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  <TITLE> Aastrom Biosciences, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	September 7, 2006
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  	Aastrom Biosciences, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Michigan
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  	000-22025
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  	94-3096597
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	24 Frank Lloyd Wright Drive, P.O. Box 376, Ann Arbor, Michigan
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  	48106
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	(734) 930-5555
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  <br>Executive Officer Compensation<br>	On September 7, 2006, at a meeting of the Board of Directors of Aastrom Biosciences, Inc. (the "Company"), the Board approved bonuses of the Company&#x2019;s executive officers for fiscal year ended June 30, 2006.  The Committee also approved the annual base salaries (effective as of September 1, 2006) of the Company&#x2019;s executive officers after a review of performance and competitive market data and approved additional grants of options to purchase the Company&#x2019;s stock for such individuals.  The bonuses and stock options were awarded pursuant to the previously adopted Employee Compensation Guidelines, except that stock options were substituted for grants of restricted stock.  The following table sets forth:  the fiscal year 2006 bonus, the new annual base salary levels and the number of shares subject to newly-approved option grants for the Company&#x2019;s Named Executive Officers (which officers were determined by reference to the Company&#x2019;s proxy statement dated September 30, 2005, as well individuals expected to be Named Executive Officers in the Company&#x2019;s proxy statement for its 2006 annual stockholder meeting).<br><br>                                                               	<br>Name: R. Douglas Armstrong <br>Position: Chief Executive Officer<br>2006 Bonus: $88,320<br>2007 Base Salary: -- (1)<br>Shares Subject to Options: --	                             	 	    <br><br>Name: James A. Cour<br>Position: President and Chief Operating Officer	             <br>2006 Bonus: $45,780<br>2007 Base Salary: -- (1)<br>Shares Subject to Options: --<br><br>Name: Gerald D. Brennan, Jr.<br>Position: Vice President Administration and Financial Operations and Chief Financial Officer<br>2006 Bonus: $45,900  <br>2007 Base Salary: $233,750	 <br>Shares Subject to Options: 219,600<br><br>Name: Janet M. Hock<br>Position: Vice President Global Research and Chief Scientific Officer<br>2006 Bonus: $44,696  <br>2007 Base Salary: $219,100<br>Shares Subject to Options: --<br><br>Name: Robert J. Bard<br>Position: Vice President Regulatory/Clinical Affairs and Quality Systems<br>2006 Bonus: $49,128   <br>2007 Base Salary: $220,052	 <br>Shares Subject to Options: 218,400<br><br>Name: Brian S. Hampson<br>Position: Vice President Product Development	            <br>2006 Bonus: $32,855   <br>2007 Base Salary: $203,360	 <br>Shares Subject to Options: 190,800<br><br><br>(1)	Dr. Armstrong and Mr. Cour ceased employment after the end of the recently completed fiscal year.<br><br>The compensation arrangements for Mr. George Dunbar, the Company&#x2019;s current President and Chief Executive Officer, are described in the Current Report on Form 8-K filed on July 18, 2006.<br><br>Outside Director Compensation<br>	<br>        Following a review conducted by the Compensation Committee of changing practices for compensating outside directors, on September 7, 2006 the Board of Directors approved a new compensation arrangement for recognizing the service of outside directors and more closely aligning their overall compensation with the interests of other shareholders.  <br>	Each nonemployee director will continue to receive an annual fee of $25,000 paid in equal quarterly increments.  The chairperson of each standing committee and the Lead Director each will receive an annual fee of $7,500 and each non-chair committee member receive an annual fee of $5,000, payable quarterly.  Directors will not be paid a separate amount for each board or committee meeting attended.  Each nonemployee director who continues to serve beyond an Annual Shareholder Meeting will also receive a stock option to purchase 55,000 shares granted on the date of each Annual Meeting, with an exercise price equal to the fair market value of the common stock on the date of grant, and will vest in equal [quarterly] increments over a period of one year. Newly elected directors joining the board during the period between shareholder meetings will receive a grant for a pro rata amount of the 55,000 shares subject to option (reflecting the period of time until the next annual meeting).  These equity grants will be made under the terms of the existing equity compensation plans.  Outside directors will no longer receive grants of restricted stock.  These new arrangements replaced the previous nonemployee director compensation program.<br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Aastrom Biosciences, Inc.
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  	September 13, 2006
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  	/s/ Gerald D. Brennan, Jr.
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  	Name: Gerald D. Brennan, Jr.
