Document:

Exhibit 10.4 

 

GENERAL RELEASE AND SEVERANCE AGREEMENT

 

This GENERAL RELEASE AND SEVERANCE AGREEMENT
(the “GENERAL RELEASE AGREEMENT”) is made and entered into between Baxano Surgical Inc., a Delaware corporation
having a principal place of business in North Carolina (the “Company”) and Frederic Feiler, a resident of North Carolina
(the “Employee”). Throughout the remainder of this GENERAL RELEASE AGREEMENT, the Company and Employee may be
collectively referred to as “the parties.”

 

Employee is currently
employed by the Company as Vice President of Marketing and Professional Education. The Company and Employee wish to terminate the
employment relationship, April 15, 2014. The Company wishes to provide Employee with severance benefits to which he would not otherwise
be entitled. The parties wish to agree upon mutually acceptable terms for Employee’s separation from employment and avoid
all litigation relating to the employment relationship and its termination.

 

Employee represents that he or she has carefully
read this entire GENERAL RELEASE AGREEMENT, understands its consequences, and voluntarily enters into it.

 

In consideration of the
above and the mutual promises set forth below, Employee and the Company agree as follows:

 

1.SEPARATION.

 

(a)Employee’s employment shall terminate
on April 15, 2014 (the “Separation Date”) and Employee shall be paid his current salary through the Separation Date.
Between the Notification Date (as defined in Section 11) and the Separation Date, Employee shall professionally discharge his duties
and assist in the transition of his work responsibilities and files (electronic and hard copy) (“Transitional Assistance”)
as requested by the VP of Commercial Operations or other executives of the Company. Employee’s failure to professionally
discharge his duties to the reasonable satisfaction of the Company, or Employee’s breach of his obligations under this GENERAL
RELEASE AGREEMENT, including without limitation his obligations of confidentiality, will be deemed grounds for the termination
of his employment for cause, without further notice and will not be subject to cure, and will result in the immediate forfeiture
of his benefits under Section 2 of this GENERAL RELEASE AGREEMENT.

 

(b)Transitional Assistance shall include,
but not be limited to, performing his regular duties, performing special assignments, working with the VP of Commercial Operations
and other Company designees to provide information and reports on all key projects underway, and to help plan for the transfer
of his duties to others.

 

(c)During the period during which Employee
will be providing Transitional Assistance, Employee agrees to keep the fact of the existence, and the terms, of this GENERAL
RELEASE AGREEMENT strictly confidential. For the avoidance of doubt, the means that Employee agrees to not disclose to anyone
that his employment is to end on the Separation Date, that this GENERAL RELEASE AGREEMENT exists, or the terms of this
GENERAL RELEASE AGREEMENT; provided however, that Employee may disclose this GENERAL RELEASE AGREEMENT to his
spouse, or his financial or legal advisors, provided that his spouse and any such advisors agree to maintain the confidentiality
of the GENERAL RELEASE AGREEMENT and to be bound by the terms of this Section 1(c) and may, on or after March 14, 2014,
disclose to prospective employers that his employment is ending on the Separation Date.

 

    	 

    	 

    

 

2.Severance
Benefits. In consideration of the release and other promises contained herein, the adequacy of which Employee hereby
acknowledges, the Company shall:

 

(a)pay Employee the sum of One Hundred
Twenty Nine Thousand Six Hundred Seventy Nine and 48/100 Dollars ($129,679.48) (less applicable withholdings) (“Severance
Pay”). Severance Pay shall be payable in thirteen (13) equal installment payments in accordance with the Company’s
payroll schedule in existence on the Separation Date beginning on the first such payroll date following the tenth (10th)
day after the Supplemental General Release Agreement (referenced in Section 9(b)) becomes effective as set forth in Section 4 of
such Supplemental General Release Agreement.

 

(b)reimburse Employee for the actual additional
costs incurred by Employee for continued coverage under the Company’s group medical and dental benefit plans under COBRA,
currently offered to and elected by Employee, through December 31, 2014. Reimbursements will be made on a monthly basis and shall
begin on the first payroll date following the tenth (10th) day after the Supplemental General Release Agreement (referenced
in Section 9(b)) becomes effective as set forth in Section 4 of such Supplemental General Release Agreement. Employee shall bear
full responsibility for electing COBRA coverage if he chooses it.

