Company: AEMD
Filing Date: 2025-06-26
Form Type: 10-K
Source: 0001683168-25-004780
Chunk: 1372

Company: AETHLON MEDICAL INC
Filing Date: 2025-06-26
Form: 10-K
Item: Item 9A
Chunk 1372
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 held by two different people is appropriate for
a company of our size and stage of development in order to maximize efficiencies of our limited available personnel resources. Nevada
law provides that each director holds office after the expiration of his or her term until a successor is elected and qualified, or until
the director resigns or is removed, resulting in a term that extends to our next annual meeting of stockholders. Our Board of Directors
presently has an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee, on which each of Mr.
Broenniman and Ms. Rossetti serve as independent directors. In addition, Dr. Shah serves as an independent director on the Audit, Compensation
and Nominating and Corporate Governance Committees, and Mr. Gikakis serves as an independent director on the Nominating and Corporate
Governance Committees. Mr. Broenniman is Chair of the Audit Committee, Dr. Shah is Chair of the Compensation Committee and Ms. Rossetti
is Chair of the Nominating and Corporate Governance Committee.

Our Board of Directors believes
that sound governance practices and policies provide an important framework to assist them in fulfilling their duty to stockholders. Our
Board of Directors has implemented separate committees for the areas of audit, compensation and nomination of directors, annual review
of the independence of our Audit and Compensation Committee members, maintenance of a majority of independent directors and written expectations
of management and directors, among other best practices.

Our Board of Directors has
determined that four of our five current directors meet the independence requirements of the Nasdaq Capital Market, on which our common
stock is listed. In the judgment of our Board of Directors, Mr. Frakes does not meet such independence standards, as he serves as an executive
officer of the Company. In reaching its conclusions, our Board of Directors considered all relevant facts and circumstances with respect
to any direct or indirect relationships between our Company and each of the directors, including those discussed under the caption “Certain
Relationships and Related Transactions,” below. Our Board of Directors determined that any relationships that exist or existed in
the past between our Company and each of the independent directors were immaterial on the basis of the information set forth in the above-referenced
sections.

 64 

Audit Committee and Audit Committee Financial
Expert

Our Board of Directors formed
an Audit Committee in May 1999. Our Board of Directors has determined that Mr. Broenniman, due to his professional experience business
acumen and