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EXHIBIT 10.32

                          REGISTRATION RIGHTS AGREEMENT

      This REGISTRATION RIGHTS AGREEMENT (the "Agreement") is entered into as of
November 29, 2007, by and among AETHLON MEDICAL, INC., a Nevada corporation (the
"Company"), and the parties who are signatories to this Agreement (collectively
referred to as the "Holders").

      WHEREAS, the Company and the Holders entered into a certain Amended and
Restated 10% Series A Convertible Promissory Note (the "Note") in exchange for
cancelling certain prior promissory notes ("Prior Notes") and allonges
("Allonges");

      WHEREAS, in order to induce the Holders to amend the Prior Notes, the
Company has entered into this Agreement to register the shares of Common Stock
issuable upon upon exercise of the Class A Principal Warrants ("Class A
Principal Warrants"), Class A Common Stock Purchase Warrants (the "Class A
Warrants"), Class A-1 Common Stock Purchase Warrants (the "Class A-1 Warrants"),
the Class B Common Stock Purchase Warrants (the "Class B Warrants") and the
Class B-1 Common Stock Purchase Warrants (the "Class B-1 Warrants") under the
Securities Act of 1933, as amended (the "Act") in accordance with the provisions
of this Agreement.

      NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement, the parties hereto agree as follows:

      1.    DEFINITIONS.

      As used in this Agreement, the following terms shall have the following
meanings. Other capitalized terms in this Agreement will have the meanings set
forth in the Notes and the Warrants, as the case may be.

            1.1   "BUSINESS DAY" means any day except Saturday, Sunday and any
      day which shall be a legal holiday or a day on which banking institutions
      in the State of New York or the State of California are authorized or
      required by law or other government actions to close.

            1.2   "EFFECTIVENESS DATE" means, with respect to the initial
      Registration Statement required to be filed hereunder as to shares of
      Common Stock underlying the Class A Principal Warrants, the Class A
      Warrants and the Class A-1 Warrants, the ninetieth (90th) calendar day
      following the Filing Date and, with respect to any additional Registration
      Statements which may be required pursuant to Section 3.3, the ninetieth
      (90th) calendar day following the date on which the Company first knows,
      or reasonably should have known, that such additional Registration
      Statement is required hereunder; PROVIDED, HOWEVER, if the Company is
      notified by the Commission that one of the above Registration Statements
      will not be reviewed or is no longer subject to further review and
      comments, the Effectiveness Date as to such Registration Statement shall
      be the tenth (10th) Trading Day following the date on which the Company is
      so notified if such date precedes the dates required above.

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            1.3   "EFFECTIVENESS PERIOD" shall have the meaning set forth in
      Section 2.1.

            1.4   "FILING DATE" means, with respect to the initial Registration
      Statement required to be filed hereunder as to shares of Common Stock
      underlying the Class A Principal Warrants, Class A Warrants and Class A-1
      Warrants, March 31, 2008 and, with respect to any additional Registration
      Statements which may be required pursuant to Section 3.3, the thirtieth
      (30th) day following the issuance date of any of the other Warrants or
      such other date on which the Company first knows, or reasonably should
      have known that such additional Registration Statement is required
      hereunder.

            1.5   "HOLDER" or "HOLDERS" means the holder or holders, as the case
      may be, from time to time of Registrable Securities.

            1.6   "INDEMNIFIED PARTY" shall have the meaning set forth in
      Section 5.3.

            1.7   "INDEMNIFYING PARTY" shall have the meaning set forth in
      Section 5.3.

            1.8   "PROSPECTUS" means the prospectus included in a Registration
      Statement (including, without limitation, a prospectus that includes any
      information previously omitted from a prospectus filed as part of an
      effective registration statement in reliance upon Rule 430A promulgated
      under the Securities Act), as amended or supplemented by any prospectus
      supplement, with respect to the terms of the offering of any portion of
      the Registrable Securities covered by a Registration Statement, and all
      other amendments and supplements to the Prospectus, including
      post-effective amendments, and all material incorporated by reference or
      deemed to be incorporated by reference in such Prospectus.

            1.9   "REGISTRABLE SECURITIES" means all of the shares of Common
      Stock issuable upon the exercise of the Warrants together with any
      securities issued or issuable upon any stock split, dividend or other
      distribution recapitalization or similar event with respect to the
      foregoing.

            1.10  "REGISTRATION STATEMENT" means the registration statements
      required to be filed hereunder and any additional registration statements
      contemplated by Section 3.3, including (in each case) the Prospectus,
      amendments and supplements to such registration statement or Prospectus,
      including pre- and post-effective amendments, all exhibits thereto, and
      all material incorporated by reference or deemed to be incorporated by
      reference in such registration statement.

            1.11  "RULE 415" means Rule 415 promulgated by the Commission
      pursuant to the Securities Act, as such Rule may be amended from time to
      time, or any similar rule or regulation hereafter adopted by the
      Commission having substantially the same effect as such Rule.

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            1.12  "RULE 424" means Rule 424 promulgated by the Commission
      pursuant to the Securities Act, as such Rule may be amended from time to
      time, or any similar rule or regulation hereafter adopted by the
      Commission having substantially the same effect as such Rule.

            1.13  "SPECIAL COUNSEL" means one special counsel for the Holders,
      the cost of whose services will be reimbursed by the Company pursuant to
      Section 4.

            1.14  "WARRANTS" shall mean the Class A Principal Warrants, Class A
      Warrants, Class A-1 Warrants, Class B Warrants and Class B-1 Warrants
      issued to the Holders.

      2.    SHELF REGISTRATION.

            2.1   On or prior to each Filing Date, the Company shall prepare and
      file with the Commission a "Shelf" Registration Statement covering the
      resale of all Registrable Securities applicable to such Filing Date for an
      offering to be made on a continuous basis pursuant to Rule 415. The
      Registration Statement shall be on Form S-3 (except if the Company is not
      then eligible to register for resale the Registrable Securities on Form
      S-3, in which case such registration shall be on Form SB-2 or another
      appropriate form in accordance herewith) and shall contain (except if
      otherwise directed by the Holders) the "Plan of Distribution" in
      substantially the form attached hereto as EXHIBIT A. The Company shall use
      its best efforts to cause the Registration Statement to be declared
      effective under the Securities Act as promptly as possible after the
      filing thereof, but in any event prior to the applicable Effectiveness
      Date, and shall use its best efforts to keep such Registration Statement
      continuously effective under the Securities Act until the date which is
      two years after the expiration date of the Warrants or such earlier date
      when all Registrable Securities covered by such Registration Statement
      have been sold or may be sold without volume restrictions pursuant to Rule
      144(k), as determined by the counsel to the Company pursuant to a written
      opinion letter to such effect, addressed and acceptable to the Company's
      transfer agent and the affected Holders (the "EFFECTIVENESS PERIOD").

            2.2   The Registration Statements to be filed hereunder shall
      include a number of shares of Common Stock equal to no less than the sum
      of 150% of the number of shares of Common Stock issuable upon exercise in
      full of the Registrable Securities subject to such Registration Statement.

            2.3   The Company shall be subject to the provisions of Sections 2.4
      if

                  2.3.1   a Registration Statement is not filed on or prior to
            its respective Filing Date (if the Company files such Registration
            Statement without affording the Holder the opportunity to review and
            comment on the same as required by Section 3.1 hereof, the Company
            shall not be deemed to have satisfied this Subsection 2.3.1); or

                  2.3.2   a Registration Statement filed hereunder is not
            declared effective by the Commission on or prior to its
            Effectiveness Date; or

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                  2.3.3   after a Registration Statement is filed with and
            declared effective by the Commission, such Registration Statement
            ceases to be effective as to all Registrable Securities to which it
            is required to relate at any time prior to the expiration of the
            Effectiveness Period without being succeeded within ten (10)
            Business Days by an amendment to such Registration Statement or by a
            subsequent Registration Statement filed with and declared effective
            by the Commission; or

                  2.3.4   the Common Stock shall be delisted or suspended from
            trading on the New York Stock Exchange, American Stock Exchange, the
            Nasdaq Stock Market or the Nasdaq OTC Bulletin Board (each, a
            "SUBSEQUENT MARKET") for more than twenty (20) Business Days (which
            need not be consecutive Business Days); or

                  Any failure or breach set forth in this Section 2.3 is
            referred to as an "EVENT." The following are referred to as "Event
            Date": for purposes of Subsections 2.3.1 and 2.3.2, the date on
            which such Event occurs, or for purposes of Subsections 2.3.3 and
            2.3.4, the date on which such ten (10) and twenty (20) Business Day
            periods are exceeded.

