EMPLOYMENT AGREEMENT
Exhibit 10.1
This Employment Agreement (this “Agreement”) is between ZYNEX, Inc., a Nevada corporation (the “Company”), and the undersigned (“you”) and is effective as of the “Effective Date” set forth below.
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1. |
Title and Salary. You will be employed full-time as the Chief Financial Officer of the Company commencing on July 15, 2014 (the “Effective Date”). For the first 30 days you will be paid a flat rate of $15,000. After the initial 30 days, your compensation will consist of an annual base salary of $208,000. In addition you will be granted options to purchase 350,000 shares of the Company’s common stock at the closing price on August 8, 2014, subject to the terms of the Company’s 2005 Stock Option Plan. |
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2. |
Incentive Compensation. You you will be eligible to earn incentive compensation as follows: |
2014 Incentives:
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Incentive |
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Q3 10-Q’s filed timely (No NT and not late) |
10,000 stock options |
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Replacement of Triumph LOC |
50,000 stock options |
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Q4 EBIDTA profitable by >$500k |
50,000 stock options |
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Zynex Stock Price above $1.00/share |
50,000 stock options |
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Zynex Stock Volume above 100,000 shares/day (13 week average) |
100,000 stock options (50,000 options if above 50,000 shares/day |
2015 Incentives:
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Incentive |
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Net Revenue > $6M per quarter |
Quarterly |
10,000 stock options per quarter |
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EBITDA > $500k per quarter |
Quarterly |
20,000 stock options per quarter |
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Free Cash Flow > $500k per quarter |
Quarterly |
25,000 stock options per quarter |
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EBITDA above $1,8M y/e 12/31/2015 EBITDA above $2.25M y/e 12/31/2015 |
Y/E 12/31/2015 |
75,000 stock options + $50,000 125,000 stock options + $75,000 |
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Zynex Stock Price above $2.00/share |
Half if $1/s |
50,000 stock options +$25,000 |
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Zynex Stock Volume above 150,000 shares/day (13 week average) |
Half if above 100,000 |
100,000 stock options + $25,000 |
3. Benefits. You will be entitled to four (4) weeks of paid personal time off (“PTO”) per year, which shall cover all vacation, personal, or sick days. PTO will accrue ratably on a monthly basis. You may carry over up to one (1) week of unused PTO to the following year. Any additional personal time off used or received, for whatever reason, shall be unpaid. The Company recognizes all federal holidays and other holidays as determined by the Company from time to time in its sole discretion. You acknowledge and agree that you have existing health insurance coverage and hereby decline coverage under the Company’s health insurance plans. The Company may adopt, cancel or modify benefit programs from time to time in its sole discretion.
4. Employment “At-Will”. Employment with the Company is at will and may be terminated by you or the Company at any time, with or without cause. No representative of the Company has the authority to offer employment other than at-will employment except in a written employment contract signed by the president of the Company.
5. Acceptance. To signify your acceptance of this Agreement, please sign and return this Agreement to the undersigned representative of the Company.
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Employee
/s/ Xxxxx X. Alleman_________________________ Xxxxx X. Xxxxxxx
8/11/2014_________________________________ (Date)
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Company: ZYNEX, Inc.
/s/ Xxxxxx Sandgaard_______________________ Xxxxxx Xxxxxxxxx, Chief Executive Officer
8/11/2014_________________________________ (Date)
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