 

Except as noted in Section 2(b), as of the
Separation Date, Employee shall not be entitled to medical, dental, vision, disability, accidental death and dismemberment insurance
benefits, or any other employee benefits, and shall not be a participant in the Company’s 401(k) Plan (the “401(k)
Plan”) or any other plan of any type. For the avoidance of doubt, Employee will not be eligible to contribute to his or her
401(k) plan from severance pay nor receive matching funds from the Company’s related policies. Nothing in this GENERAL
RELEASE AGREEMENT, however, shall be deemed to limit Employee’s continuation coverage rights under COBRA or Employee’s
vested rights, if any, under the 401(k) plan or other Company Plan, and the terms of those plans shall govern.

 

3.Adequacy
of Consideration. Employee acknowledges that the benefits available to him or her under this GENERAL RELEASE AGREEMENT
are significant, are of greater value than the benefits to which he or she would be entitled to receive if he or she did not sign
this GENERAL RELEASE AGREEMENT, and constitute adequate consideration for the release of claims under Sections 9 and 10
of this GENERAL RELEASE AGREEMENT and the Supplemental General Release Agreement.

 

4.ACKNOWLEDGEMENT OF PAY.
Employee agrees and acknowledges that he or she has been paid all wages due and owing to him or her as of the Separation
Date, except for the compensation and benefits described in Sections 2 and 5 of this GENERAL RELEASE AGREEMENT. Employee
further acknowledges that he is not owed any further compensation for any reason, including but not limited to under the Relocation
Letter. Employee acknowledges and agrees that he or she is not entitled to severance benefits under any other agreement,
including without limitation the Employment Severance Agreement, executed on or around November, 2011, or under any Company plan
or policy.

 

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5.PAID TIME OFF/VACATION PAY.
The Company will pay Employee for all accrued but untaken vacation in accordance with Company policy in his or her last regular
paycheck following the Separation Date.

 

6.OTHER AGREEMENTS. With the
exception of the restrictions in Section 12 of the Baxano Surgical, Inc. Employee Proprietary Information Agreement, dated August
2, 2010 (the “Proprietary Information Agreement”), which is hereby waived by the Company, nothing in this GENERAL
RELEASE AGREEMENT shall terminate, revoke or diminish Employee’s obligations or the Company’s and/or its Affiliates’
rights and remedies under law or any agreements relating to trade secrets, confidential information, intellectual property or non-solicitation,
which Employee has executed in the past, including without limitation the Baxano Surgical, Inc. Employee Proprietary Information
Agreement, dated August 2, 2010. Employee shall also be bound by and shall comply with all prior agreements or Company policies
regarding confidentiality, nondisclosure, non-solicitation, intellectual property, or related matters, which he or she has signed,
acknowledged or has been subject to at any time during his or her employment with the Company (“Existing Obligations”),
along with any other agreement that relate to confidentiality, proprietary information and intellectual property, and nothing herein
shall diminish Employee’s obligations, or the Company’s rights thereunder.

 

7.EMPLOYEE REPRESENTATIONS AND GOVERNMENT
DISCLOSURES. Employee represents and acknowledges that he or she has fully disclosed to and cooperated with the Company in
connection with all regulatory matters within his or her area or responsibility with the Company. Employee acknowledges and agrees
that nothing in this GENERAL RELEASE AGREEMENT is intended to restrain and does not restrain the rights of Employee or the
Company to report or provide information relating to any matters within the regulatory responsibilities of any government agency
relating to the work of the Company.

 

8.COMPANY PROPERTY. Employee
agrees that before receiving any payments or benefits under this GENERAL RELEASE AGREEMENT, he or she shall have returned
all Company property (including but not limited to computer and electronic equipment, cell phones, credit cards, keys, etc.), Company
documents (whether in hard or electronic form), material, data, information and related matters to the Company; provided, however,
Employee shall be allowed to keep his cell phone, his laptop computer. In addition, Employee shall be allowed to keep copies of
certain marketing material prepared by Employee and which has been disclosed to the public for use in showing future prospective
employers or other prospects the variety and quality of his work.

 

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9.RElease.

