Document:

Promotional Shares Lock-in Agreement

 Exhibit 10.3 
 PROMOTIONAL SHARES LOCK-IN AGREEMENT 
 Class A Limited Liability Company Units Issuer 

  

	I.	This Promotional Shares Lock-In Agreement (“Agreement”), which was entered into on the 15th day of October, 2008, by and between 35, LLC, a Washington limited liability
company (“Issuer”), whose principal place of business is located in Seattle, WA, IndieShares Management LLC, a Washington limited liability company (“Owner”), and Beacon Law Advisors PLLC, a Washington professional limited
liability company (“Security Holder”) witnesses that: 

  

	 	A.	The Issuer has filed an application with the Securities Administrator of the States of AZ, CA, CO, CT, FL, GA, IL, IN, LA, MA, MD, MI, MN, MO, NJ, NY, OR, PA, UT, VA, WA, WI
(“Administrators”) to register certain of its Class A limited liability company units (the “CLASS A SHARES”) for sale to public investors who are residents of those states (“Registration”);

  

	 	B.	Owner is the owner of a common limited liability company unit (the “PROMOTIONAL SHARE”), and Security Holder has agreed to act as escrow agent to hold the PROMOTIONAL
SHARE on behalf of Owner until it is released from escrow in accordance with the terms of this Agreement. 

  

	 	C.	As a condition to Registration, the Issuer and Security Holder (“Signatories”) agree to be bound by the terms of this Agreement. 

  

	II.	THEREFORE, the Security Holder agrees to act as escrow agent and to hold the PROMOTIONAL SHARE on Owner’s behalf and agrees not to, on the Issuer’s behalf, sell, pledge,
hypothecate, assign, grant any option for the sale of, or otherwise transfer or dispose of, whether or not for consideration, directly or indirectly, the PROMOTIONAL SHARE as defined in the North American Securities Administrators Association
(“NASAA”) Statement of Policy on Corporate Securities Definitions and all certificates representing unit dividends, unit splits, recapitalizations, and the like, that are granted to, or received by, the Security Holder while the
PROMOTIONAL SHARE is subject to this Agreement (“Restricted Security”). 

 The Restricted Security shall be released
from this Agreement on the anniversary of the second year from the completion date of the public offering. 
  

	III.	THEREFORE, the Signatories agree and will cause the following: 

  

	 	A.	Issuer shall cause, in the event of a dissolution, liquidation, merger, consolidation, reorganization, sale or exchange of the Issuer’s assets or securities (including by way
of tender offer), or any other transaction or proceeding with a person who is not a “Promoter”, as that term is defined in the NASAA Statement of Policy on Corporate Securities Definitions, which results in the distribution of the
Issuer’s assets or securities (“Distribution”), while this Agreement remains in effect that: 

  

	 	1.	All holders of the Issuer’s CLASS A SHARES will initially share on a pro rata, per share basis in the Distribution, in proportion to the amount of cash or other consideration
that they paid per share for their CLASS A SHARES (provided that the Administrator has accepted the value of the other consideration), until the shareholders who purchased the Issuer’s CLASS A SHARES pursuant to the public offering
(“Public Shareholders”) have received, or have had irrevocably set aside for them, an amount that is equal to one hundred and five percent (105%) of the public offering’s price per share times the number of shares of CLASS A
SHARES that they purchased pursuant to the public offering and which they still hold at the time of the Distribution, adjusted for splits, dividends recapitalizations and the like; and 

	 	2.	Thereafter, fifty percent (50%) of the amount of Issuer’s cash or other consideration available for distribution shall be allocated to the Owner and fifty percent
(50%) shall be allocated to all holders of the Issuer’s CLASS A SHARES who shall thereafter participate in such fifty percent (50%) on an equal, per share basis times the number of shares of CLASS A SHARES, in accordance with the
public offering registration statement, they hold at the time of the Distribution, adjusted for splits, dividends, recapitalizations and the like. 

  

	 	3.	The Distribution may proceed on lesser terms and conditions than the terms and conditions stated in paragraphs 1 and 2 above if a majority of the CLASS A SHAREHOLDERS vote, or
consent by consent procedure, to approve the lesser terms and conditions. 

