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VSCI > SEC Filings for VSCI > Form 8-K on 30-Sep-2013All Recent SEC Filings

Show all filings for VISION SCIENCES INC /DE/



Entry into a Material Definitive Agreement, Creation of a Direct Financi

Item 1.01. Entry into a Material Definitive Agreement.

On September 25, 2013 (the "Effective Date"), Vision-Sciences, Inc. (the "Company") entered into a new $3.5 million promissory note (the "2013 Note") with Lewis C. Pell, the Company's chairman and largest stockholder (the "Lender"). The 2013 Note accrues annual interest, payable annually, at the "applicable federal rate" (as defined in the 2013 Note" which was equal to 1.66%% as of September 25, 2013). The 2013 Note must be repaid in full on or before its fifth anniversary (the "Maturity Date"), but may be prepaid by the Company at any time without penalty. The Company will be required to repay all amounts outstanding under the 2013 Note upon an event of default, as defined in the 2013 Note.

The outstanding principal amount of the 2013 Note is convertible at any time prior to the Maturity Date, at the Lender's option, into shares of Common Stock of the Company at a price of $0.89, the closing bid price of the Company's Common Stock on the Effective Date.

A copy of the 2013 Note is attached hereto as Exhibit 10.1 and made a part of this Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information required by this Item 2.03 is incorporated by reference from Item 1.01 above.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

     Exhibit No.   Description of Document

     10.1          Promissory Note made by Vision-Sciences, Inc. in favor of Lewis C.
                   Pell, dated September 25, 2013.

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