 

(a)CURRENT RELEASE. In consideration
of the pay and benefits conferred by this GENERAL RELEASE AGREEMENT, EMPLOYEE (ON BEHALF OF HIMSELF/HERSELF, HIS/HER
FAMILY MEMBERS, HEIRS, ASSIGNS, EXECUTORS AND OTHER REPRESENTATIVES) RELEASES THE COMPANY AND ITS PAST, PRESENT AND FUTURE PARENTS,
SUBSIDIARIES, AFFILIATES, AND ITS AND/OR THEIR PREDECESSORS, SUCCESSORS, ASSIGNS, AND ITS AND/OR THEIR PAST, PRESENT AND FUTURE
OFFICERS, DIRECTORS, EMPLOYEES, OWNERS, INVESTORS, SHAREHOLDERS, ADMINISTRATORS, BUSINESS UNITS, EMPLOYEE BENEFIT PLANS (TOGETHER
WITH ALL PLAN ADMINISTRATORS, TRUSTEES, FIDUCIARIES AND INSURERS) AND AGENTS (“RELEASEES”) FROM ALL CLAIMS AND
WAIVES ALL RIGHTS KNOWN OR UNKNOWN, HE/SHE MAY HAVE OR CLAIM TO HAVE RELATING TO HIS/HER EMPLOYMENT WITH THE COMPANY, OR
HIS/HER SEPARATION THEREFROM, OR RELATING TO ANY OTHER MATTER WHATSOEVER  arising before the execution of this GENERAL RELEASE
AGREEMENT, including but not limited to claims for: (i) discrimination, harassment or retaliation arising under any
federal, state or local laws prohibiting age (including but not limited to claims under the Age Discrimination in Employment Act
of 1967 (ADEA), as amended, and the Older Worker Benefit Protection Act of 1990 (OWBPA)), sex, national origin, race, religion,
disability, veteran status or other protected class discrimination, the Family and Medical Leave Act, as amended (FMLA), harassment
or retaliation for protected activity; (ii) for compensation, commission payments, bonus payments, stock, options and/or benefits
under any plan, program or policy, including but not limited to claims under the Fair Labor Standards Act of 1938 (FLSA), as amended,
the Employee Retirement Income Security Act of 1974, as amended, (ERISA), the Family and Medical Leave Act, as amended (FMLA),
and similar federal, state, and local laws; (iii) under federal, state or local law of any nature whatsoever, including but not
limited to constitutional, statutory, tort, express or implied contract, wrongful discharge, or other common law; and (iv) attorneys’
fees. Provided, however, that this release does not apply to claims for workers’ compensation benefits or unemployment benefits
filed with the applicable state agencies, or to any claim for a breach of this GENERAL RELEASE AGREEMENT. For the purpose
of implementing a full and complete release and discharge, Employee expressly acknowledges that this GENERAL RELEASE AGREEMENT
is intended to include in its effect, without limitation, all claims which he or she does not know or suspect to exist in his or
her favor at the time of execution hereof, and that this GENERAL RELEASE AGREEMENT contemplated the extinguishment of any
such claim or claims. 

 

(b)SUPPLEMENTAL GENERAL RELEASE.
Employee agrees that he will execute the Supplemental General Release Agreement, Attached hereto as Exhibit A, no earlier than
the Separation Date and no later than twenty one (21) days after the Separation Date.

 

10.Covenant
Not To Sue. In consideration of the pay and benefits offered to Employee under this GENERAL RELEASE AGREEMENT,
Employee will not sue Releasees on any of the released claims, on any matters relating to his or her employment, or relating to
any other matter, arising before the execution of this GENERAL RELEASE AGREEMENT, including but not limited to claims under
the ADEA, or join as a party with others who may sue Releasees on any such claims; provided, however, this paragraph will not bar
a challenge under the OWBPA to the enforceability of the waiver and release of ADEA claims set forth in this GENERAL RELEASE
AGREEMENT or bar claims for workers’ compensation or unemployment benefits above, or where otherwise prohibited by law.
To the maximum extent permitted by law, Employee agrees that Employee will not seek and waives any right to accept any relief or
award from any charge or action against Releasees before any federal, state, or local administrative agency or federal, state or
local court whether filed by Employee or on Employee’s behalf with respect to any claim or right covered by paragraph 9.
Employee does not abide by this paragraph, then (i) he or she will return all monies received under this GENERAL RELEASE AGREEMENT
and indemnify Releasees for all expenses incurred in defending the action, and (ii) Releasees will be relieved of their obligations
hereunder.

 

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11.RIGHT TO REVIEW. The Company
delivered, via hand delivery, this GENERAL RELEASE AGREEMENT, containing the release language set forth in Sections 9 and
10 to Employee on March 3, 2014 (the “Notification Date”) and desires that he or she have adequate time and opportunity
to review and understand the consequences of entering into it. Accordingly, the Company advises Employee as follows:

 

		·	to consult with his or her attorney prior to executing it; and

  

		·	that he or she has twenty one (21) days from the Notification Date to review and consider whether he or she wishes to execute
this GENERAL RELEASE AGREEMENT.

