Document:

EX-4.1

EXHIBIT 4.1

TERMINATION AGREEMENT

TERMINATION AGREEMENT (the “Agreement”), dated as of May 27, 2009, by and between AASTROM
BIOSCIENCES, INC., a Michigan corporation, (the “Company”), and FUSION CAPITAL FUND II, LLC, an
Illinois limited liability company (the “Buyer”).

WHEREAS, the Buyer and the Company mutually desire to terminate the Common Stock Purchase
Agreement dated as of October 27, 2008, by and between the Company and the Buyer (the “Purchase
Agreement”) and the agreements entered into in connection with the Purchase Agreement. All
capitalized terms used in this Agreement that are not defined in this Agreement shall have the
meanings set forth in the Purchase Agreement.

NOW THEREFORE, the Company and the Buyer hereby agree as follows:

1. TERMINATION OF THE PURCHASE AGREEMENT.

The Purchase Agreement, and the other Transaction Documents between the Buyer and the Company
related to the Purchase Agreement (other than this Agreement) are hereby terminated effective as of
the date hereof and any and all rights, duties and obligations arising thereunder or in connection
with the Purchase Agreement, and the Transaction Documents are now and hereafter fully and finally
terminated, provided, however, that (i) the representations and warranties of the Buyer and Company
contained in Sections 2, 3 and 5 of the Purchase Agreement, (ii) the indemnification provisions set
forth in Section 8 of the Purchase Agreement, and (iii) the agreements and covenants set forth in
Section 11 of the Purchase Agreement shall survive such termination and shall continue in full
force and effect (the “Surviving Obligations”).

2. MISCELLANEOUS.

(a) Governing Law; Jurisdiction; Jury Trial. All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of Illinois, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of Illinois or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Illinois. Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of Chicago, for the adjudication of any dispute hereunder or under the other
Transaction Documents or in connection herewith or therewith, or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND
AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

(b) Counterparts. This Agreement may be executed in two or more identical
counterparts, all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party;
provided that a facsimile signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an original, not a
facsimile signature.

(c) Headings. The headings of this Agreement are for convenience of reference and
shall not form part of, or affect the interpretation of, this Agreement.

(d) Severability. If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the
validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity
or enforceability of any provision of this Agreement in any other jurisdiction.

(e) Notices. Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in writing and will be deemed to
have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one Trading Day after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the party to receive the
same. The addresses and facsimile numbers for such communications shall be:

	 	 	 
	If to the Company:

	 	

	Aastrom Biosciences, Inc.

	24 Frank Lloyd Wright Drive

	P.O. Box 376

Ann Arbor, MI 48106

Telephone:

Facsimile:

Attention:

	 	

734-930-5555

734-665-0485

Chief Executive Officer

	 	 	 
	If to the Buyer:

	 	

	Fusion Capital Fund II, LLC

	222 Merchandise Mart Plaza, Suite 9-112

	Chicago, IL 60654

Telephone:

Facsimile:

Attention:

	 	

312-644-6644

312-644-6244

Steven G. Martin

or at such other address and/or facsimile number and/or to the attention of such other person as
the recipient party has specified by written notice given to each other party three (3) Trading
Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine containing the time, date, and recipient
facsimile number or (C) provided by a nationally recognized overnight delivery service, shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

(f) Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and assigns. The Company shall not assign
this Agreement or any rights or obligations hereunder without the prior written consent of the
Buyer, including by merger or consolidation. The Buyer may not assign its rights or obligations
under this Agreement.

(g) No Third Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assigns, and is not for the benefit
of, nor may any provision hereof be enforced by, any other person.

(h) Further Assurances. Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as the other party may reasonably request in
order to carry out the intent and accomplish the purposes of this Agreement.

(i) No Strict Construction. The language used in this Agreement is the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be
applied against any party.

(j) Changes to the Terms of this Agreement. This Agreement and any provision hereof
may only be amended by an instrument in writing signed by the Company and the Buyer. The term
“Agreement” and all reference thereto, as used throughout this instrument, shall mean this
instrument as originally executed, or if later amended or supplemented, then as so amended or
supplemented.

