Exhibit 10.2
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment
(“Amendment”) is made among Zynex Medical, Inc., a
Colorado corporation and Zynex, Inc., a Nevada corporation
(collectively, “Employer”), and Thomas Sandgaard (the
“Employee”), to amend certain provisions of the
Employment Agreement (the “Agreement”), dated February
1, 2004, between Employee and Zynex Medical, Inc., as such
Agreement was amended by the amendment dated January 1, 2005.
1. The
Agreement is hereby amended to add Zynex, Inc. as a
party. All references to “Employer”
contained in the Agreement shall refer to Zynex Medical, Inc. and
Zynex, Inc. collectively.
2. Section
(1) of the Agreement is hereby amended and restated in its entirety
as follows:
1.
Term. Subject to the terms of this Section 1 and
Sections 7, 8 and 9, this Agreement shall commence on February 1,
2004 and expire on the earlier of the Employee’s death,
resignation, or December 31, 2009 (the date on which this Agreement
shall expire, as such date may be extended in accordance with the
terms of this Section 1 is hereinafter referred to as the
"Expiration Date"). Subject to the terms of Sections 7,
8 and 9, unless either party gives written notice to the other of
its desire to terminate this Agreement at least thirty days prior
to the then current Expiration Date or Extended Period (the
"Termination Notification Date"), this Agreement will be
automatically extended for further period(s) of one year from the
then current Expiration Date (the "Extended Period") on the same
terms and conditions as herein set forth. Except when
the contrary is indicated, the phrase "the term of this Agreement"
shall henceforth be deemed to include the Extended Period.
3. Section
(4) of the Agreement is hereby amended and restated in its entirety
as follows:
a. Commencing
July 1, 2009, the Employer shall pay to the Employee for the loyal
and consistent services provided to it hereunder a fee at the rate
of $24,000 per month. The Employee’s compensation
shall be reviewed at least annually for appropriate adjustments at
the end of each year as determined by the Board of Directors of
Zynex, Inc. (the “Board”).
b. Employee
shall also receive after the end of each quarter during the term of
this Agreement, bonus compensation based on exceeding cash
collections and EBITDA amounts as shown in the budget of Zynex,
Inc. that has been accepted by the Board for the applicable period
as follows:
