Company: AEMD
Filing Date: 2025-07-25
Form Type: DRS
Source: 0001683168-25-005397
Chunk: 60

Company: AETHLON MEDICAL INC
Filing Date: 2025-07-25
Form: DRS
Chunk 60
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 holders
of the warrants shall only be entitled to receive from us or any successor entity, as of the date of consummation of such fundamental
transaction, the same type or form of consideration (and in the same proportion) as if the holder exercised the warrant upon such fundamental
transaction.

Rights as a Stockholder. Except
as otherwise provided in the warrants or by virtue of such holder’s ownership of shares of our common stock, the holder of a warrant
does not have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises the warrant.

| 32 |

<div align='center'>CERTAIN MATERIAL U.S. FEDERAL TAX CONSEQUENCES</div>

The following is a discussion
of certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of our shares of common stock.
This discussion applies only to shares of common stock that are held as capital assets for U.S. federal income tax purposes and is applicable
only to holders who are receiving our shares of common stock being offered in this prospectus.

This discussion is a summary
only and does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances, including
but not limited to the alternative minimum tax, the Medicare tax on certain investment income and the different consequences (such as
the effects of Section 451 of the Code) that may apply if you are subject to special rules that apply to certain types of investors, including
but not limited to:

| · | financial institutions or financial services entities;                           |
| · | broker-dealers;                                                                  |
| · | governments or agencies or instrumentalities thereof;                            |
| · | regulated investment companies;                                                  |
| · | real estate investment trusts;                                                   |
| · | expatriates or former long-term residents of the U.S.;                           |
| · | persons that actually or constructively own five percent or more of our voting   
 shares;                                                                          |
| · | insurance companies;                                                             |
| · | dealers or traders subject to a mark-to-market method of accounting with         
 respect to the common stock;                                                     |
| · | persons holding the common stock as part of a “straddle,” hedge,                 
 integrated transaction or similar transaction;                                   |
| · | U.S. holders (as defined below) whose functional currency is not the U.S.        
 dollar;                                                                          |
| · | partnerships or other pass-through entities for U.S. federal income tax purposes 
 and any beneficial owners