Promissory Note [Amendment No. 2] - Aastrom Biosciences Inc. and R. Douglas Armstrong
SECOND AMENDMENT TO PROMISSORY NOTE
This Amendment (the "Amendment") to the Promissory Note (the "Note") dated
November 18, 1993, payable to Aastrom Biosciences, Inc., a Michigan corporation
(the "Company"), executed by R. Douglas Armstrong, Ph. D. ("Maker"), is dated as
of June 30, 1997.
WHEREAS, Section 3 of the Note provides that all principal and accrued but
unpaid interest is due and payable on the third anniversary of the date of the
note (i.e. November 18, 1996).
WHEREAS, the Company previously extended the due date of the Note until
June 30, 1997.
NOW, THEREFORE, the Company hereby amends the Note as follows:
1. Section 3 of the Note is hereby amended to read in its entirety as
follows:
"The principal and all unpaid accrued interest owing on this Note shall
mature and be fully due and payable on June 30, 1998. Maker may prepay any
or all of the principal and interest owing on this Note at any time without
penalty or premium."
2. All other provisions of the Note shall remain in full force and
effect.
IN WITNESS WHEREOF, the undersigned has caused this Amendment to be
executed by its duly authorized officer as of the date set forth above.
AASTROM BIOSCIENCES, INC.
By: /s/ Robert J. Kunze
_____________________
Robert J. Kunze
Chairman of the Board