            2.4   On an Event Date, the Company shall pay to each Holder, as
      liquidated damages and not as a penalty, an amount in cash equal to one
      percent (1.0%) of the original principal amount of the Notes of such
      Holder. On every month after the Event Date until the applicable Event is
      cured, the Company shall pay to each Holder, as liquidated damages and not
      as a penalty, an amount in cash equal to one and one-half percent (1.5%)
      of the original principal amount of the Notes. If the Warrants have been
      issued and are "in the money," the penalties shall be computed based on
      the value of any outstanding Warrants on an Event Date and on each month
      following an Event Date until the Event is cured. The value of the
      Warrants for such purposes shall be the difference between the closing
      price of the Common Stock on the Event Date (and after the Event Date, the
      average of the closing sales prices during the applicable month) and the
      exercise price multiplied by the number of shares of Common Stock issuable
      upon exercise of the Warrants. If the Company fails to pay any liquidated
      damages pursuant to this Section in full within seven (7) days after the
      date payable, the Company will pay interest thereon at a rate of twelve
      (12%) per annum (or such lesser maximum amount that is permitted to be
      paid by applicable law) to the Holder, accruing daily from the date such
      liquidated damages are due until such amounts, plus all such interest
      thereon, are paid in full. At the option of the Company, shares of Common
      Stock may be issued to the Holder in lieu of a cash payment for such
      liquidated damages based upon the Conversion Price then in effect,
      provided that such shares have been registered for resale by such Holder
      and the Company provides the Holder with at least five (5) Business Days'
      irrevocable notice prior to the date such payment is due. The liquidated
      damages pursuant to the terms hereof shall apply on a pro-rata basis for
      any portion of a month prior to the cure of an Event.

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      3.    REGISTRATION PROCEDURES. In connection with the Company's
registration obligations hereunder, the Company shall:

            3.1   Not less than five (5) Business Days prior to the filing of
      each Registration Statement or any related Prospectus or any amendment or
      supplement thereto (including any document that would be incorporated or
      deemed to be incorporated therein by reference), the Company shall (i)
      furnish to the Holders and their Special Counsel copies of all such
      documents proposed to be filed, which documents (other than those
      incorporated or deemed to be incorporated by reference) will be subject to
      the review of such Holders and their Special Counsel, and (ii) cause its
      officers and directors, counsel and independent certified public
      accountants to respond to such inquiries as shall be necessary, in the
      reasonable opinion of respective counsel to conduct a reasonable
      investigation within the meaning of the Securities Act. The Company shall
      not file the Registration Statement or any such Prospectus or any
      amendments or supplements thereto to which the Holders of a majority of
      the Registrable Securities and their Special Counsel shall reasonably
      object, provided the Company is notified of such objection no later than
      five (5) Business Days after the Holders have been so furnished copies of
      such documents and provided, further, that such objections relate to the
      selling shareholder information, the plan of distribution, any information
      relating to the Holders, either directly or indirectly, or the compliance
      under the Securities Act of such Registration Statement or Prospectus as
      to form.

            3.2   (i) Prepare and file with the Commission such amendments,
      including post-effective amendments, to a Registration Statement and the
      Prospectus used in connection therewith as may be necessary to keep a
      Registration Statement continuously effective as to the applicable
      Registrable Securities for the Effectiveness Period and prepare and file
      with the Commission such additional Registration Statements in order to
      register for resale under the Securities Act all of the Registrable
      Securities; (ii) cause the related Prospectus to be amended or
      supplemented by any required Prospectus supplement, and as so supplemented
      or amended to be filed pursuant to Rule 424; (iii) respond as promptly as
      reasonably possible, and in any event within ten (10) days, to any
      comments received from the Commission with respect to a Registration
      Statement or any amendment thereto and as promptly as reasonably possible
      provide the Holders true and complete copies of all correspondence from
      and to the Commission relating to a Registration Statement; and (iv)
      comply in all material respects with the provisions of the Securities Act
      and the Exchange Act with respect to the disposition of all Registrable
      Securities covered by a Registration Statement during the applicable
      period in accordance with the intended methods of disposition by the
      Holders thereof set forth in such Registration Statement as so amended or
      in such Prospectus as so supplemented.

            3.3   File additional Registration Statements (i) upon the issuance
      of the Class B Warrants or Class B-1 Warrants or (ii) if the number of
      Registrable Securities at any time exceeds seventy-five percent (75%) of
      the number of shares of Common Stock then registered for the account of
      the Holders in all existing Registration Statements hereunder.

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            3.4   Notify the Holders of Registrable Securities to be sold and
      their Special Counsel as promptly as reasonably possible (and, in the case
      of (i)(A) below, not less than five (5) Business Days prior to such
      filing) and (if requested by any such Person) confirm such notice in
      writing no later than one Business Day following the day (i)(A) when a
      Prospectus or any Prospectus supplement or post-effective amendment to a
      Registration Statement is proposed to be filed; and (B) with respect to a
      Registration Statement or any post-effective amendment, when the same has
      become effective; (ii) of the issuance by the Commission of any stop order
      suspending the effectiveness of a Registration Statement covering any or
      all of the Registrable Securities or the initiation of any Proceedings for
      that purpose; (iii) of the receipt by the Company of any notification with
      respect to the suspension of the qualification or exemption from
      qualification of any of the Registrable Securities for sale in any
      jurisdiction, or the initiation or threatening of any Proceeding for such
      purpose; and (iv) of the occurrence of any event or passage of time that
      makes the financial statements included in a Registration Statement
      ineligible for inclusion therein or any statement made in a Registration
      Statement or Prospectus or any document incorporated or deemed to be
      incorporated therein by reference untrue in any material respect or that
      requires any revisions to a Registration Statement, Prospectus or other
      documents so that, in the case of a Registration Statement or the
      Prospectus, as the case may be, it will not contain any untrue statement
      of a material fact or omit to state any material fact required to be
      stated therein or necessary to make the statements therein, in light of
      the circumstances under which they were made, not misleading.

            3.5   Promptly deliver to each Holder and their Special Counsel,
      without charge, as many copies of the Prospectus or Prospectuses,
      including each form of Prospectus, and each amendment or supplement
      thereto as such Persons may reasonably request. The Company hereby
      consents to the use of such Prospectus and each amendment or supplement
      thereto by each of the selling Holders in connection with the offering and
      sale of the Registrable Securities covered by such Prospectus and any
      amendment or supplement thereto.

            3.6   Prior to any public offering of Registrable Securities, use
      its best efforts to register or qualify or cooperate with the selling
      Holders and their Special Counsel in connection with the registration or
      qualification (or exemption from such registration or qualification) of
      such Registrable Securities for offer and sale under the securities or
      Blue Sky laws of such jurisdictions within the United States as any Holder
      requests in writing, to keep each such registration or qualification (or
      exemption therefrom) effective during the Effectiveness Period and to do
      any and all other acts or things necessary or advisable to enable the
      disposition in such jurisdictions of the Registrable Securities covered by
      a Registration Statement; provided, that the Company shall not be required
      to qualify generally to do business in any jurisdiction where it is not
      then so qualified or subject the Company to any material tax in any such
      jurisdiction where it is not then so subject.

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            3.7   Cooperate with the Holders to facilitate the timely
      preparation and delivery of certificates representing Registrable
      Securities to be delivered to a transferee pursuant to a Registration
      Statement, which certificates shall be free, to the extent permitted by
      law, of all restrictive legends, and to enable such Registrable Securities
      to be in such denominations and registered in such names as any such
      Holders may request.

            3.8   Upon the occurrence of any event contemplated this Section 3,
      as promptly as reasonably possible, prepare a supplement or amendment,
      including a post-effective amendment, to a Registration Statement or a
      supplement to the related Prospectus or any document incorporated or
      deemed to be incorporated therein by reference, and file any other
      required document so that, as thereafter delivered, neither a Registration
      Statement nor such Prospectus will contain an untrue statement of a
      material fact or omit to state a material fact required to be stated
      therein or necessary to make the statements therein, in light of the
      circumstances under which they were made, not misleading.

            3.9   Comply with all applicable rules and regulations of the
      Commission.

            3.10  Use its best efforts to avoid the issuance of, or, if issued,
      obtain the withdrawal of (i) any order suspending the effectiveness of a
      Registration Statement, or (ii) any suspension of the qualification (or
      exemption from qualification) of any of the Registrable Securities for
      sale in any jurisdiction, at the earliest practicable moment.

