible to receive an annual cash performance bonus, based on the achievement of individual and company performance
objectives to be established annually by the Board of Directors or its Compensation Committee. The decision to award a bonus, and the
amount, is at the discretion of the Board of Directors or the Compensation Committee.

In the event Mr. Frakes’
employment is terminated without cause or he resigns for good reason (as defined in the agreement), he will be entitled to continue receiving
his base salary and company-paid healthcare premiums for 12 months following such termination.

Effective
July 1, 2024, Lee Arnold, Chief Science Officer of the Company, was terminated by the Company. As a result of Mr. Cipriani’s termination,
that executive employment agreement entered into by and between Mr. Arnold and the Company on February 1, 2023, (the “Employment
Agreement”), terminated July 1, 2024. In connection with his departure, Mr. Arnold is entitled to receive twelve months’ severance
and related separation benefits, consistent with the terms of his Employment Agreement.

Effective
October 3, 2024, Guy F. Cipriani, Chief Operating Officer of the Company, has departed the Company. Mr. Cipriani’s departure was
not related to the Company’s financial or operating results or to any disagreements or concerns regarding the Company’s financial
or reporting practices.

As
a result of Mr. Cipriani’s departure, that executive employment agreement entered into by and between Mr. Cipriani and the Company
on January 2, 2021, as amended (the “Employment Agreement”), terminated effective October 3, 2024. In connection with his
departure, Mr. Cipriani is entitled to receive twelve months’ severance and related separation benefits, consistent with the terms
of his Employment Agreement.

On January 4, 2021, we entered
into an executive employment agreement with Dr. LaRosa, which governs the current terms of his employment