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Note 10. Subsequent Event
3 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

 Note 10.  Subsequent Event


Pursuant to a separation and release agreement dated July 1, 2013, Ms. Cynthia Ansari resigned from the Vision-Sciences, Inc. Board of Directors. Previously, Ms. Ansari indicated her intention to resign as the Company’s Chief Executive Officer and President on April 30, 2013, which was accepted by the Board of Directors on May 9, 2013. Ms. Ansari’s resignation from the Board was not due to any disagreement with the Company or concerns relating to the Company’s operations, policies or practices. Under the separation and release agreement, Ms. Ansari is entitled to receive six months of severance pay and twelve months of medical benefits, totaling approximately $190, which was recorded in the quarter ended June 30, 2013. The agreement also provides for the lapse of restrictions of 25,126 shares of restricted stock held by Ms. Ansari and the ability to exercise her vested options to purchase 375,000 shares of common stock, at an exercise price of $2.22 per share, through July 9, 2014.


Pursuant to a separation and release agreement dated July 1, 2013, Ms. Cynthia Ansari resigned from the Vision-Sciences, Inc. Board of Directors. Previously, Ms. Ansari indicated her intention to resign as the Company’s Chief Executive Officer and President on April 30, 2013, which was accepted by the Board of Directors on May 9, 2013. Ms. Ansari’s resignation from the Board was not due to any disagreement with the Company or concerns relating to the Company’s operations, policies or practices. Under the separation and release agreement, Ms. Ansari is entitled to receive six months of severance pay and twelve months of medical benefits, totaling approximately $190, which was recorded in the quarter ended June 30, 2013. The agreement also provides for the lapse of restrictions of 25,126 shares of restricted stock held by Ms. Ansari and the ability to exercise her vested options to purchase 375,000 shares of common stock, at an exercise price of $2.22 per share, through July 9, 2014.