Promissory Note [Amendment No. 2] - Aastrom Biosciences Inc. and Stephen G. Emerson
SECOND AMENDMENT TO PROMISSORY NOTE
This Amendment (the "Amendment") to the Promissory Note (the "Note")
dated October 20, 1993, payable to Aastrom Biosciences, Inc., a Michigan
corporation (the "Company"), executed by Stephen G. Emerson ("Maker"), is dated
as of June 30, 1997.
WHEREAS, Section 3 of the Note provides that all principal but unpaid
interest is due and payable on the third anniversary of the date of the note
(i.e. October 20, 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. Section 6 of the Note is hereby amended to read in its entirety
as follows:
"Payments owing on this note shall be payable (i) in lawful money of the
United States of America or, (ii) at the option of the Maker, by Maker's
surrender of common stock of the Company owned by Maker, with said
common stock being valued at the public trading price for the Company's
common stock on the date the stock is surrendered as represented by the
closing market price of the Company common stock on the day preceding
the election of such option."
3. 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/ R. Douglas Armstrong, Ph D.
-------------------------------
R. Douglas Armstrong, Ph D.
President and CEO