 

Since receiving this GENERAL RELEASE AGREEMENT, Employee
and the Company have negotiated additional severance benefits for Employee, which are provided for in this revised GENERAL RELEASE
AGREEMENT. This revised GENERAL RELEASE AGREEMENT was presented to Employee on March __, 2014 (the “Second Notification
Date”). Employee and the Company agree that the provision of additional benefits is not material and does not re-start the
running of the 21-day review period. Accordingly, Employee had 22 days for the Initial Notification Date in which to consider signing
this GENERAL RELEASE AGREEMENT. If Employee does not return an executed copy of this GENERAL RELEASE AGREEMENT to
the Company by no later than the 22nd calendar day after the Initial Notification Date, it and the obligations
of the Company herein shall become null and void. Employee acknowledges and understands that he or she is not required to use the
entire 21-day review period and that he or she may elect to sign this GENERAL RELEASE AGREEMENT at any time during the 21-day
period. The executed GENERAL RELEASE AGREEMENT should be returned to: Tod McDonald, Sr. HR Director, Baxano Surgical,
Inc., 110 Horizon Drive, Suite 230, Raleigh, North Carolina 27615.

 

12.REVOCATION. Employee may revoke
the GENERAL RELEASE AGREEMENT during the seven (7) day period immediately following his or her execution of it. This GENERAL
RELEASE AGREEMENT will not become effective or enforceable until the revocation period has expired. To revoke this GENERAL
RELEASE AGREEMENT, a written notice of revocation must be delivered to: Tod McDonald, Sr. HR Director, Baxano Surgical, Inc.,
110 Horizon Drive, Suite 230, Raleigh, North Carolina 27615.

 

13.AGENCY CHARGES/INVESTIGATIONS.
Nothing in this GENERAL RELEASE AGREEMENT shall prohibit Employee from filing a charge or participating in an investigation
or proceeding conducted by the U.S. Equal Employment Opportunity Commission or other governmental agency with jurisdiction concerning
the terms, conditions and privileges of his or her employment; provided, however, that by signing this GENERAL RELEASE AGREEMENT,
Employee waives his or her right to, and shall not seek or accept, any monetary or other relief of any nature whatsoever in connection
with any such charges, investigations or proceedings.

 

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14.CONFIDENTIALITY AND GOOD WILL.
The terms and provisions of the GENERAL RELEASE AGREEMENT are confidential and will not be disclosed to third parties, except
as required by law. Notwithstanding the above, Employee may reveal the terms and provisions of the GENERAL RELEASE AGREEMENT
to a lawyer he or she consults for legal advice, members of his or her immediate family, or a financial advisor, provided that
such persons agree to maintain the confidentiality of the Agreement. Employee will not denigrate, disparage, defame or cast aspersions
on the Company or upon the Company’s owners, stockholders, affiliates, officers, directors, employees or agents.

 

15.References.
Employee agrees that he or she will direct all written inquiries from prospective employers to the Company’s Human Resources
department. Employee acknowledges and agrees that, consistent with its usual practices, the Company will provide only information
about Employee’s positions, dates of employment and salary.

 

16.Disclaimer
of Liability. Nothing in this GENERAL RELEASE AGREEMENT is to be construed as either an admission of liability
or admission of wrongdoing on the part of either party, each of which denies any liabilities or wrongdoing on its part.

 

17.Governing
Law. This GENERAL RELEASE AGREEMENT shall be governed by the laws of North Carolina, without regard to its conflict
of laws provisions and the applicable provisions of federal law.

 

18.Entire
Agreement. Except as expressly provided herein, and except for the Indemnification Agreement entered into by the parties
on or around August 3, 2010, this GENERAL RELEASE AGREEMENT: (i) supersedes and cancels all other understandings and agreements,
oral or written, with respect to Employee’s employment with the Company; (ii) supersedes all other understandings and agreements,
oral or written, between the parties with respect to the subject matter of this GENERAL RELEASE AGREEMENT; and (iii) constitutes
the sole agreement between the parties with respect to this subject matter. Each party acknowledges that: (i) no representations,
inducements, promises or agreements, oral or written, have been made by any party or by anyone acting on behalf of any party, which
are not embodied in this GENERAL RELEASE AGREEMENT; and (ii) no agreement, statement or promise not contained in this GENERAL
RELEASE AGREEMENT shall be valid. No change or modification of this GENERAL RELEASE AGREEMENT shall be valid or binding
upon the parties unless such change or modification is in writing and is signed by the parties.

