Document:

Exhibit 10.1

 

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT

 

This Amendment No. 1 to Employment Agreement
(this “Amendment”) is made as of October 16, 2015 (the “Effective Date”) between Aethlon Medical, Inc.,
a Nevada corporation (the “Company”), and James A. Joyce (“Executive”). The Company and Executive are sometimes
referred to herein individually as a “Party” and together as the “Parties.”

 

WHEREAS, the Company and Executive are parties
to that certain Employment Agreement dated April 1, 1999 (the “Employment Agreement”); and

 

WHEREAS, the Company desires to ensure the
continued service of Executive and desires to maintain continuity in the management of the Company.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.Defined Terms. Capitalized
terms not otherwise defined in this Amendment shall have the meanings given such terms in the Employment Agreement.

 

2.Retention Bonus.

 

a.Subject to Section 2(c) below, the
Company shall pay Executive a retention bonus of $100,000 (the “Retention Bonus”). The full amount of the Retention
Bonus (less applicable withholding taxes) shall be paid to Executive in a lump-sum payment within five (5) days of the Effective
Date.

 

b.Executive’s entitlement to
the Retention Bonus hereunder is in addition to any other compensation and/or benefits to which Executive otherwise is entitled
pursuant to the Employment Agreement or any other agreement between Executive and the Company.

 

c.Termination of Executive’s
employment with the Company prior to the second anniversary of the Effective Date shall result in the following with respect to
the Retention Bonus:

 

i.If such termination is by the Company
for “Cause” or by Executive for other than “Good Reason,” the Retention Bonus shall be deemed forfeit and
unearned by Executive. In such event, Executive shall repay, within fifteen (15) days of the termination date, the full amount
of the Retention Bonus previously paid to Executive. Upon such repayment, the Company shall issue to Executive an amended Form
W-2 for the year that originally included the bonus payment as compensation in order to reflect the reduction in compensation resulting
from the repayment. The Company shall be entitled, in its discretion and to the extent permitted by applicable law, to offset any
amounts otherwise payable to Executive by the Company in connection with or following Executive’s termination of employment
by the repayment amount due to the Company from Executive hereunder.

 

ii.If such termination is due to Executive’s
death or disability or is by the Company other than for “Cause” or by Executive for Good Reason, the Retention Bonus
shall be deemed fully earned and Executive (or Executive’s estate) shall not be required to repay any portion of the Retention
Bonus previously paid to Executive.

 

 

 

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3.Employment Agreement. Except
to the extent specifically modified hereby, the terms and conditions of the Employment Agreement shall continue in full force and
effect, including Article III of the Employment Agreement with respect to Executive’s or the Company’s entitlement
to terminate Executive’s employment at any time.

 

4.Survival. Section 2 hereof
shall survive and continue in full force in accordance with its terms notwithstanding the termination of Executive’s employment
with the Company or the termination of the Employment Agreement.

 

 

 

[Signature page follows]

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the Parties have executed
this Amendment No. 1 to Employment Agreement as of the Effective Date.

 

 

	AETHLON MEDICAL, INC.	 	EXECUTIVE
	 	 	 
	By: /s/ James B. Frakes                        	 	/s/ James A. Joyce                     
	James B. Frakes	 	James A. Joyce
	Chief Financial Officer	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	3Exhibit 10.2

 

AMENDMENT NO. 1

TO

OFFER LETTER

 

This Amendment No. 1 to Offer Letter (this
“Amendment”) is made as of October 16, 2015 (the “Effective Date”) between Aethlon Medical, Inc., a Nevada
corporation (the “Company”), and Rodney S. Kenley (“Executive”). The Company and Executive are sometimes
referred to herein individually as a “Party” and together as the “Parties.”

 

WHEREAS, the Company and Executive are parties
to that certain Offer Letter dated October 27, 2010 (the “Offer Letter”); and

 

WHEREAS, the Company desires to ensure the
continued service of Executive and desires to maintain continuity in the management of the Company.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.               
Defined Terms. Capitalized terms not otherwise defined in this Amendment shall have the meanings given such terms
below.

