This excerpt taken from the ASTM DEF 14A filed Oct 27, 2009.
PROPOSAL TO APPROVE THE 2009 OMNIBUS INCENTIVE PLAN
The Board of Directors approved the Aastrom Biosciences, Inc., 2009 Omnibus Incentive Plan (the 2009 OIP) at its October 5, 2009 meeting, subject to approval by our shareholders at the 2009 Annual Meeting. The Board of Directors believes that, if effected, the 2009 OIP will be a significant contributor to our long-term financial success, by assisting us in attracting and retaining individuals who are expected to contribute to our success by serving as employees, directors, consultants and advisors and to assist us in achieving long-term objectives that we believe will benefit our shareholders.
Upon approval of the 2009 OIP by shareholders at the 2009 Annual Meeting, no further awards may be made under our 1992 Stock Option Plan, 2001 Stock Option Plan, Amended and Restated 2004 Equity Incentive Plan, and any options granted to an employee, consultant or member of the Board of Directors which were outstanding on June 30, 2009 and which were not granted pursuant to a plan (collectively, the Prior Plans).
The following summary describes the principal features of the 2009 OIP and is qualified in its entirety by reference to the full text of the 2009 OIP. A copy of the 2009 OIP is filed as APPENDIX II to this proxy statement.