 

19.Severability.
If any portion, provision, or part of this GENERAL RELEASE AGREEMENT is held, determined, or adjudicated by any court of
competent jurisdiction to be invalid, unenforceable, void, or voidable for any reason whatsoever, each such portion, provision,
or part shall be severed from the remaining portions, provisions, or parts of this GENERAL RELEASE AGREEMENT, and such determination
or adjudication shall not affect the validity or enforceability of such remaining portions, provisions, or parts.

 

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20.Counterparts.
This GENERAL RELEASE AGREEMENT may be executed in any number of counterparts, each of which shall be deemed an original,
and all of which taken together shall constitute one and the same instrument. Any party hereto may execute this GENERAL RELEASE
AGREEMENT by signing any such counterpart.

 

21.Waiver
of Breach. A waiver of any breach of this GENERAL RELEASE AGREEMENT shall not constitute a waiver of any other
provision of this GENERAL RELEASE AGREEMENT or any subsequent breach of this GENERAL RELEASE AGREEMENT.

 

22.SECTION
409A OF THE INTERNAL REVENUE CODE.

 

(a)The parties intend that the provisions
of this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations
thereunder (collectively, “Section 409A”) and all provisions of this Agreement shall be construed in a manner consistent
with the requirements for avoiding taxes or penalties under Section 409A. If any provision of this Agreement (or of any award of
compensation, including equity compensation or benefits) would cause Employee to incur any additional tax or interest under Section 409A,
the Company shall, upon the specific request of Employee, use its reasonable business efforts to in good faith reform such provision
to comply with Code Section 409A; provided, that to the maximum extent practicable, the original intent and economic
benefit to Employee and the Company of the applicable provision shall be maintained, and the Company shall have no obligation to
make any changes that could create any additional economic cost or loss of benefit to the Company. Notwithstanding the foregoing,
the Company shall have no liability with regard to any failure to comply with Section 409A so long as it has acted in good faith
with regard to compliance therewith.

 

(b)Notwithstanding anything to the
contrary in this Agreement, if   the Employee is a “specified employee” within the meaning of Section 409A
as of the Separation Date (other than due to death), then the severance payable to the Employee together with any other severance
payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred
Compensation Separation Benefits”), that are payable within the first six (6) months following the Employee’s
termination of employment will become payable on the first payroll date that occurs on or after the date six (6) months and
one (1) day following the date of the Employee’s termination of employment. All subsequent Deferred Compensation Separation
Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding
anything herein to the contrary, if the Employee dies following the Separation Date but prior to the six (6) month anniversary
of the Employee’s termination, then any payments delayed in accordance with this paragraph will be payable in a lump sum
as soon as administratively practicable after the date of the Employee’s death and all other Deferred Compensation Separation
Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit
payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury
Regulations.

 

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(c)Any amount paid under this Agreement
that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury
Regulations shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above.

 

(d)Any amount paid under this Agreement
that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii)
of the Treasury Regulations that do not exceed the Section 409A Limit shall not constitute Deferred Compensation Separation
Benefits for purposes of clause (i) above. For purposes of this Agreement, “Section 409A Limit” shall mean the
lesser of two (2) times: (i) the Employee’s annualized compensation based upon the annual rate of pay paid to the
Employee during the Company’s taxable year preceding the Company’s taxable year of the Employee’s termination
of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued
with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17)
of the Code for the year in which the Employee’s employment is terminated.

 

 

 

[Signatures on the following page]

 

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IN WITNESS WHEREOF, the parties have entered
into this GENERAL RELEASE AGREEMENT as of the day and year written below.

 

 

 

 

	 	BAXANO SURGICAL INC.
	 	 	 
	 	By:  	/s/ Ken Reali
	 	 	 
	 	Date:  	3/14/2014
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	FREDERIC FEILER
	 	 	 
	 	/s/ Frederic Feiler, Jr.
	 	 	 
	 	Date: 	Mar. 14, 2014

 

    	 

    	 

    

 

EXHIBIT A TO GENERAL
RELEASE 

AND SEVERANCE AGREEMENT

 

 

 

SUPPLEMENTAL GENERAL
RELEASE AGREEMENT

 

This Supplemental General Release Agreement
(the “SUPPLEMENTAL GENERAL RELEASE AGREEMENT”) is made and entered into between Baxano Surgical Inc., a Delaware
corporation having a principal place of business in North Carolina (the “Company”) and Frederic Feiler, a resident
of North Carolina (the “Employee”). Throughout the remainder of this SUPPLEMENTAL GENERAL RELEASE AGREEMENT,
the Company and Employee may be collectively referred to as “the parties.”