(k) Failure or Indulgence Not Waiver. No failure or delay in the exercise of any
power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other right, power or privilege.

* * *

IN WITNESS WHEREOF, the Buyer and the Company have caused this Termination Agreement to be
duly executed as of the date first written above.

THE COMPANY:

AASTROM BIOSCIENCES, INC.

By:       /s/ George W. Dunbar, Jr.      

Name: George W. Dunbar, Jr.

Title: Chief Executive Officer

BUYER:

FUSION CAPITAL FUND II, LLC

BY: FUSION CAPITAL PARTNERS, LLC

BY: ROCKLEDGE CAPITAL CORPORATION

By:       /s/ Joshua B. Scheinfeld—

Name: Joshua B. Scheinfeld

Title: PresidentExhibit 10.1

Exhibit 10.1

AGREEMENT BY AND BETWEEN

Integra Bank, National Association

Evansville, Indiana

and

The Comptroller of the Currency

Integra Bank, National Association, Evansville, IN (“Bank”) and the Comptroller of the
Currency of the United States of America (“Comptroller”) wish to protect the interests of the
depositors, other customers, and shareholders of the Bank, and, toward that end, wish the Bank to
operate safely and soundly and in accordance with all applicable laws, rules and regulations.

The Comptroller, through his National Bank Examiner, has examined the Bank and his findings are
contained in the Report of Examination dated February 19, 2009 (“ROE”). 

In
consideration of the above premises, it is agreed, between the Bank, by and through its duly elected and acting Board of
Directors (“Board”), and the Comptroller, through his authorized representative, that the Bank
shall operate at all times in compliance with the articles of this Agreement.

ARTICLE I

JURISDICTION

(1) This Agreement shall be construed to be a “written agreement entered into with
the agency” within the meaning of 12 U.S.C. § 1818(b)(1).

(2) This Agreement shall be construed to be a “written agreement between such depository
institution and such agency” within the meaning of 12 U.S.C. § 1818(e)(1) and 12 U.S.C. §
1818(i)(2).

(3) This Agreement shall be construed to be a “formal written agreement” within the meaning of
12 C.F.R. § 5.51(c)(6)(ii). See 12 U.S.C. § 1831i.

 

 

 

(4) This Agreement shall be construed to be a “written agreement” within the
meaning of 12 U.S.C. § 1818(u)(1)(A).

(5) All reports or plans which the Bank or Board has agreed to submit to the
Assistant Deputy Comptroller pursuant to this Agreement shall be forwarded to the:

Assistant Deputy Comptroller 

St. Louis Field Office 

2350 Market Street, Suite 100 

St. Louis, MO 63103

ARTICLE II

LOAN WORKOUT DEPARTMENT

(1) Within forty-five (45) days, the Board shall develop a staffing plan for the loan workout
department that is consistent with the objectives of the Bank’s Managed Asset function. At a
minimum, the plan will consist of the following:

	 	(a)	 	identification of the skills and expertise needed to
develop, implement, and monitor problem loan workout plans;

	 	(b)	 	identification of the skills, training, and expertise of
the Bank’s current staff; and

	 	(c)	 	comparison of the current staff’s skills and expertise
identified in (1)(b) of this Article to the skills and expertise
identified in (1)(a) of this Article as necessary to effectively
identify, mitigate and manage credit risk while minimizing credit
losses.

(2) Within thirty (30) days of the development of the staffing plan, the Board will implement
the plan and direct any changes necessary to provide the Bank with a staff that possesses the
skills, training, and expertise identified in (1)(a) of this Article. Thereafter the Board will
ensure that the Bank adheres to the staffing plan.

 

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(3) Upon completion of the actions required by (1) and (2), the Board will provide a copy of
its staffing plan to the Assistant Deputy Comptroller.

(4) Within sixty (60) days, the Evansville Managed Asset Group and the Chicago Managed Asset
Group shall take all steps necessary to improve the operation of the Bank’s workout function
including, but not limited to:

	 	(a)	 	the establishment of policies and procedures to
distinguish assets that shall be managed by the Loan Workout Department
from assets that shall be managed by the originating unit;

	 	(b)	 	the establishment of policies and procedures to require
assets that remain with the originating unit are managed according to
the standards of the Loan Workout Department;

	 	(c)	 	the development and implementation of management
information systems to track workloads and staffing requirements within
the Loan Workout Department; and

	 	(d)	 	the development and implementation of management
information systems to measure the status and progress of workout
activities.