            3.11  Furnish to each Holder and their Special Counsel, without
      charge, at least one conformed copy of each Registration Statement and
      each amendment thereto, including financial statements and schedules, all
      documents incorporated or deemed to be incorporated therein by reference,
      and all exhibits to the extent requested by such Person (including those
      previously furnished or incorporated by reference) promptly after the
      filing of such documents with the Commission.

            3.12  Notwithstanding anything herein to the contrary, if at any
      time or from time to time during the Effectiveness Period, the Company
      notifies the Holders in writing of the existence of a Potential Material
      Event (as defined below), the Holders shall not offer or sell any
      Securities from the time of the giving of notice with respect to a
      Potential Material Event until the Holders receive written notice from the
      Company that such Potential Material Event either has been disclosed to
      the public or no longer constitutes a Potential Material Event; PROVIDED,
      HOWEVER, that, subject to Subsections 3.12.1 and 3.12.2, the Company may
      not so suspend the right to such holders of Securities for more than sixty
      (60) calendar days in the aggregate during any twelve-month period, and if
      such period is exceeded, such period shall be deemed an "Event" and the
      Company shall be liable to the Holder for liquidated damages pursuant to
      Section 2(c); PROVIDED, FURTHER, subject to Subsections 3.12.1 and 3.12.2,
      the failure to maintain a Registration Statement for not more than sixty
      (60) calendar days in the aggregate during any twelve (12) month period as
      a result of a Potential Material Event shall not be deemed a breach of
      this Agreement, provided the Company timely pays the Holder such
      liquidated damages. The Company must give the Holders at least thirty (30)
      calendar days' prior written notice that such a blackout period (without
      indicating the nature of such blackout period) will occur and such notice
      must be acknowledged in writing by the Holders. Failure to provide the
      Holders with such notice shall constitute an Event during the entire
      applicable period that the Registration Statement is suspended. "Potential
      Material Event" means any of the following:

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                  3.12.1   The Board of Directors of the Company determines, in
            its good faith judgment, that the use of any Prospectus would
            require the disclosure of important information which the Company
            has a bona fide business purpose for preserving as confidential or
            the disclosure of which would impede the Company's ability to
            consummate a significant transaction, in which event such period may
            be extended for up to thirty (30) additional days in any twelve (12)
            month period;

                  3.12.2   Company consummates any business combination for
            purposes of Rule 3-05 or Article 11 of Regulation S-X under the
            Securities Act, in which event such restricted period may be
            extended until the date on which the Company has filed such reports
            or obtained the financial information required by Rule 3-05 or
            Article 11 of Regulation S-X to be included in the Registration
            Statement, but in no event more sixty (60) additional days in any
            twelve (12) month period;

                  3.12.3   After one year from the Closing Date, the Company
            files or proposes to file a registration statement in an
            underwritten primary equity offering initiated by the Company (other
            than any registration by the Company on Form S-8), which
            underwriters are reasonably acceptable to a majority in interest of
            the Holders, or a successor or substantially similar form, of (i) an
            employee stock option, stock purchase or compensation plan or of
            securities issued or issuable pursuant to any such plan, or (ii) a
            dividend reinvestment plan), in which event such restricted period
            may be extended for thirty (30) days prior to the effective date of
            the registration statement covering such underwritten primary equity
            offering and ending on the date specified by such managing
            underwriter in such written request to each Holder, which date shall
            be no more than thirty (30) days after such effective date, during
            which the Holder agrees, if requested in writing by the managing
            underwriter or underwriters administering such offering, not to
            effect any offer, sale or distribution of Company securities (or any
            option or right to acquire Company securities;

      4.    REGISTRATION EXPENSES. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to
the Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Nasdaq OTC Bulletin Board and any Subsequent Market
on which the Common Stock is then listed for trading, and (B) in compliance with
applicable state securities or Blue Sky laws (including, without limitation,
fees and disbursements of counsel for the Company in connection with Blue Sky

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qualifications or exemptions of the Registrable Securities and determination of
the eligibility of the Registrable Securities for investment under the laws of
such jurisdictions as requested by the Holders)); (ii) printing expenses
(including, without limitation, expenses of printing certificates for
Registrable Securities and of printing prospectuses requested by the Holders);
(iii) messenger, telephone and delivery expenses; (iv) fees and disbursements of
counsel for the Company; and (v) fees and expenses of all other Persons retained
by the Company in connection with the consummation of the transactions
contemplated by this Agreement; and (vi) and fees and expenses of the Special
Counsel up to $20,000. In addition, the Company shall be responsible for all of
its internal expenses incurred in connection with the consummation of the
transactions contemplated by this Agreement (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder.

      5.    INDEMNIFICATION.

            5.1   INDEMNIFICATION BY THE COMPANY. The Company shall,
      notwithstanding any termination of this Agreement, indemnify and hold
      harmless each Holder, the officers, directors, agents, brokers (including
      brokers who offer and sell Registrable Securities as principal as a result
      of a pledge or any failure to perform under a margin call of Common
      Stock), investment advisors and employees of each of them, each Person who
      controls any such Holder (within the meaning of Section 15 of the
      Securities Act or Section 20 of the Exchange Act) and the officers,
      directors, agents and employees of each such controlling Person, to the
      fullest extent permitted by applicable law, from and against any and all
      losses, claims, damages, liabilities, costs (including, without
      limitation, costs of preparation and attorneys' fees) and expenses
      (collectively, "Losses"), as incurred, arising out of or relating to any
      untrue or alleged untrue statement of a material fact contained in a
      Registration Statement, any Prospectus or any form of prospectus or in any
      amendment or supplement thereto or in any preliminary prospectus, or
      arising out of or relating to any omission or alleged omission of a
      material fact required to be stated therein or necessary to make the
      statements therein (in the case of any Prospectus or form of prospectus or
      supplement thereto, in light of the circumstances under which they were
      made) not misleading, except to the extent, but only to the extent, that
      (i) such untrue statements or omissions are based solely upon information
      regarding such Holder furnished in writing to the Company by such Holder
      expressly for use therein, or to the extent that such information relates
      to such Holder or such Holder's proposed method of distribution of
      Registrable Securities and was reviewed and expressly approved in writing
      by such Holder expressly for use in a Registration Statement, such
      Prospectus or such form of Prospectus or in any amendment or supplement
      thereto or (ii) in the case of an occurrence of an event of the type
      specified in Section 3.4(ii)-(vi), the use by such Holder of an outdated
      or defective Prospectus after the Company has notified such Holder in
      writing that the Prospectus is outdated or defective and prior to the
      receipt by such Holder of the Advice contemplated in Section 6.5. The
      Company shall notify the Holders promptly of the institution, threat or
      assertion of any Proceeding of which the Company is aware in connection
      with the transactions contemplated by this Agreement.

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            5.2   INDEMNIFICATION BY HOLDERS. Each Holder shall, severally and
      not jointly, indemnify and hold harmless the Company, its directors,
      officers, agents and employees, each Person who controls the Company
      (within the meaning of Section 15 of the Securities Act and Section 20 of
      the Exchange Act), and the directors, officers, agents or employees of
      such controlling Persons, to the fullest extent permitted by applicable
      law, from and against all Losses (as determined by a court of competent
      jurisdiction in a final judgment not subject to appeal or review) arising
      out of or based upon any untrue statement of a material fact contained in
      any Registration Statement, any Prospectus, or any form of prospectus, or
      in any amendment or supplement thereto, or arising solely out of or based
      solely upon any omission of a material fact required to be stated therein
      or necessary to make the statements therein not misleading to the extent,
      but only to the extent, that such untrue statement or omission is
      contained in any information so furnished in writing by such Holder to the
      Company specifically for inclusion in such Registration Statement or such
      Prospectus or to the extent that (i) such untrue statements or omissions
      are based solely upon information regarding such Holder furnished in
      writing to the Company by such Holder expressly for use therein, or to the
      extent that such information relates to such Holder or such Holder's
      proposed method of distribution of Registrable Securities and was reviewed
      and expressly approved in writing by such Holder expressly for use in the
      Registration Statement, such Prospectus or such form of Prospectus or in
      any amendment or supplement thereto or (ii) in the case of an occurrence
      of an event of the type specified in Section 3(d)(ii)-(vi), the use by
      such Holder of an outdated or defective Prospectus after the Company has
      notified such Holder in writing that the Prospectus is outdated or
      defective and prior to the receipt by such Holder of the Advice
      contemplated in Section 6(e). In no event shall the liability of any
      selling Holder hereunder be greater in amount than the dollar amount of
      the net proceeds received by such Holder upon the sale of the Registrable
      Securities giving rise to such indemnification obligation.