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  	Title: Vice President, Administrative and Financial Operations; Chief Financial Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_14923.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12730}]
metadata_filer: {"company-data": {"conformed-name": "AASTROM BIOSCIENCES INC", "cik": "0000887359", "assigned-sic": "8731", "irs-number": "943096597", "state-of-incorporation": "MI", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22025", "film-number": "061088716"}, "business-address": {"street1": "24 FRANKL LLOYD WRIGHT DR", "street2": "PO BOX 376", "city": "ANN ARBOR", "state": "MI", "zip": "48106", "phone": "7349305555"}}
text: Aastrom Biosciences, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  September 7, 2006
  Aastrom Biosciences, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Michigan
  000-22025
  94-3096597
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  24 Frank Lloyd Wright Drive, P.O. Box 376, Ann Arbor, Michigan
  48106
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (734) 930-5555
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  Executive Officer Compensation
  On September 7, 2006, at a meeting of the Board of Directors of Aastrom Biosciences, Inc. (the "Company"), the Board approved bonuses of the Company's executive officers for fiscal year ended June 30, 2006.  The Committee also approved the annual base salaries (effective as of September 1, 2006) of the Company's executive officers after a review of performance and competitive market data and approved additional grants of options to purchase the Company's stock for such individuals.  The bonuses and stock options were awarded pursuant to the previously adopted Employee Compensation Guidelines, except that stock options were substituted for grants of restricted stock.  The following table sets forth:  the fiscal year 2006 bonus, the new annual base salary levels and the number of shares subject to newly-approved option grants for the Company's Named Executive Officers (which officers were determined by reference to the Company's proxy statement dated September 30, 2005, as well individuals expected to be Named Executive Officers in the Company's proxy statement for its 2006 annual stockholder meeting).
  Name: R. Douglas Armstrong
  Position: Chief Executive Officer
  2006 Bonus: $88,320
  2007 Base Salary: -- (1)
  Shares Subject to Options: --
  Name: James A. Cour
  Position: President and Chief Operating Officer
  2006 Bonus: $45,780
  2007 Base Salary: -- (1)
  Shares Subject to Options: --
  Name: Gerald D. Brennan, Jr.
  Position: Vice President Administration and Financial Operations and Chief Financial Officer
  2006 Bonus: $45,900
  2007 Base Salary: $233,750
  Shares Subject to Options: 219,600
  Name: Janet M. Hock
  Position: Vice President Global Research and Chief Scientific Officer
  2006 Bonus: $44,696
  2007 Base Salary: $219,100
  Shares Subject to Options: --
  Name: Robert J. Bard
  Position: Vice President Regulatory/Clinical Affairs and Quality Systems
  2006 Bonus: $49,128
  2007 Base Salary: $220,052
  Shares Subject to Options: 218,400
  Name: Brian S. Hampson
  Position: Vice President Product Development
  2006 Bonus: $32,855
  2007 Base Salary: $203,360
  Shares Subject to Options: 190,800
  (1)	Dr. Armstrong and Mr. Cour ceased employment after the end of the recently completed fiscal year.
  The compensation arrangements for Mr. George Dunbar, the Company's current President and Chief Executive Officer, are described in the Current Report on Form 8-K filed on July 18, 2006.
  Outside Director Compensation
  Following a review conducted by the Compensation Committee of changing practices for compensating outside directors, on September 7, 2006 the Board of Directors approved a new compensation arrangement for recognizing the service of outside directors and more closely aligning their overall compensation with the interests of other shareholders.
  Each nonemployee director will continue to receive an annual fee of $25,000 paid in equal quarterly increments.  The chairperson of each standing committee and the Lead Director each will receive an annual fee of $7,500 and each non-chair committee member receive an annual fee of $5,000, payable quarterly.  Directors will not be paid a separate amount for each board or committee meeting attended.  Each nonemployee director who continues to serve beyond an Annual Shareholder Meeting will also receive a stock option to purchase 55,000 shares granted on the date of each Annual Meeting, with an exercise price equal to the fair market value of the common stock on the date of grant, and will vest in equal [quarterly] increments over a period of one year. Newly elected directors joining the board during the period between shareholder meetings will receive a grant for a pro rata amount of the 55,000 shares subject to option (reflecting the period of time until the next annual meeting).  These equity grants will be made under the terms of the existing equity compensation plans.  Outside directors will no longer receive grants of restricted stock.  These new arrangements replaced the previous nonemployee director compensation program.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Aastrom Biosciences, Inc.
  September 13, 2006
  By:
  /s/ Gerald D. Brennan, Jr.
  Name: Gerald D. Brennan, Jr.
  Title: Vice President, Administrative and Financial Operations; Chief Financial Officer