(5) The Board shall ensure that the Loan Workout Department has processes, personnel,
training, control systems, and funding support necessary to maintain its sound operation.

(6) Upon completion of the actions required by (4), the Board will provide a copy of any
policies and procedures to the Assistant Deputy Comptroller.

 

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ARTICLE III

CRITICIZED ASSETS

(1) The Bank shall take immediate and continuing action to protect its interest in those
assets criticized in the ROE, in any subsequent Report of Examination, by internal or external loan
review, or in any list provided to management by the National Bank Examiners during any
examination.

(2) Within thirty (30) days, the Board shall adopt, implement, and thereafter ensure Bank
adherence to a written program designed to eliminate the basis of criticism of assets criticized in
the ROE, in any subsequent Report of Examination, by any internal or external loan review, or in
any list provided to management by the National Bank Examiners during any examination as
“doubtful,” “substandard,” or “special mention” that equals or exceeds seven hundred and fifty
thousand dollars ($750,000). This program shall be documented using the format of the Bank’s
Quarterly Asset Report form, and include, at a minimum:

	 	(a)	 	an identification of the expected sources of repayment;

	 	(b)	 	the current value of supporting collateral and the
position of the Bank’s lien on such collateral where applicable;

	 	(c)	 	an analysis of current and satisfactory credit
information, including cash flow analysis where loans are to be repaid
from operations and a robust, global guarantor analysis where repayment
is guarantor dependent; and

	 	(d)	 	the proposed action to eliminate the basis of criticism
and the time frame for its accomplishment.

(3) A copy of this written program shall be maintained in the file of the affected borrower.

 

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(4) The Board shall ensure that the Bank has processes, personnel, training, and control
systems to ensure implementation of and adherence to the program developed pursuant to this
Article.

(5) The Board, or a designated committee of the Board, shall conduct a review, on at least a
monthly basis, to determine:

	 	(a)	 	the status of each criticized asset or criticized portion
thereof that equals or exceeds three million dollars ($3,000,000);

	 	(b)	 	management’s adherence to the workout plan adopted
pursuant to this Article;

	 	(c)	 	the status and effectiveness of the workout plan; and

	 	(d)	 	the need to revise the workout plan or take alternative
action.

(6) A copy of each review shall be forwarded to the Assistant Deputy Comptroller on a
quarterly basis along with all Quarterly Asset Reports developed for paragraph (2).

ARTICLE IV

GUARANTOR ANALYSES

(1) Bank management must immediately implement robust guarantor analyses at origination,
renewal, extension, restructuring, annual review, and for credits with a Bank’s internal risk
rating downgrade to “7” (Pass/Watch) or worse including downgrades within risk ratings of problem
loans for commercial and industrial and commercial real estate loans when guarantors provide the
primary or secondary source of repayment.

(2) These analyses shall assess the value, sufficiency and liquidity of a guarantor’s net
assets and the magnitude of ongoing cash flow considering both actual and contingent liabilities.
The analysis of the guarantor’s global cash flow shall consider inflows as well as both required
and discretionary cash outflows from all activities. This analysis may involve integrating multiple
partnership and corporate tax returns, business financial statements, K-1 forms, and individual tax
filings.

 

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(3) Bank management shall document guarantor analysis according to the February 28, 2009
Integra Bank Credit Bulletin #10, Detailed Guarantor Analysis and retain the analysis in the file
of the affected borrower.

(4) The Board shall ensure that the Bank has processes, personnel, and control systems to
ensure implementation of and adherence to the program developed pursuant to this Article.

ARTICLE V

MANAGEMENT INFORMATION SYSTEMS FOR LOANS

(1) Within thirty (30) days, the Board shall ensure Bank adherence to written procedures that
provide for:

	 	(a)	 	a system that will allow split classifications for
portions of the same note; and

	 	(b)	 	credit risk management information systems (“MIS”) that
accurately reflect loans with split classifications.