            5.3   CONDUCT OF INDEMNIFICATION PROCEEDINGS.

                  5.3.1   If any Proceeding shall be brought or asserted against
            any Person entitled to indemnity hereunder (an "INDEMNIFIED PArty"),
            such Indemnified Party shall promptly notify the Person from whom
            indemnity is sought (the "Indemnifying Party") in writing, and the
            Indemnifying Party shall assume the defense thereof, including the
            employment of counsel reasonably satisfactory to the Indemnified
            Party and the payment of all fees and expenses incurred in
            connection with defense thereof; provided, that the failure of any
            Indemnified Party to give such notice shall not relieve the
            Indemnifying Party of its obligations or liabilities pursuant to
            this Agreement, except (and only) to the extent that it shall be
            finally determined by a court of competent jurisdiction (which
            determination is not subject to appeal or further review) that such
            failure shall have proximately and materially adversely prejudiced
            the Indemnifying Party.

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                  5.3.2   An Indemnified Party shall have the right to employ
            separate counsel in any such Proceeding and to participate in the
            defense thereof, but the fees and expenses of such counsel shall be
            at the expense of such Indemnified Party or Parties unless: (i) the
            Indemnifying Party has agreed in writing to pay such fees and
            expenses; or (ii) the Indemnifying Party shall have failed promptly
            to assume the defense of such Proceeding and to employ counsel
            reasonably satisfactory to such Indemnified Party in any such
            Proceeding; or (iii) the named parties to any such Proceeding
            (including any impleaded parties) include both such Indemnified
            Party and the Indemnifying Party, and such Indemnified Party shall
            have been advised by counsel that a conflict of interest is likely
            to exist if the same counsel were to represent such Indemnified
            Party and the Indemnifying Party (in which case, if such Indemnified
            Party notifies the Indemnifying Party in writing that it elects to
            employ separate counsel at the expense of the Indemnifying Party,
            the Indemnifying Party shall not have the right to assume the
            defense thereof and such counsel shall be at the expense of the
            Indemnifying Party). The Indemnifying Party shall not be liable for
            any settlement of any such Proceeding effected without its written
            consent, which consent shall not be unreasonably withheld. No
            Indemnifying Party shall, without the prior written consent of the
            Indemnified Party, effect any settlement of any pending Proceeding
            in respect of which any Indemnified Party is a party, unless such
            settlement includes an unconditional release of such Indemnified
            Party from all liability on claims that are the subject matter of
            such Proceeding.

                  5.3.3   All fees and expenses of the Indemnified Party
            (including reasonable fees and expenses to the extent incurred in
            connection with investigating or preparing to defend such Proceeding
            in a manner not inconsistent with this Section) shall be paid to the
            Indemnified Party, as incurred, within ten (10) Business Days of
            written notice thereof to the Indemnifying Party (regardless of
            whether it is ultimately determined that an Indemnified Party is not
            entitled to indemnification hereunder; provided, that the
            Indemnifying Party may require such Indemnified Party to undertake
            to reimburse all such fees and expenses to the extent it is finally
            judicially determined that such Indemnified Party is not entitled to
            indemnification hereunder).

            5.4   CONTRIBUTION.

                  5.4.1   If a claim for indemnification under Section 5.1 or
            5.2 is unavailable to an Indemnified Party (by reason of public
            policy or otherwise), then each Indemnifying Party, in lieu of
            indemnifying such Indemnified Party, shall contribute to the amount
            paid or payable by such Indemnified Party as a result of such
            Losses, in such proportion as is appropriate to reflect the relative
            fault of the Indemnifying Party and Indemnified Party in connection
            with the actions, statements or omissions that resulted in such
            Losses as well as any other relevant equitable considerations. The
            relative fault of such Indemnifying Party and Indemnified Party
            shall be determined by reference to, among other things, whether any

                                       11
<PAGE>

            action in question, including any untrue or alleged untrue statement
            of a material fact or omission or alleged omission of a material
            fact, has been taken or made by, or relates to information supplied
            by, such Indemnifying Party or Indemnified Party, and the parties'
            relative intent, knowledge, access to information and opportunity to
            correct or prevent such action, statement or omission. The amount
            paid or payable by a party as a result of any Losses shall be deemed
            to include, subject to the limitations set forth in Section 5.3, any
            reasonable attorneys' or other reasonable fees or expenses incurred
            by such party in connection with any Proceeding to the extent such
            party would have been indemnified for such fees or expenses if the
            indemnification provided for in this Section was available to such
            party in accordance with its terms.

                  5.4.2   The parties hereto agree that it would not be just and
            equitable if contribution pursuant to this Section 5.4 were
            determined by pro rata allocation or by any other method of
            allocation that does not take into account the equitable
            considerations referred to in the immediately preceding paragraph.
            Notwithstanding the provisions of this Section 5.4, no Holder shall
            be required to contribute, in the aggregate, any amount in excess of
            the amount by which the proceeds actually received by such Holder
            from the sale of the Registrable Securities subject to the
            Proceeding exceeds the amount of any damages that such Holder has
            otherwise been required to pay by reason of such untrue or alleged
            untrue statement or omission or alleged omission.

                  5.4.3   The indemnity and contribution agreements contained in
            this Section are in addition to any liability that the Indemnifying
            Parties may have to the Indemnified Parties.

      6.    MISCELLANEOUS.

            6.1   AMENDMENTS AND WAIVERS. The provisions of this Agreement,
      including the provisions of this sentence, may not be amended, modified or
      supplemented, and waivers or consents to departures from the provisions
      hereof may not be given, unless the same shall be in writing and signed by
      the Company and the Holders of at least two-thirds of the then outstanding
      Registrable Securities. Notwithstanding the foregoing, a waiver or consent
      to depart from the provisions hereof with respect to a matter that relates
      exclusively to the rights of Holders and that does not directly or
      indirectly affect the rights of other Holders may be given by Holders of
      at least a majority of the Registrable Securities to which such waiver or
      consent relates; PROVIDED, HOWEVER, that the provisions of this sentence
      may not be amended, modified, or supplemented except in accordance with
      the provisions of the immediately preceding sentence.

            6.2   NO INCONSISTENT AGREEMENTS. Neither the Company nor any of its
      subsidiaries has entered, as of the date hereof, nor shall the Company or
      any of its subsidiaries, on or after the date of this Agreement, enter
      into any agreement with respect to its securities, that would have the
      effect of impairing the rights granted to the Holders in this Agreement or
      otherwise conflicts with the provisions hereof. Except as and to the
      extent specified in Schedule 6.2 hereto, neither the Company nor any of
      its subsidiaries has previously entered into any agreement granting any
      registration rights with respect to any of its securities to any Person
      that have not been satisfied in full.

                                       12
<PAGE>

            6.3   NO PIGGYBACK ON REGISTRATIONS. Except as and to the extent
      specified in Schedule 6.3 hereto, neither the Company nor any of its
      security holders (other than the Holders in such capacity pursuant hereto)
      may include securities of the Company in the Registration Statement other
      than the Registrable Securities, and the Company shall not after the date
      hereof enter into any agreement providing any such right to any of its
      security holders.

            6.4   COMPLIANCE. Each Holder covenants and agrees that it will
      comply with the prospectus delivery requirements of the Securities Act as
      applicable to it in connection with sales of Registrable Securities
      pursuant to the Registration Statement.

            6.5   DISCONTINUED DISPOSITION. Each Holder agrees by its
      acquisition of such Registrable Securities that, upon receipt of a notice
      from the Company of the occurrence of any event of the kind described in
      Sections 3.4, such Holder will forthwith discontinue disposition of such
      Registrable Securities under a Registration Statement until such Holder's
      receipt of the copies of the supplemented Prospectus and/or amended
      Registration Statement contemplated by Section 3.8, or until it is advised
      in writing (the "Advice") by the Company that the use of the applicable
      Prospectus may be resumed, and, in either case, has received copies of any
      additional or supplemental filings that are incorporated or deemed to be
      incorporated by reference in such Prospectus or Registration Statement.
      The Company may provide appropriate stop orders to enforce the provisions
      of this paragraph.