 

The parties executed a General Release and
Severance Agreement (the “General Release and Severance Agreement”) on March ___, 2014, under which Employee’s
employment will terminate on April 15, 2014. Capitalized terms not defined in this SUPPLEMENTAL GENERAL RELEASE AGREEMENT
shall have the definitions given to them in the General Release and Severance Agreement.

 

Under the terms of the General Release and
Severance Agreement, Employee remained employed as an at-will employee through the Separation Date, subject to the terms of the
General Release and Severance Agreement, and was entitled to receive his regular compensation during this period of employment.
In addition, Employee is entitled to certain severance benefits following the Separation Date, conditioned upon, among other things,
his execution of this SUPPLEMENTAL GENERAL RELEASE AGREEMENT on the Separation Date or within 21 days thereafter.

 

Employee represents that he has carefully
read this entire SUPPLEMENTAL GENERAL RELEASE AGREEMENT, understands its consequences, and voluntarily enters into it.

 

In consideration of the
above and the mutual promises set forth in the General Release and Severance Agreement, Employee and the Company agree as follows:

 

    	 

    	 

    

 

1.SUPPLEMENTAL
RELEASE. In consideration of the benefits conferred by the General Release and Severance
Agreement, and pursuant to his obligation under Section 9(b) of the General Release and Severance Agreement, EMPLOYEE (ON BEHALF
OF HIMSELF/HERSELF, HIS/HER FAMILY MEMBERS, HEIRS, ASSIGNS, EXECUTORS AND OTHER REPRESENTATIVES) RELEASES THE COMPANY AND ITS PAST,
PRESENT AND FUTURE PARENTS, SUBSIDIARIES, AFFILIATES, AND ITS AND/OR THEIR PREDECESSORS, SUCCESSORS, ASSIGNS, AND ITS AND/OR THEIR
PAST, PRESENT AND FUTURE OFFICERS, DIRECTORS, EMPLOYEES, OWNERS, INVESTORS, SHAREHOLDERS, ADMINISTRATORS, BUSINESS UNITS, EMPLOYEE
BENEFIT PLANS (TOGETHER WITH ALL PLAN ADMINISTRATORS, TRUSTEES, FIDUCIARIES AND INSURERS) AND AGENTS (“RELEASEES”)
FROM ALL CLAIMS AND WAIVES ALL RIGHTS KNOWN OR UNKNOWN, HE/SHE MAY HAVE OR CLAIM TO HAVE RELATING TO HIS/HER EMPLOYMENT
WITH THE COMPANY, OR HIS/HER SEPARATION THEREFROM, OR RELATING TO ANY OTHER MATTER WHATSOEVER  arising before the execution
of this GENERAL RELEASE AGREEMENT, including but not limited to claims for: (i) discrimination, harassment or retaliation
arising under any federal, state or local laws prohibiting age (including but not limited to claims under the Age Discrimination
in Employment Act of 1967 (ADEA), as amended, and the Older Worker Benefit Protection Act of 1990 (OWBPA)), sex, national origin,
race, religion, disability, veteran status or other protected class discrimination, the Family and Medical Leave Act, as amended
(FMLA), harassment or retaliation for protected activity; (ii) for compensation, commission payments, bonus payments, stock, options
and/or benefits under any plan, program or policy, including but not limited to claims under the Fair Labor Standards Act of 1938
(FLSA), as amended, the Employee Retirement Income Security Act of 1974, as amended, (ERISA), the Family and Medical Leave Act,
as amended (FMLA), and similar federal, state, and local laws; (iii) under federal, state or local law of any nature whatsoever,
including but not limited to constitutional, statutory, tort, express or implied contract, wrongful discharge, or other common
law; and (iv) attorneys’ fees. Provided, however, that this release does not apply to claims for workers’ compensation
benefits or unemployment benefits filed with the applicable state agencies, or to any claim for a breach of the General Release
and Severance Agreement. For the purpose of implementing a full and complete release and discharge, Employee expressly acknowledges
that this SUPPLEMENTAL GENERAL RELEASE AGREEMENT is intended to include in its effect, without limitation, all claims
which he or she does not know or suspect to exist in his or her favor at the time of execution hereof, and that this SUPPLEMENTAL
GENERAL RELEASE AGREEMENT contemplated the extinguishment of any such claim or claims. 