(2) As a part of the Board’s ongoing responsibility to ensure that the Bank has an effective
MIS, the Board shall designate a senior officer to coordinate the execution of these procedures.

 

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(3) The Board shall ensure that the Bank has processes, personnel, and control systems to
ensure implementation of and adherence to the procedures developed pursuant to this Article.

(4) The Board shall submit to the Assistant Deputy Comptroller documentation demonstrating
compliance with procedures required pursuant to this Article.

ARTICLE VI

TIMELY IDENTIFICATION OF PROBLEM CREDITS

BY RELATIONSHIP MANAGERS

(1) Within thirty (30) days, the Board shall ensure that policies and procedures are in place
to:

	 	(a)	 	identify and correct the root cause of untimely loan
downgrades by the relationship managers, whether those downgrades are
identified by Loan Review, a Senior Credit Officer, the Chief Credit
Officer, or the examiners;

	 	(b)	 	capture loan downgrades and analyze their root causes
every thirty (30) days. This requirement does not apply to differences
due to the timing of information received, unless the change in the loan
rating is based on information requested by Loan Review personnel as
part of their file work; and

	 	(c)	 	take corrective action to address the root causes
identified in (1)(b) of this Article within the following sixty (60)
days.

 

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(2) Upon implementation, the Board will provide a copy of any policies and procedures to the
Assistant Deputy Comptroller.

(3) The Board shall ensure that the Bank has processes, personnel, and control systems to
ensure implementation of and adherence to the policies and procedures developed pursuant to this
Article.

ARTICLE VII

LIQUIDITY RISK MANAGEMENT PROGRAM

(1) Within sixty (60) days, the Board shall revise and maintain a comprehensive liquidity risk
management plan which assesses, on an ongoing basis, the Bank’s current and projected funding
needs, and ensures that sufficient funds or access to funds exist to meet those needs. Such a plan
must include effective methods to achieve and maintain sufficient liquidity and to measure and
monitor liquidity risk, to include at a minimum:

	 	(a)	 	strategies to maintain sufficient liquidity at reasonable
costs including, but not limited to, the following:

	 	(i)	 	reducing balance sheet leverage;

	 	(ii)	 	better diversification of funding sources,
reducing the Bank’s high reliance upon wholesale fund providers;

	 	(iii)	 	reducing rollover risk;

	 	(iv)	 	increasing and maintaining adequate short-term
asset liquidity; and

	 	(v)	 	increasing liquidity through such actions as
obtaining additional capital, placing limits on asset growth,
aggressive collection of problem loans and recovery of charged-off
assets, and asset sales.

 

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(2) The Board shall submit a copy of the comprehensive liquidity risk management plan to the
Assistant Deputy Comptroller.

(3) The Board shall ensure that the Bank has processes, personnel, and control systems to
ensure implementation of and adherence to the program developed pursuant to this Article.

ARTICLE VIII

PROGRESS REPORTING — QUARTERLY

(1) The Board shall submit quarterly progress reports to the Assistant Deputy Comptroller, St.
Louis Field Office, 2350 Market Street, Suite 100, St. Louis, MO 63103. These reports shall set
forth in detail:

	 	(a)	 	actions taken since the prior progress report to comply
with each Article of the Agreement;

	 	(b)	 	results of those actions; and

	 	(c)	 	a description of the actions needed to achieve full
compliance with each Article of this Agreement.

(2) The progress reports shall also include any actions initiated by the Board and the Bank
pursuant to the criticisms and comments in the ROE or in any future Report of Examination.

(3) The first progress report shall be submitted for the period ending June 30, 2009, and will
be due within forty-five (45) days of that date. Thereafter, progress reports will be due within
forty-five (45) days after the quarter-end.

 

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ARTICLE IX

CLOSING

(1) Although the Board has agreed to submit certain programs and reports to the Assistant
Deputy Comptroller for review or prior written determination of no supervisory objection, the Board
has the ultimate responsibility for proper and sound management of the Bank.