            6.6   PIGGY-BACK REGISTRATIONS. If at any time during the
      Effectiveness Period there is not an effective Registration Statement
      covering all of the Registrable Securities and the Company shall determine
      to prepare and file with the Commission a registration statement relating
      to an offering for its own account or the account of others under the
      Securities Act of any of its equity securities, other than on Form S-4 or
      Form S-8 (each as promulgated under the Securities Act) or their then
      equivalents relating to equity securities to be issued solely in
      connection with any acquisition of any entity or business or equity
      securities issuable in connection with stock option or other employee
      benefit plans, then the Company shall send to each Holder written notice
      of such determination and, if within fifteen (15) days after receipt of
      such notice, any such Holder shall so request in writing, the Company
      shall include in such registration statement all or any part of such
      Registrable Securities such holder requests to be registered, subject to
      customary underwriter cutbacks applicable to all Holders of registration
      rights; provided, that, the Company shall not be required to register any
      Registrable Securities pursuant to this Section 6.6 that are eligible for
      resale pursuant to Rule 144(k) promulgated under the Securities Act.

                                       13
<PAGE>

            6.7   NOTICES. Any and all notices or other communications or
      deliveries required or permitted to be provided hereunder shall be
      delivered as set forth in the Purchase Agreement.

            6.8   SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
      benefit of and be binding upon the successors and permitted assigns of
      each of the parties and shall inure to the benefit of each Holder. The
      Company may not assign its rights or obligations hereunder without the
      prior written consent of each Holder. Each Holder may assign their
      respective rights hereunder in the manner and to the Persons as permitted
      under the Purchase Agreement.

            6.9   COUNTERPARTS. This Agreement may be executed in any number of
      counterparts, each of which when so executed shall be deemed to be an
      original and, all of which taken together shall constitute one and the
      same Agreement. In the event that any signature is delivered by facsimile
      transmission, such signature shall create a valid binding obligation of
      the party executing (or on whose behalf such signature is executed) the
      same with the same force and effect as if such facsimile signature were
      the original thereof.

            6.10  GOVERNING LAW. All questions concerning the construction,
      validity, enforcement and interpretation of this Agreement shall be
      governed by and construed and enforced in accordance with the internal
      laws of the State of California, without regard to the principles of
      conflicts of law thereof. Each party hereby irrevocably submits to the
      exclusive jurisdiction of the state and federal courts sitting in the City
      of San Diego, for the adjudication of any dispute hereunder or in
      connection herewith or with any transaction contemplated hereby or
      discussed herein, and hereby irrevocably waives, and agrees not to assert
      in any suit, action or proceeding, any claim that it is not personally
      subject to the jurisdiction of any such court, that such suit, action or
      proceeding is improper. Each party hereby irrevocably waives personal
      service of process and consents to process being served in any such suit,
      action or proceeding by mailing a copy thereof to such party at the
      address in effect for notices to it under this Agreement and agrees that
      such service shall constitute good and sufficient service of process and
      notice thereof. Nothing contained herein shall be deemed to limit in any
      way any right to serve process in any manner permitted by law. Each party
      hereto hereby irrevocably waives, to the fullest extent permitted by
      applicable law, any and all right to trial by jury in any legal proceeding
      arising out of or relating to this Agreement or the transactions
      contemplated hereby. If either party shall commence a Proceeding to
      enforce any provisions of this Agreement, then the prevailing party in
      such Proceeding shall be reimbursed by the other party for its attorney's
      fees and other costs and expenses incurred with the investigation,
      preparation and prosecution of such Proceeding.

            6.11  CUMULATIVE REMEDIES. The remedies provided herein are
      cumulative and not exclusive of any remedies provided by law.

                                       14
<PAGE>

            6.12  SEVERABILITY. If any term, provision, covenant or restriction
      of this Agreement is held by a court of competent jurisdiction to be
      invalid, illegal, void or unenforceable, the remainder of the terms,
      provisions, covenants and restrictions set forth herein shall remain in
      full force and effect and shall in no way be affected, impaired or
      invalidated, and the parties hereto shall use their reasonable efforts to
      find and employ an alternative means to achieve the same or substantially
      the same result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of
      the parties that they would have executed the remaining terms, provisions,
      covenants and restrictions without including any of such that may be
      hereafter declared invalid, illegal, void or unenforceable.

            6.13  HEADINGS. The headings in this Agreement are for convenience
      of reference only and shall not limit or otherwise affect the meaning
      hereof.

            6.14  INDEPENDENT NATURE OF PURCHASERS' OBLIGATIONS AND RIGHTS. The
      obligations of each Purchaser hereunder is several and not joint with the
      obligations of any other Purchaser hereunder, and no Purchaser shall be
      responsible in any way for the performance of the obligations of any other
      Purchaser hereunder. Nothing contained herein or in any other agreement or
      document delivered at any closing, and no action taken by any Purchaser
      pursuant hereto or thereto, shall be deemed to constitute the Purchasers
      as a partnership, an association, a joint venture or any other kind of
      entity, or create a presumption that the Purchasers are in any way acting
      in concert with respect to such obligations or the transactions
      contemplated by this Agreement. Each Purchaser shall be entitled to
      protect and enforce its rights, including without limitation the rights
      arising out of this Agreement, and it shall not be necessary for any other
      Purchaser to be joined as an additional party in any proceeding for such
      purpose.

      IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                                          AETHLON MEDICAL, INC.

                                          By: /s/ James Joyce
                                             -----------------------------------
                                          Name:  James Joyce
                                          Title: President and Chief Executive
                                                 Officer

                                       15
<PAGE>

             HOLDER SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

________________________________
Signature of Holder

                                                     $_________________
                                           Outstanding Principal Amount of Notes

________________________________
Name of Holder

                                       16
<PAGE>

                                    EXHIBIT A

                              PLAN OF DISTRIBUTION

      The Selling Stockholders and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their shares
of Common Stock on any stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. The Selling Stockholders may use any one or more of the
following methods when selling shares:

      o     ordinary brokerage transactions and transactions in which the
            broker-dealer solicits purchasers;

      o     block trades in which the broker-dealer will attempt to sell the
            shares as agent but may position and resell a portion of the block
            as principal to facilitate the transaction;

      o     purchases by a broker-dealer as principal and resale by the
            broker-dealer for its account;

      o     an exchange distribution in accordance with the rules of the
            applicable exchange;

      o     privately negotiated transactions;

      o     short sales;

      o     broker-dealers may agree with the Selling Stockholders to sell a
            specified number of such shares at a stipulated price per share;

      o     a combination of any such methods of sale; and

      o     any other method permitted pursuant to applicable law.

      The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act of 1933, if available, rather than under this prospectus.
Broker-dealers engaged by the Selling Stockholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as
agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The Selling Stockholders do not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

      The Selling Stockholders may from time to time pledge or grant a security
interest in some or all of the Shares or Common Stock or Warrant owned by them
and, if they default in the performance of their secured obligations, the
pledgees or secured parties may offer and sell the shares of common stock from
time to time under this prospectus, or under an amendment to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act
amending the list of Selling Stockholders to include the pledgee, transferee or
other successors in interest as Selling Stockholders under this prospectus.

                                       17
<PAGE>

      The Selling Stockholders also may transfer the shares of Common Stock in
other circumstances, in which case the transferees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this
prospectus.

      The Selling Stockholders and any broker-dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The Selling Stockholders have
informed the Company that it does not have any agreement or understanding,
directly or indirectly, with any person to distribute the Common Stock.

      The Company is required to pay all fees and expenses incident to the
registration of the shares. The Company has agreed to indemnify the Selling
Stockholders against certain losses, claims, damages and liabilities, including
liabilities under the Securities Act.

                                       18<PAGE>

EXHIBIT 10.33

THESE SECURITIES MAY NOT BE OFFERED OR SOLD UNLESS AT THE TIME OF SUCH OFFER OR
SALE, THE PERSON MAKING SUCH OFFER OR SALE DELIVERS A PROSPECTUS MEETING THE
REQUIREMENTS OF SECTION 10 OF THE SECURITIES ACT OF 1933, AS AMENDED ("ACT"),
FORMING A PART OF A REGISTRATION STATEMENT, OR POST-EFFECTIVE AMENDMENT THERETO,
WHICH IS EFFECTIVE UNDER SAID ACT, UNLESS IN THE OPINION OF COUNSEL TO THE
CORPORATION, SUCH OFFER AND SALE IS EXEMPT FROM THE PROVISIONS OF SECTION 5 OF
SAID ACT.