 

2.Covenant
Not To Sue. In consideration of the benefits conferred by the General Release and Severance Agreement, and pursuant
to his obligation under Section 9(b) of the General Release and Severance Agreement, Employee will not sue Releasees on any of
the released claims, on any matters relating to his or her employment, or relating to any other matter, arising before the execution
of this SUPPLEMENTAL GENERAL RELEASE AGREEMENT, including but not limited to claims under the ADEA, or join as a party with
others who may sue Releasees on any such claims; provided, however, this paragraph will not bar a challenge under the OWBPA to
the enforceability of the waiver and release of ADEA claims set forth in this SUPPLEMENTAL GENERAL RELEASE AGREEMENT
or bar claims for workers’ compensation or unemployment benefits above, or where otherwise prohibited by law. To the
maximum extent permitted by law, Employee agrees that Employee will not seek and waives any right to accept any relief or award
from any charge or action against Releasees before any federal, state, or local administrative agency or federal, state or local
court whether filed by Employee or on Employee’s behalf with respect to any claim or right covered by paragraph 1. Employee
does not abide by this paragraph, then (i) he or she will return all monies received under this SUPPLEMENTAL GENERAL RELEASE
AGREEMENT and indemnify Releasees for all expenses incurred in defending the action, and (ii) Releasees will be relieved
of their obligations hereunder.

 

3.RIGHT TO REVIEW. The Company
delivered, via hand delivery, this SUPPLEMENTAL GENERAL RELEASE AGREEMENT, containing the release language set forth in
Sections 1 and 2 to Employee on March 3, 2014 (the “Notification Date”) and desires that he or she have adequate time
and opportunity to review and understand the consequences of entering into it. Accordingly, the Company advises Employee as follows:

 

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		·	to consult with his or her attorney prior to executing it; and

  

		·	that he or she has twenty one (21) days from the Notification Date to review and consider whether he or she wishes to execute
this SUPPLEMENTAL GENERAL RELEASE AGREEMENT.

 

Employee must return an executed copy of the SUPPLEMENTAL
GENERAL RELEASE AGREEMENT to the Company within 22 days following the Separation Date, but not before the Separation Date.
Employee acknowledges and understands that he is not required to use the entire 21-day review period and that he may elect to sign
this SUPPLEMENTAL GENERAL RELEASE AGREEMENT at any time during the 21-day period following the Separation Date, but not
before the Separation Date. The executed SUPPLEMENTAL GENERAL RELEASE AGREEMENT should be returned to: Tod McDonald,
Sr. HR Director, Baxano Surgical, Inc., 110 Horizon Drive, Suite 230, Raleigh, North Carolina 27615.

 

4.REVOCATION. Employee may revoke
the SUPPLEMENTAL GENERAL RELEASE AGREEMENT during the seven (7) day period immediately following his execution of it. This
SUPPLEMENTAL GENERAL RELEASE AGREEMENT will not become effective or enforceable until the revocation period has expired.
To revoke this SUPPLEMENTAL GENERAL RELEASE AGREEMENT, a written notice of revocation must be delivered to:
Tod McDonald, Sr. HR Director, Baxano Surgical, Inc., 110 Horizon Drive, Suite 230, Raleigh, North Carolina 27615.

 

5.AGENCY CHARGES/INVESTIGATIONS.
Nothing in this SUPPLEMENTAL GENERAL RELEASE AGREEMENT or in the General Release and Severance Agreement shall prohibit
Employee from filing a charge or participating in an investigation or proceeding conducted by the U.S. Equal Employment Opportunity
Commission or other governmental agency with jurisdiction concerning the terms, conditions and privileges of his employment; provided,
however, that by signing this SUPPLEMENTAL GENERAL RELEASE AGREEMENT and the General Release and Severance Agreement, Employee
waives his hers right to, and shall not seek or accept, any monetary or other relief of any nature whatsoever in connection with
any such charges, investigations or proceedings.

 

6.Disclaimer
of Liability. Nothing in this SUPPLEMENTAL GENERAL RELEASE AGREEMENT or in the General Release and Severance
Agreement is to be construed as either an admission of liability or admission of wrongdoing on the part of either party, each of
which denies any liabilities or wrongdoing on its part.

 

7.Governing
Law. This SUPPLEMENTAL GENERAL RELEASE AGREEMENT shall be governed by the laws of North Carolina, without regard
to its conflict of laws provisions and the applicable provisions of federal law, including, but not limited to, the ADEA and OWBPA.