  

	 	B.	In the event of a dissolution, liquidation, merger, consolidation, reorganization, sale or exchange of the Issuer’s assets or securities (including by way of tender offer), or
any other transaction or proceeding with a person who is a Promoter, which results in a Distribution while this Agreement remains in effect, the Restricted Security shall remain subject to the terms of this Agreement. 

  

	 	C.	The Restricted Security may be transferred by will, the laws of descent and distribution, the operation of law, or by order of any court of competent jurisdiction and proper venue.

  

	 	D.	The economic value of the portion of a Restricted Security of a deceased member of the Owner may be hypothecated to pay the expenses of the deceased Owner’s estate. The
hypothecated Restricted Security shall remain subject to the terms of this Agreement. The Restricted Security may not be pledged to secure any other debt. 

  

	 	E.	The Restricted Security may be transferred by gift to the member of the Owner’s family members, provided that the Restricted Security shall remain subject to the terms of this
Agreement. 

  

	 	F.	The Restricted Security shall not have voting rights. 

	 	G.	A notice shall be placed on the face of each unit certificate of the Restricted Security covered by the terms of the Agreement stating that the transfer of the unit evidenced by the
certificate is restricted in accordance with the conditions set forth on the reverse side of the certificate; and 

  

	 	H.	A typed legend shall be placed on the reverse side of the unit certificate of the Restricted Security representing the unit covered by the Agreement which states that the sale or
transfer of such unit evidenced by the certificate is subject to certain restrictions until the second anniversary of the completion date of the public offering pursuant to an agreement between the Security Holder, the Owner and the Issuer, which
agreement is on file with the Issuer from which a copy is available upon request and without charge. 

  

	 	I.	The term of this Agreement shall begin on the date that the Registration is declared effective by the Administrators (“Effective Date”) and shall terminate:

  

	 	1.	On the anniversary of the second year from the completion date of the public offering; or 

  

	 	2.	On the date the Registration has been terminated if the Issuer sells less than $3,500,000 worth of CLASS A SHARES pursuant thereto; or 

  

	 	3.	If the Registration has been terminated, the date that checks representing all of the gross proceeds that were derived therefrom and addressed to the public investors have been
placed in the U.S. Postal Service with first class postage affixed; or 

  

	 	4.	On the date the security subject to this Agreement becomes a “Covered Security” as defined under the National Securities Markets Improvement Act of 1996.

  

	 	J.	This Agreement to be modified only with the written approval of the Administrators. 

  

	IV.	THEREFORE, the Issuer will cause the following: 

  

	 	A.	A manually signed copy of the Agreement signed by the Signatories to be filed with the Administrators prior to the Effective Date; 

  

	 	B.	Appropriate unit transfer orders to be placed with the Issuer’s unit transfer agent against the sale or transfer of the limited liability company units covered by the Agreement
prior to its expiration, except as may otherwise be provided in this Agreement; 

  

	 	C.	The above unit restriction legends to be placed on the periodic statement sent to the registered owner if the security subject to this Agreement is an uncertificated security.

 Pursuant to the requirements of this Agreement, the Signatories have entered into this Agreement, which may be written in multiple
counterparts and each of which shall be considered an original. The Signatories have signed the Agreement in the capacities, and on the dates, indicated. 

 IN WITNESS WHEREOF, the Signatories have executed this Agreement. 
  

			
	 ISSUER: 35, LLC

		
	 By:
	 	 /s/ JAY T. SCHWARTZ

	 Name:
	 	Jay T. Schwartz
		 	President of the manager of 35, LLC
	
	SECURITY HOLDER: BEACON LAW ADVISORS, PLLC
		
	 By:
	 	 /s/ NOEL HOWE

	 Name:
	 	Noel Howe
		 	Principal of Beacon Law Advisors, PLLC
	
	OWNER: INDIESHARES MANAGEMENT, LLC
		
	 By:
	 	 /s/ GEORGE R. BRUMDER

	 Name:
	 	George R. Brumder
		 	Chief Financial OfficerEX-4.1

RESTATED ARTICLES OF INCORPORATION

FOR USE BY DOMESTIC PROFIT CORPORATIONS

(as restated in electronic format only as of October 17, 2008)

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 250,000,000

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.

a. 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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]