WARRANT NO: ______

                                     CLASS A
                          COMMON STOCK PURCHASE WARRANT
                               ("CLASS A WARRANT")
                                       OF

                              AETHLON MEDICAL, INC.

      Aethlon Medical, Inc. (the "Company"), a Nevada corporation, hereby
certifies that, for value received of $.001 per Warrant, _____________________
(the "Holder"), whose address is ___________________________________, is
entitled, subject to the terms set forth below at any time or from time to time
after the date hereof and before the Expiration Date (as defined below), to
purchase from the Company ________________ shares (the "Shares") of Common
Stock, $ .001 par value, at a price of $0.20 per Share (the purchase price per
Share, as adjusted from time to time pursuant to the provisions hereunder set
forth, is referred to in this Warrant as the "Purchase Price"). The Warrant is
being issued as a part of a Unit consisting of this Warrant and one share of
Common Stock in consideration for accrued interest due under that certain
Amended and Restated 10% Series A Convertible Note entered into between the
Company and the Holder (the "Note").

1.    TERMS OF THE WARRANT.

      1.1   TIME OF EXERCISE. Subject to the provisions of Sections 1.5,
"Transfer and Assignment," and 3.1, "Registration and Legends," this Warrant may
be exercised at any time and from time to time after 9:00 a.m., P.S.T., on
January 3, 2008 (the "Exercise Commencement Date"), but no later than 5:00 p.m.,
P.S.T., January 3, 2013 (the "Expiration Date"), at which point it shall become
void and all rights under this Warrant shall cease. If this Warrant is exercised
in whole or in part on or before February 15, 2010, the Company will issue to
the Holder one Class B Common Stock Purchase Warrant ("Class B Warrant") for
every two Shares purchased under this Warrant.

      1.2   MANNER OF EXERCISE.

            1.2.1   Upon compliance with and subject to the conditions set forth
in this Warrant, the Holder may exercise this Warrant, in whole or in part, upon
surrender of this Warrant with the form of subscription attached hereto duly
executed to the Company at its corporate office at the address indicated in this
Warrant, together with the full Purchase Price for each Share to be purchased
(i) in lawful money of the United States, or by certified check, bank draft or
postal or express money order payable in United States dollars to the order of
the Company or (ii) a manner acceptable to the Company.

<PAGE>

            1.2.2   Upon receipt of this Warrant with the form of subscription
duly executed and accompanied by payment of the aggregate Purchase Price for the
Shares for which this Warrant is then being exercised, the Company shall cause
to be issued certificates or other evidence of ownership, for the total number
of whole Shares for which this Warrant is being exercised in such denominations
as are required for delivery to the Holder, and the Company shall thereupon
deliver such documents to the Holder or its nominee.

            1.2.3   If the Holder exercises this Warrant with respect to fewer
than all of the Shares that may be purchased under this Warrant, the Company
shall execute a new Warrant for the balance of the Shares that may be purchased
upon exercise of this Warrant and deliver such new Warrant to the Holder.

            1.2.4   The Company covenants and agrees that it will pay when due
and payable any and all taxes which may be payable in respect of the issue of
this Warrant, or the issue of any Shares upon the exercise of this Warrant. The
Company shall not, however, be required to pay any tax which may be payable in
respect of any transfer involved in the issuance or delivery of this Warrant or
of the Shares in a name other than that of the Holder at the time of surrender,
and until the payment of such tax, the Company shall not be required to issue
such Shares.

            1.2.5   The Company shall, at the time of any exercise of all or
part of this Warrant, upon the request of the Holder hereof, acknowledge in
writing its continuing obligation to afford to such Holder any rights to which
such Holders shall continue to be entitled after such exercise in accordance
with the provisions of this Warrant, provided that if the Holder of this Warrant
shall fail to make any such request, such failure shall not affect the
continuing obligations of the Company to afford to such Holder any such rights.

      1.3   EXCHANGE OF WARRANT. This Warrant may be split-up, combined or
exchanged for another Warrant or Warrants of like tenor to purchase a like
aggregate number of Shares. If the Holder desires to split-up, combine or
exchange this Warrant, it shall make such request in writing delivered to the
Company at its corporate office and shall surrender this Warrant and any other
Warrants to be so split-up, combined or exchanged, the Company shall execute and
deliver to the person entitled thereto a Warrant or Warrants, as the case may
be, as so requested. The Company shall not be required to effect any split-up,
combination or exchange which will result in the issuance of a Warrant entitling
the Holder to purchase upon exercise a fraction of a Share. The Company may
require the Holder to pay a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any split-up, combination or
exchange of Warrants. The term "Warrant" as used herein includes any Warrants
issued in substitution for or replacement of this Warrant, or into which this
Warrant may be divided or exchanged.

      1.4   HOLDER AS OWNER. Prior to due presentment for registration of
transfer of this Warrant, the Company may deem and treat the Holder as the
absolute owner of this Warrant (notwithstanding any notation of ownership or
other writing hereon) for the purpose of any exercise hereof and for all other
purposes, and the Company shall not be affected by any notice to the contrary.
Irrespective of the date of issue and delivery of certificates for any Shares
issuable upon the exercise of the Warrant, each person in whose name any such
certificate is issued shall be deemed to have become the holder of record of the
Shares represented thereby on the date on which all or a portion of the Warrant
surrendered in connection with the subscription therefor was surrendered and

                                      -2-
<PAGE>

payment of the purchase price was tendered. No surrender of all or a portion of
the Warrant on any date when the stock transfer books of the Company are closed,
however, shall be effective to constitute the person or persons entitled to
receive Shares upon such surrender as the record holder of such Shares on such
date, but such person or persons shall be constituted the record holder or
holders of such Shares at the close of business on the next succeeding date on
which the stock transfer books are opened. Each person holding any Shares
received upon exercise of Warrant shall be entitled to receive only dividends or
distributions payable to holders of record on or after the date on which such
person shall be deemed to have become the holder of record of such Shares.

      1.5   TRANSFER AND ASSIGNMENT. This Warrant may not be sold, hypothecated,
exercised, assigned or transferred except in accordance with and subject to the
provisions of the Securities Act of 1933, as amended (the "Act"), including
limiting such transfers to Accredited Investors as that term is defined under
Regulation D of the Act.

      1.6   METHOD FOR ASSIGNMENT. Any assignment permitted under this Warrant
shall be made by surrender of this Warrant to the Company at its principal
office with the form of assignment attached hereto duly executed and funds
sufficient to pay any transfer tax. In such event, the Company shall, without
charge, execute and deliver a new Warrant in the name of the assignee designated
in such instrument of assignment and this Warrant shall promptly be canceled.
This Warrant may be divided or combined with other Warrants which carry the same
rights upon presentation thereof at the corporate office of the Company together
with a written notice signed by the Holder, specifying the names and
denominations in which such new Warrants are to be issued.

      1.7   RIGHTS OF HOLDER. Nothing contained in this Warrant shall be
construed as conferring upon the Holder the right to vote or consent or receive
notice as a stockholder in respect of any meetings of stockholders for the
election of directors or any other matter, or as having any rights whatsoever as
a stockholder of the Company. If, however, at any time prior to the expiration
of this Warrant and prior to its exercise, any of the following shall occur:

            1.7.1   The Company shall take a record of the holders of its shares
of Common Stock for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution
payable otherwise than out of current or retained earnings, as indicated by the
accounting treatment of such dividend or distribution on the books of the
Company; or

            1.7.2   The Company shall offer to the holders of its Common Stock
any additional shares of capital stock of the Company or securities convertible
into or exchangeable for shares of capital stock of the Company, or any option,
right or warrant to subscribe therefor; or

            1.7.3   There shall be proposed any capital reorganization or
reclassification of the Common Stock, or a sale of all or substantially all of
the assets of the Company, or a consolidation or merger of the Company with
another entity; or

                                      -3-
<PAGE>

            1.7.4   There shall be proposed a voluntary or involuntary
dissolution, liquidation or winding up of the Company; then, in any one or more
of said cases, the Company shall cause to be mailed to the Holder, at the
earliest practicable time (and, in any event, not less than thirty (30) days
before any record date or other date set for definitive action), written notice
of the date on which the books of the Company shall close or a record shall be
taken to determine the stockholders entitled to such dividend, distribution,
convertible or exchangeable securities or subscription rights, or entitled to
vote on such reorganization, reclassification, sale, consolidation, merger,
dissolution, liquidation or winding up, as the case may be. Such notice shall
also set forth such facts as shall indicate the effect of such action (to the
extent such effect may be known at the date of such notice) on the Purchase
Price and the kind and amount of the Common Stock and other securities and
property deliverable upon exercise of this Warrant. Such notice shall also
specify the date as of which the holders of the Common Stock of record shall
participate in said distribution or subscription rights or shall be entitled to
exchange their Common Stock for securities or other property deliverable upon
such reorganization, reclassification, sale, consolidation, merger, dissolution,
liquidation or winding up, as the case may be (on which date, in the event of
voluntary or involuntary dissolution, liquidation or winding up of the Company,
the right to exercise this Warrant shall terminate). Without limiting the
obligation of the Company to provide notice to the holder of actions hereunder,
it is agreed that failure of the Company to give notice shall not invalidate
such action of the Company.

