Exhibit 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT DATED FEBRUARY 1, 2004
BETWEEN ZYNEX MEDICAL, INC. AND XXXXXX XXXXXXXXX
Section (4) of the agreement is hereby amended as follows:
4. Compensation. Commencing January 1, 2005 and continuing through the
duration of this agreement, the Employer shall pay to the Employee for the
loyal and consistent services provided to it hereunder: a fee at the rate
of $12,000 per month. The Employee's compensation shall be reviewed at
least annually for appropriate increases at the end of each year as
determined by the Board of directors of the Employer. Employee shall also
receive at the end of each quarter during the term of this Agreement, bonus
compensation based on exceeding net revenue goals as follows:
Quarterly
Revenue Bonus
--------------------- ------------
Less than $600,000 $ 0
--------------------- ------------
>$600,000 $10,000
--------------------- ------------
>$800,000 $25,000
--------------------- ------------
>$1,000,000 $50,000
--------------------- ------------
The bonus amounts reflected in the above table shall be reduced by one-half if
the Company sustains a net loss during the quarter.
Zynex Medical, Inc., "Employer"
/s/
------------------------------
Secretary Board of Directors
/s/ Xxxxxx Xxxxxxxxx
------------------------------
Xxxxxx Xxxxxxxxx, "Employee"