 

    	3

    	 

    

 

8.Entire
Agreement. Except for as provided in the General Release and Severance Agreement and as expressly provided herein, this
SUPPLEMENTAL GENERAL RELEASE AGREEMENT: (i) supersedes and cancels all other understandings and agreements, oral or written,
with respect to Employee’s employment with the Company; (ii) supersedes all other understandings and agreements, oral or
written, between the parties with respect to the subject matter of this SUPPLEMENTAL GENERAL RELEASE AGREEMENT; and (iii)
constitutes the sole agreement between the parties with respect to this subject matter. Each party acknowledges that: (i) no representations,
inducements, promises or agreements, oral or written, have been made by any party or by anyone acting on behalf of any party, which
are not embodied in this SUPPLEMENTAL GENERAL RELEASE AGREEMENT; and (ii) no agreement, statement or promise not contained
in this SUPPLEMENTAL GENERAL RELEASE AGREEMENT shall be valid. No change or modification of this SUPPLEMENTAL GENERAL
RELEASE AGREEMENT shall be valid or binding upon the parties unless such change or modification is in writing and is signed
by the parties.

 

9.Severability.
If any portion, provision, or part of this SUPPLEMENTAL GENERAL RELEASE AGREEMENT is held, determined, or adjudicated by
any court of competent jurisdiction to be invalid, unenforceable, void, or voidable for any reason whatsoever, each such portion,
provision, or part shall be severed from the remaining portions, provisions, or parts of this SUPPLEMENTAL GENERAL RELEASE AGREEMENT,
and such determination or adjudication shall not affect the validity or enforceability of such remaining portions, provisions,
or parts.

 

10.Counterparts.
This SUPPLEMENTAL GENERAL RELEASE AGREEMENT may be executed in any number of counterparts, each of which shall be deemed
an original, and all of which taken together shall constitute one and the same instrument. Any party hereto may execute this SUPPLEMENTAL
GENERAL RELEASE AGREEMENT by signing any such counterpart.

 

11.Waiver
of Breach. A waiver of any breach of this SUPPLEMENTAL GENERAL RELEASE AGREEMENT shall not constitute a waiver
of any other provision of this GENERAL RELEASE AGREEMENT or any subsequent breach of this SUPPLEMENTAL GENERAL RELEASE
AGREEMENT.

 

[The remainder of this page intentionally
left blank]

 

    	4

    	 

    

 

N WITNESS WHEREOF, the parties have entered
into this SUPPLEMENTAL GENERAL RELEASE AGREEMENT as of the day and year written below.

 

 

	 	BAXANO SURGICAL INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Date:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	FREDERIC FEILER
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Date:EXHIBIT 10.15

 

	A	CHANGE
REQUEST • CONTRACT OR ORDER
 	 

 

	Strategic
    asset purchasing

 

	SUPPLIER	DATE:
    September 16, 2013
	Transformateurs Pioneer  Ltée	 
	612 Chemin Bernard	 
	Granby, Qc	 
	J2J OH6	 
	Attn: Raymond Haddad	 

 

	No.
        modif.

         

        4
	Contract
        No.

         

        4600017040
	Order
    No.	Responsible
        H-Q

         

        Nicole
        Caron
	Tél.:
        (514) 840-3000, poste 5251

        Téléc.:
        (514) 840-3322

 

A-  CURRENT MODIFICATION

 

It
is proposed to extend for a period of six months the framework contracts # 171040 and #17108 on the same commercial conditions
in order to complete the update of technical specifications and preparations for the call for proposals.

 

If
you agree, the extension period will now read, from April 1, 2014 until September 30, 2014.

 

 

 

 

 

 

 

 

 

 

  

B-  SUPPLIER

 

		Q	We
                                         agree to execute the requested amendment at the same prices and primary conditions as
                                         in the contract, it being agreed that this application does not constitute a commitment
                                         on the part of Hydro-Quebec, and that only the authorization to proceed with "C",
                                         approval of which is the contractual responsibility of Hydro-Québec, will allow
                                         the supplier to proceed.

 

	Delivery date:	 		/s/ Raymond
    Haddad	 	September
                                         24, 2013

 
	 	 		Signature	 	Date
	 	 	 	 	 	 
	 	 	 	 	 	 
	 ̈    We
refuse to execute the requested change	 	 	 	 
	 	 	 	Signature	 	Date
	 	 	 	 	 	 
	 ̈    Non applicable	 	 	 	 

 

  

C-
AUTHORIZATION TO PROCEED

 

You
may proceed immediately with this change

 

	Nicole Caron	 	/s/ Nicole Caron	 	December 4, 2013

	Responsible H.Q.	 	Signature 	 	Issue Date 

 

c.c Supplier Quality Assurance
(C.Q.) 

 

Application
to amend contract 17108_16 Sept. 13 doc /99.01.25

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