      1.8   LOST WARRANT CERTIFICATE(S). Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and, in the case of loss, theft or destruction of reasonably
satisfactory indemnification, including a surety bond if required by the
Company, and upon surrender and cancellation of this Warrant, if mutilated, the
Company will cause to be executed and delivered a new Warrant of like tenor and
date. Any such new Warrant executed and delivered shall constitute an additional
contractual obligation on the part of the Company, whether or not this Warrant
so lost, stolen, destroyed, or mutilated shall be at any time enforceable by
anyone.

      1.9   COVENANTS OF THE COMPANY. The Company covenants and agrees as
follows:

            1.9.1   At all times it shall reserve and keep available for the
exercise of this Warrant into Common Stock such number of authorized shares of
Common Stock as are sufficient to permit the exercise in full of this Warrant
into Common Stock; and

            1.9.2   All Shares issued upon exercise of the Warrant shall be duly
authorized, validly issued and outstanding, fully-paid and non-assessable.

      1.10  LIMITATION ON EXERCISE RIGHTS. Notwithstanding any other provision
of Section 1 to the contrary, the Holder shall not be entitled to exercise this
Warrant and any other Warrant (the "Related Warrants") issued by the Company to
the Holder or convert any of the Notes issued by the Company to the Holder into
Common Stock in excess of that number of shares of Common Stock which, upon
giving effect to such conversion, would cause the aggregate number of shares of
Common Stock beneficially owned by the Holder and its Affiliates to exceed 9.9%
of the outstanding shares of the Common Stock following such conversion. For
purposes of the foregoing provision, the aggregate number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the

                                      -4-
<PAGE>

number of shares of Common Stock beneficially owned and those shares issuable
upon conversion of all Notes and Related Warrants with respect to which the
determination of such provision is being made, but shall exclude the number of
shares of Common Stock that would be issuable upon (i) conversion of the
remaining principal amount(s) of all Notes and the Related Warrants beneficially
owned by the Holder and its Affiliates and (ii) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company into
Common Stock beneficially owned by the Holder and its Affiliates that are
subject to a limitation on conversion or exercise analogous to the limitation
contained in this Note. For purposes of this Section, in determining the number
of outstanding shares of Common Stock the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (a) the Company's most recent
Form 10-Q or Form 10-K, as the case may be, or (b) more recent public
announcement by the Company or (c) any other written communication by the
Company or its Transfer Agent setting forth the number of shares of Common Stock
outstanding. Upon the reasonable written or oral request of the Holder, the
Company shall promptly confirm orally and in writing to the Holder the number of
shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to any
conversions, exercises or purchases by the Holder since the date as of which
such number of outstanding shares of Common Stock was reported. Except as
otherwise set forth herein, beneficial ownership shall be determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). For purposes of this Warrant, an "Affiliate" of any
specified Person means any other Person directly or indirectly controlling or
controlled by or under common control with such specified Person. A "Person"
means any individual, corporation, partnership, joint venture, trust, estate or
unincorporated organization.

2.    ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES PURCHASABLE UPON
      EXERCISE.

      2.1   RECAPITALIZATION. The number of Shares purchasable on exercise of
this Warrant and the Purchase Price therefor shall be subject to adjustment from
time to time in the event that the Company shall: (i) pay a dividend in, or make
a distribution of, shares of Common Stock; (ii) subdivide its outstanding shares
of Common Stock into a greater number of shares; (iii) combine its outstanding
shares of Common Stock into a smaller number of shares; or (iv) spin-off a
subsidiary by distributing, as a dividend or otherwise, shares of the subsidiary
to its stockholders. In any such case, the total number of shares purchasable on
exercise of this Warrant immediately prior thereto shall be adjusted so that the
Holder shall be entitled to receive, at the same aggregate purchase price, the
number of shares of Common Stock that the Holder would have owned or would have
been entitled to receive immediately following the occurrence of any of the
events described above had this Warrant been exercised in full immediately prior
to the occurrence (or applicable record date) of such event. An adjustment made
pursuant to this Paragraph 2 shall, in the case of a stock dividend or
distribution, be made as of the record date and, in the case of a subdivision or
combination, be made as of the effective date thereof. If, as a result of any
adjustment pursuant to this Paragraph 2, the Holder shall become entitled to
receive shares of two or more classes of series of securities of the Company,
the Board of Directors of the Company shall equitably determine the allocation
of the adjusted purchase price between or among shares or other units of such
classes or series and shall notify the Holder of such allocation.

                                      -5-
<PAGE>

      2.2   MERGER OR CONSOLIDATION. In the event of any reorganization or
recapitalization of the Company or in the event the Company consolidates with or
merges into another entity or transfers all or substantially all of its assets
to another entity, then and in each such event, the Holder, on exercise of this
Warrant as provided herein, at any time after the consummation of such
reorganization, recapitalization, consolidation, merger or transfer, shall be
entitled, and the documents executed to effectuate such event shall so provide,
to receive the stock or other securities or property to which the Holder would
have been entitled upon such consummation if the Holder had exercised this
Warrant immediately prior thereto. In such case, the terms of this Warrant shall
survive the consummation of any such reorganization, recapitalization,
consolidation, merger or transfer and shall be applicable to the shares of stock
or other securities or property receivable on the exercise of this Warrant after
such consummation. and as an exchange for a larger or smaller number of shares,
as the case may be.

      2.3   NOTICE OF DISSOLUTION OR LIQUIDATION. Except as otherwise provided
in Section 2.2, "Merger or Consolidation," in the case of any sale or conveyance
of all or substantially all of the assets of the Company in connection with a
plan of complete liquidation of the Company, or in the case of the dissolution,
liquidation or winding-up of the Company, all rights under this Warrant shall
terminate on a date fixed by the Company, such date so fixed to be not earlier
than the date of the commencement of the proceedings for such dissolution,
liquidation or winding-up and not later than thirty (30) days after such
commencement date. Notice of such termination of purchase rights shall be given
to the Holder at least thirty (30) days prior to such termination date.

      2.4   STATEMENT OF ADJUSTMENT. Any adjustment pursuant to the provisions
of this Section 2 shall be made on the basis of the number of Shares which the
Holder would have been entitled to acquire by exercise of this Warrant
immediately prior to the event giving rise to such adjustment and, as to the
Purchase Price in effect immediately prior to the rise to such adjustment.
Whenever any such adjustment is required to be made, the Company shall forthwith
determine the new number of Shares which the Holder hereof shall be entitled to
purchase hereunder and/or such new Purchase Price and shall prepare, retain on
file and transmit to the Holder within ten (10) days after such preparation a
statement describing in reasonable detail the method used in calculating such
adjustment.

      2.5   NO FRACTIONAL SHARES. The Company shall not issue any fraction of a
Share in connection with the exercise of this Warrant, and in any case where the
Holder would, except for the provisions of this Section 2.5, be entitled under
the terms of this Warrant to receive a fraction of a Share upon such exercise,
the Company shall upon the exercise and receipt of the Purchase Price, issue the
largest number of whole Shares purchasable upon exercise of this Warrant. The
Company shall not be required to make any cash or other adjustment in respect of
such fraction of a Share to which the Holder would otherwise be entitled. The
Holder, by the acceptance of this Warrant, expressly waives his right to receive
a certificate for any fraction of a Share upon exercise hereof.

      2.6   NO CHANGE IN FORM REQUIRED. The form of Warrant need not be changed
because of any change pursuant to this Section 2 in the Purchase Price or in the
number of Shares purchasable upon the exercise of a Warrant, may state the same
Purchase Price and the same number of shares of Common Stock as are stated in
the Warrants initially issued pursuant to the Agreement.