 

a.     
“Cause” shall mean the occurrence of any of the following:

 

                                              
i.          Executive’s gross and
willful misconduct which is injurious to the Company;

 

                                            
ii.          Executive’s engaging
in fraudulent conduct with respect to the Company’s business or in conduct of a criminal nature that may have an adverse
impact on the Company’s standing and reputation;

 

                                           
iii.          The continued and unjustified
failure or refusal by Executive to perform the duties required of him by the Board of Directors (the “Board”) of the
Company, which failure or refusal shall not be cured within fifteen (15) days following (A) receipt by Executive of written notice
from the Board specifying the factors or events constituting such failure or refusal, and (B) a reasonable opportunity for Executive
to correct such deficiencies;

 

                                           
iv.          Executive’s use of
drugs and/or alcohol in violation of then-current Company policy; or

 

                                             
v.          Executive’s failure
to devote, during the period of his employment with the Company, substantially all of his business time, attention, skill and efforts
to the faithful performance of the duties required of him by the Board, which failure shall not be cured within fifteen (15) days
after written notice thereof to Executive.

 

b.     
“Good Reason” shall mean the occurrence of any of the following:

 

                                              
i.          The Company’s failure
to elect or reelect or to appoint or reappoint Executive to offices, titles or positions carrying comparable authority, responsibilities,
dignity and importance to that of Executive’s offices and positions as of October 27, 2010;

 

 

 

 

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ii.          Material change by the Company
in Executive’s function, duties or responsibilities (including reporting responsibilities) which would cause Executive’s
position with the Company to become of less dignity, responsibility and importance than those associated with his functions, duties
or responsibilities as of October 27, 2010; or

 

                                           
iii.          Other material breach of
the Offer Letter by the Company, which breach is not cured within fifteen (15) days after written notice thereof is received by
the Company.

 

2.               
Retention Bonus.

 

a.     
Subject to Section 2(c) below, the Company shall pay Executive a retention bonus of $50,000 (the “Retention Bonus”).
The full amount of the Retention Bonus (less applicable withholding taxes) shall be paid to Executive in a lump-sum payment within
five (5) days of the Effective Date.

 

b.     
Executive’s entitlement to the Retention Bonus hereunder is in addition to any other compensation and/or benefits
to which Executive otherwise is entitled pursuant to the Offer Letter or any other agreement between Executive and the Company.

 

c.     
Termination of Executive’s employment with the Company prior to the second anniversary of the Effective Date shall
result in the following with respect to the Retention Bonus:

 

                                    
i.                   
If such termination is by the Company for “Cause” or by Executive for other than “Good Reason,”
the Retention Bonus shall be deemed forfeit and unearned by Executive. In such event, Executive shall repay, within fifteen (15)
days of the termination date, the full amount of the Retention Bonus previously paid to Executive. Upon such repayment, the Company
shall issue to Executive an amended Form W-2 for the year that originally included the bonus payment as compensation in order to
reflect the reduction in compensation resulting from the repayment. The Company shall be entitled, in its discretion and to the
extent permitted by applicable law, to offset any amounts otherwise payable to Executive by the Company in connection with or following
Executive’s termination of employment by the repayment amount due to the Company from Executive hereunder.

 

                                  
ii.                   
If such termination is due to Executive’s death or disability or is by the Company other than for “Cause”
or by Executive for Good Reason, the Retention Bonus shall be deemed fully earned and Executive (or Executive’s estate) shall
not be required to repay any portion of the Retention Bonus previously paid to Executive.

 

3.               
Offer Letter. Except to the extent specifically modified hereby, the terms and conditions of the Offer Letter shall
continue in full force and effect, including the statement therein to the effect that Executive’s employment is at-will and
either Party may terminate Executive’s employment at any time and for any reason.

 

4.               
Survival. Section 2 hereof shall survive and continue in full force in accordance with its terms notwithstanding
the termination of Executive’s employment with the Company or the termination of the Offer Letter.

 

 

[Signature page follows]

 

 

 

 

 

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IN WITNESS WHEREOF, the Parties have executed
this Amendment No. 1 to Offer Letter as of the Effective Date.

 

 

 

 

 

	AETHLON MEDICAL, INC.	 	EXECUTIVE
	 	 	 
	By: /s/ James B. Frakes                        	 	/s/ Rodney S. Kenley                    
	James B. Frakes	 	Rodney S. Kenley
	Chief Financial Officer	 	 

 

 

 

 

 

 

 

 

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