(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it
appropriate in fulfilling the responsibilities placed upon him by the several laws of the United
States of America to undertake any action affecting the Bank, nothing in this Agreement shall in
any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.

(3) Any time limitations imposed by this Agreement shall begin to run from the effective date
of this Agreement. Such time requirements may be extended in writing by the Assistant Deputy
Comptroller for good cause upon written application by the Board.

(4) The provisions of this Agreement shall be effective upon execution by the parties hereto
and its provisions shall continue in full force and effect unless or until such provisions are
amended in writing by mutual consent of the parties to the Agreement or excepted, waived, or
terminated in writing by the Comptroller.

(5) In each instance in this Agreement in which the Board is required to ensure adherence to,
and undertake to perform, certain obligations of the Bank, it is intended to mean that the Board
shall:

	 	(a)	 	authorize and adopt such actions on behalf of the Bank as
may be necessary for the Bank to perform its obligations and
undertakings under the terms of this Agreement;

 

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	 	(b)	 	require the timely reporting by Bank management of such
actions directed by the Board to be taken under the terms of this
Agreement;

	 	(c)	 	follow-up on any non-compliance with such actions in a
timely and appropriate manner; and

	 	(d)	 	require corrective action be taken in a timely manner of
any non-compliance with such actions.

(6) This Agreement is intended to be, and shall be construed to be, a supervisory “written
agreement entered into with the agency” as contemplated by 12 U.S.C. § 1818(b)(1), and expressly
does not form, and may not be construed to form, a contract binding on the Comptroller or the
United States. Notwithstanding the absence of mutuality of obligation, or of consideration, or of a
contract, the Comptroller may enforce any of the commitments or obligations herein undertaken by
the Bank under his supervisory powers, including 12 U.S.C. § 1818(b)(1), and not as a matter of
contract law. The Bank expressly acknowledges that neither the Bank nor the Comptroller has any
intention to enter into a contract. The Bank also expressly acknowledges that no officer or
employee of the Office of the Comptroller of the Currency has statutory or other authority to bind
the United States, the U.S. Treasury Department, the Comptroller, or any other federal bank
regulatory agency or entity, or any officer or employee of any of those entities to a contract
affecting the Comptroller’s exercise of his supervisory responsibilities. The terms of this
Agreement, including this paragraph, are not subject to amendment or modification by any extraneous
expression, prior agreements or prior arrangements between the parties, whether oral or written.

 

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IN TESTIMONY WHEREOF, the undersigned, authorized by the Comptroller, has hereunto set her
hand on behalf of the Comptroller.

	 	 	 
	/s/ Lesslie A. Swip

	 	March 20, 2009
	 

	 	 
	Lesslie A. Swip

	 	Date
	Assistant Deputy Comptroller
	 	 
	St. Louis Field Office
	 	 

 

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IN TESTIMONY WHEREOF, the undersigned, as the duly elected and acting Board of Directors of
the Bank, have hereunto set their hands on behalf of the Bank.

	 	 	 
	/s/ Michael J. Alley

	 	March 20, 2009
	 

	 	 
	Michael J. Alley

	 	Date
	 
	 	 
	/s/ Sandra Clark Berry

	 	March 20, 2009
	 

	 	 
	Sandra Clark Berry

	 	Date
	 
	 	 
	/s/ Robert Goocher

	 	March 20, 2009
	 

	 	 
	Robert Goocher

	 	Date
	 
	 	 
	/s/ H. Ray Hoops

	 	March 20, 2009
	 

	 	 
	H. Ray Hoops

	 	Date
	 
	 	 
	/s/ Thomas W. Miller

	 	March 20, 2009
	 

	 	 
	Thomas W. Miller

	 	Date
	 
	 	 
	 

	 	 
	Arthur D. Pringle III

	 	Date
	 
	 	 
	 

	 	 
	Bradley M. Stevens

	 	Date
	 
	 	 
	/s/ Richard M. Stivers

	 	March 20, 2009
	 

	 	 
	Richard M. Stivers

	 	Date
	 
	 	 
	/s/ Daniel T. Wolfe

	 	March 20, 2009
	 

	 	 
	Daniel T. Wolfe

	 	Date

 

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