                                      -6-
<PAGE>

3.    REGISTRATION UNDER THE SECURITIES ACT OF 1933.

      3.1   REGISTRATION AND LEGENDS. The Holder understands that (i) the
Company has not registered the Warrant or the Shares under the Act, or the
applicable securities laws of any state in reliance on exemptions from
registration and (ii) such exemptions depend upon the Holder's investment intent
at the time the Holder acquires the Warrant or the Shares. The Holder therefore
represents and warrants that it is acquiring the Warrant, and will acquire the
Shares, for the Holder's own account for investment and not with a view to
distribution, assignment, resale or other transfer of the Warrant or the Shares.
Because the Warrant and the Shares are not registered, the Holder is aware that
the Holder must hold them indefinitely unless they are registered under the Act
and any applicable securities laws or the Holder must obtain exemptions from
such registration. Upon exercise, in part or in whole, of this Warrant, the
Shares shall bear the following legend:

            The shares of Common Stock represented by this certificate
      have not been registered under the Securities Act of 1933, as
      amended ("Act") or any applicable state securities laws, and
      they may not be offered for sale, sold, transferred, pledged
      or hypothecated without an effective registration statement
      under the Securities Act and under any applicable state
      securities laws, or an opinion of counsel, satisfactory to the
      company, that an exemption from such registration is
      available.

      3.2   NO-ACTION LETTER. The Company agrees that it will be satisfied that
no post-effective amendment or new registration is required for the public sale
of the Shares if it shall be presented with a letter from the Staff of the
Securities and Exchange Commission (the "Commission"), stating in effect that,
based upon stated facts which the Company shall have no reason to believe are
not true in any material respect, the Staff will not recommend any action to the
Commission if such Shares are offered and sold without delivery of a prospectus,
and that, therefore, no Registration Statement under which such shares are to be
registered is required to be filed.

      3.3   REGISTRATION RIGHTS. The Holder shall have the right, under the
terms of a Registration Rights Agreement dated November 29, 2007 between the
Holder and the Company, to cause the Company to register the Common Stock
underlying this Warrant (the "Underlying Common Stock") in a Registration
Statement under the Securities Act of 1933, as amended (the "Act"), filed by the
Company with the Securities and Exchange Commission (the "SEC").

      3.4   RULE 144. If the Company (a) has or registers a class of securities
under Section 12 of the Exchange Act or (b) has or commences to file reports
under Section 13 or 15(d) of the Exchange Act, then, at the request of any
Holder who proposes to sell securities in compliance with Rule 144 of the SEC,
the Company will (i) forthwith furnish to such holder a written statement of
compliance with the filing requirements of the SEC as set forth in Rule 144, as
such rules may be amended from time to time and (ii) make available to the
public and such Holder such information and take such other action as it
requested by the Holder as will enable the Holder to make sales pursuant to Rule
144.

                                      -7-
<PAGE>

      3.5   AGREEMENTS. The agreements in this Section shall continue in effect
regardless of the exercise and surrender of this Warrant.

4.    RESERVATION OF SHARES. The Company shall at all times reserve, for the
purpose of issuance on exercise of this Warrant such number of shares of Common
Stock or such class or classes of capital stock or other securities as shall
from time to time be sufficient to comply with this Warrant and the Company
shall take such corporate action as may, in the opinion of its counsel, be
necessary to increase its authorized and unissued Common Stock or such other
class or classes of capital stock or other securities to such number as shall be
sufficient for that purpose.

5.    SURVIVAL. All agreements, covenants, representations and warranties herein
shall survive the execution and delivery of this Warrant and any investigation
at any time made by or on behalf of any parties hereto and the exercise, sale
and purchase of this Warrant (and any other securities or property) issuable on
exercise hereof.

6.    REMEDIES. The Company agrees that the remedies at law of the Holder, in
the event of any default or threatened default by the Company in the performance
or compliance with any of the terms of this Warrant, may not be adequate and
such terms may, in addition to and not in lieu of any other remedy, be
specifically enforced by a decree of specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise.

7.    OTHER MATTERS.

      7.1   BINDING EFFECT. All the covenants and provisions of this Warrant by
or for the benefit of the Company shall bind and inure to the benefit of its
successors and assigns hereunder.

      7.2   NOTICES. Notices or demands pursuant to this Warrant to be given or
made by the Holder to or on the Company shall be sufficiently given or made if
sent by certified or registered mail, return receipt requested, postage prepaid,
and addressed, until another address is designated in writing by the Company, as
follows:

                            Aethlon Medical, Inc.
                            3030 Bunker Hill Street
                            Suite 4000
                            San Diego, CA 92109
                            Attn: President

Notices to the Holder provided for in this Warrant shall be deemed given or made
by the Company if sent by certified or registered mail, return receipt
requested, postage prepaid, and addressed to the Holder at the Holder's last
known address as it shall appear on the books of the Company.

                                      -8-
<PAGE>

      7.3   GOVERNING LAW. The validity, interpretation and performance of this
Warrant shall be governed by the laws of the State of California.

      7.4   PARTIES BOUND AND BENEFITTED. Nothing in this Warrant expressed and
nothing that may be implied from any of the provisions hereof is intended, or
shall be construed, to confer upon, or give to, any person or corporation other
than the Company and the Holder any right, remedy or claim under promise or
agreement hereof, and all covenants, conditions, stipulations, promises and
agreements contained in this Warrant shall be for the sole and exclusive benefit
of the Company and its successors and of the Holder, its successors and, if
permitted, its assignees.

      7.5   HEADINGS. The Article headings herein are for convenience only and
are not part of this Warrant and shall not affect the interpretation thereof.

      IN WITNESS WHEREOF, this Warrant has been duly executed by the Company
under its corporate seal as of the 29th day of November, 2007.

                                         AETHLON MEDICAL, INC.

                                         By: /s/ James A. Joyce
                                            --------------------------------
                                            James A. Joyce
                                            Chairman and Chief Executive Officer

                                      -9-
<PAGE>

                              AETHLON MEDICAL, INC.

                                   ASSIGNMENT

      FOR VALUE RECEIVED, _____________________________________ hereby sells,
assigns and transfers unto ____________________________________________________
the within Warrant and the rights represented thereby, and does hereby
irrevocably constitute and appoint ______________________________________
Attorney, to transfer said Warrant on the books of the Company, with full power
of substitution.

Dated:________________________

                                      Signed:___________________________________

                                      Print Name:_______________________________

<PAGE>

                                SUBSCRIPTION FORM

                              AETHLON MEDICAL, INC.
                             3030 BUNKER HILL STREET
                            SUITE 4000, SAN DIEGO, CA

      The undersigned hereby irrevocably subscribes for the purchase of _____
shares of Common Stock (the "Shares"), pursuant to and in accordance with the
terms and conditions of this Warrant, and herewith makes payment, covering the
purchase of the Shares, which should be delivered to the undersigned at the
address stated below, and, if such number of Shares shall not be all of the
Shares purchasable hereunder, then a new Warrant of like tenor for the balance
of the remaining Shares purchasable under this Warrant be delivered to the
undersigned at the address stated below.

      The undersigned agrees that: (1) the undersigned will not offer, sell,
transfer or otherwise dispose of any such Shares, unless either (a) a
registration statement, or post-effective amendment thereto, covering such
Shares have been filed with the Securities and Exchange Commission pursuant to
the Securities Act of 1933, as amended (the "Act"), and such sale, transfer or
other disposition is accompanied by a prospectus meeting the requirements of
Section 10 of the Act forming a part of such registration statement, or
post-effective amendment thereto, which is in effect under the Act covering the
Shares to be so sold, transferred or otherwise disposed of, or (b) counsel to
Aethlon Medical, Inc. (the "Company") satisfactory to the undersigned has
rendered an opinion in writing and addressed to the Company that such proposed
offer, sale, transfer or other disposition of the Shares is exempt from the
provisions of Section 5 of the Act in view of the circumstances of such proposed
offer, sale, transfer or other disposition; (2) the Company may notify the
transfer agent for its Common Stock that the certificates for the Common Stock
acquired by the undersigned are not to be transferred unless the transfer agent
receives advice from the Company that one or both of the conditions referred to
in (1)(a) and (1)(b) above have been satisfied; and (3) the Company may affix
the legend set forth in Section 3.1 of this Warrant to the certificates for
Shares hereby subscribed for, if such legend is applicable.

Dated:___________________              Signed:_________________________________

                                       Address:________________________________

                                       ________________________________________

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