EX-4.1






Exhibit 4.1




RESTATED ARTICLES OF INCORPORATION

FOR USE BY DOMESTIC PROFIT CORPORATIONS

(as amended in electronic format only as of December 14, 2009)




1. The present name of the corporation is:



Aastrom Biosciences, Inc.



2. The identification number assigned by the Bureau is:



529-456



3. All former names of the corporation are:



Ann Arbor Stromal, Inc.



4. The date of filing the original Articles of Incorporation was:



March 24, 1989



The following Restated Articles of Incorporation supersede the Articles of Incorporation as
amended and shall be the Articles of Incorporation for the corporation:



ARTICLE I:



The name of the corporation is:



Aastrom Biosciences, Inc.



ARTICLE II:



The purpose or purposes for which the corporation is formed are:



To engage in any activity within the purpose for which corporations may be organized under the
Michigan Corporation Act.



ARTICLE III:



The total authorized shares:




Common Shares 500,000,000


Preferred Shares 5,000,000



A statement of all or any of the relative rights, preferences and limitations of the shares of each
class is as follows:



See Rider attached hereto and made a part hereof.



ARTICLE IV:



Domino’s Farms Lobby L, 24 Frank Lloyd Wright Drive, Ann Arbor, Michigan 48105.



2. The mailing address of the registered office, if different than above:



P.O. Box 376, Ann Arbor, Michigan 48106.



3. The name of the resident agent:



Michael Durski



ARTICLE V:



(OPTIONAL. DELETE IF NOT APPLICABLE)



ARTICLE VI:



(OPTIONAL. DELETE IF NOT APPLICABLE)



ARTICLE VII:



(ADDITIONAL PROVISIONS, IF ANY, MAY BE INSERTED HERE; ATTACH ADDITIONAL PAGES IF NEEDED.)



See Rider attached hereto and made a part hereof.



RIDER TO ARTICLE III




PART A: COMMON STOCK



Section 1. Voting Rights. One Vote Per Share. The holders of shares of Common
Stock shall be entitled to one vote for each share so held with respect to all matters voted on by
the holders of shares of Common Stock of the Corporation.



Section 2. Liquidation Rights. Subject to preferences applicable to any outstanding
shares of Preferred Stock, all distributions made or funds paid to the holders of Common Stock upon
the occurrence of any voluntary or involuntary liquidation, dissolution or winding up of the
affairs of the Corporation shall be made on the basis of the number of shares of Common Stock held
by each of them. A consolidation or merger of the Corporation with or into another corporation or
entity shall be regarded as a liquidation, dissolution or winding up of the Corporation within the
meaning of this Section 2 unless such consolidation or merger is not intended to effect a change in
the ownership or control of the Corporation or of its assets and is not intended to alter
materially the business or assets of the Corporation, including, by way of example and without
limiting the generally of the foregoing: (i) a consolidation or merger which merely changes the
identity, form or place of organization of the Corporation, or which is between or among the
Corporation and any of its direct or indirect subsidiaries, or (ii) following such merger or
consolidation, shareholders of the Corporation immediately prior to such event own not less than
51% of the voting power of such corporation immediately after such merger or consolidation on a pro
rata basis.



Section 3. Dividends. Dividends may be paid on the Common Stock as and when declared
by the Board of Directors, subject to preferences applicable to any outstanding shares of Preferred
Stock.



PART B. PREFERRED STOCK



The Preferred Stock may be issued from time to time in one or more series. The Board of
Directors of the Corporation is hereby authorized, within the limitations and restrictions stated
in these Restated Articles of Incorporation, to fix or alter the dividend rights, dividend rate,
conversion rights, voting rights, rights and terms of redemption (including sinking fund
provisions), the redemption price or prices, and the liquidation preferences of any wholly unissued
series of Preferred Stock, and the number of shares constituting any such series and the
designation thereof, or any of them, and to increase or decrease the number of shares of any series
subsequent to the issue of shares of that series but not below the number of shares of such series
then outstanding. In case the number of shares of any series shall be so decreased, the shares
constituting such decrease shall resume the status which they had prior to the adoption of the
resolution originally fixing the number of shares of such series.



RIDER TO ARTICLE VII




1. Director Liability. A director of the Corporation shall not be personally liable to the
Corporation or its shareholders for monetary damages for breach of fiduciary duty as a director.
However, this provision does not eliminate or limit the liability of a director for any of the
following:




(a) any breach of the director’s duty of loyalty to the Corporation or its
shareholders;




(b) any acts or omissions not in good faith or that involve intentional misconduct or a
knowing violation of law;




(c) a violation of Section 551(1) of the Michigan Business Corporation Act, as amended
(the “MBCA”);




(d) a transaction from which the director derived an improper personal benefit; or




(e) an act or omission occurring before the date these Articles of Incorporation became
effective in accordance with the pertinent provisions of the MBCA.



Any repeal, amendment or other modification of this Article VII shall not adversely affect any
right or protection of a director of the Corporation existing at the time of such repeal, amendment
or other modification.



If the MBCA is amended, after this Article becomes effective, to authorize corporate action
further eliminating or limiting personal liability of directors, then the liability of directors
shall be eliminated or limited to the fullest extent permitted by the MBCA as so amended.



2. Control Share Acquisitions. Chapter 7B of the MBCA, known as the “Stacy, Bennett, and
Randall shareholder equity act,” does not apply to control share acquisitions of shares of the
Corporation.



3. Amendment of Bylaws. In furtherance and not in limitation of the powers conferred by
statute, the Board of Directors of the Corporation is expressly authorized to make, alter or repeal
the Bylaws of the Corporation.