Baxano Surgical, Inc fka BAXSQ

[harmsen]

The Debentures provide for repayment in 16 quarterly payments of interest and principal commencing on March 31, 2015, and are convertible into shares of Common Stock at an initial conversion price of $0.2421 per share, for an aggregate of approximately 5,719,954 shares of Common Stock. The Debentures bear interest at the greater of (i) 11% per annum or (i) 10% plus LIBOR, payable in cash each quarter or, at the Company's discretion provided certain conditions ("Equity Conditions") are met each payment period, in shares of Common Stock at a price equal to 90% of a calculated market price per share