Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
VSCI > SEC Filings for VSCI > Form 8-K on 30-Sep-2013All Recent SEC Filings

Show all filings for VISION SCIENCES INC /DE/ | Request a Trial to NEW EDGAR Online Pro

Form 8-K for VISION SCIENCES INC /DE/


30-Sep-2013

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.


  Add VSCI to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for VSCI - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.