# EDGAR Filing Document

**Accession Number:** 0000846475
**File Stem:** 0001104659-25-113280
**Filing Date:** 2025-11
**Character Count:** 584589
**Document Hash:** b83404d0fbbd16cdfcaf74b02d84fef7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113280.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001104659-25-113280

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZYNEX INC
- **CENTRAL INDEX KEY:** 0000846475
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 870403828
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38804
- **FILM NUMBER:** 251492064

**BUSINESS ADDRESS:**
- **STREET 1:** 9655 MAROON CIRCLE
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
- **BUSINESS PHONE:** (800)-495-6670

**MAIL ADDRESS:**
- **STREET 1:** 9655 MAROON CIRCLE
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZYNEX MEDICAL HOLDINGS INC
- **DATE OF NAME CHANGE:** 20050812

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZYNEX MEDICAL HOLDINGS   INC
- **DATE OF NAME CHANGE:** 20040120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FOX RIVER HOLDINGS  INC
- **DATE OF NAME CHANGE:** 20031126

?xml version='1.0' encoding='ASCII'? Zynex, Inc._September 30, 2025

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended: September 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to**

**Commission file number 001-38804**

## Zynex, Inc.
**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **NEVADA** | **90-0275169** |
| **(State or other jurisdiction of**<br>**incorporation or organization)**<br>**9655 Maroon Cir.**<br>**Englewood, CO** | **(IRS Employer**<br>**Identification No.)**<br>**80112** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(800) 495-6670**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name, former address and former fiscal year, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | ZYXI | NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☒  |
|  |  | Emerging growth company | ☐  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| Class | Shares Outstanding as of November 11, 2025 |
| Common Stock, par value $0.001 | 30388635 |

---

------

[**Table of Contents**](#TOC)

#### ZYNEX, INC. AND SUBSIDIARIES
**INDEX TO FORM 10-Q**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**PART I—FINANCIAL INFORMATION**](#PARTI_FINANCIALINFORMATION) | [**PART I—FINANCIAL INFORMATION**](#PARTI_FINANCIALINFORMATION) | 3 |
| [Item 1.](#ITEM1FINANCIALSTATEMENTS_263164) | [Financial Statements](#ITEM1FINANCIALSTATEMENTS_263164) | 3 |
|  | [Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024](#CONSOLIDATEDBALANCESHEETS_427791) | 3 |
|  | [Unaudited Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2025 and 2024](#STATEMENTSOFOPERATIONS) | 4 |
|  | [Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_605077) | 5 |
|  | [Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the three and nine months ended September 30, 2025 and 2024](#CONSOLIDATEDSTATEMENTSOFSTOCKHOLDERSEQUI) | 6 |
|  | [Unaudited Notes to Condensed Consolidated Financial Statements](#a1BASISOFPRESENTATION_812099) | 7 |
| [Item 2.](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF) | 26 |
| [Item 3.](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | 32 |
| [Item 4.](#ITEM4CONTROLSANDPROCEDURES_634779) | [Controls and Procedures](#ITEM4CONTROLSANDPROCEDURES_634779) | 33 |
| [**PART II—OTHER INFORMATION**](#PARTII) | [**PART II—OTHER INFORMATION**](#PARTII) | 34 |
| [Item 1.](#ITEM1LEGALPROCEEDINGS_615968) | [Legal Proceedings](#ITEM1LEGALPROCEEDINGS_615968) | 34 |
| [Item 1A.](#ITEM1ARISKFACTORS_303596) | [Risk Factors](#ITEM1ARISKFACTORS_303596) | 35 |
| [Item 2.](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES) | [Unregistered Sales of Equity Securities and Use of Proceeds](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES) | 38 |
| [Item 3.](#ITEM3DEFAULTSUPONSENIORSECURITIES_746355) | [Defaults Upon Senior Securities](#ITEM3DEFAULTSUPONSENIORSECURITIES_746355) | 39 |
| [Item 4.](#ITEM4MINESAFETYDISCLOSURES_379166) | [Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_379166) | 39 |
| [Item 5.](#ITEM5OTHERINFORMATION_943857) | [Other Information](#ITEM5OTHERINFORMATION_943857) | 39 |
| [Item 6.](#ITEM6EXHIBITS_655027) | [Exhibits](#ITEM6EXHIBITS_655027) | 40 |
| [SIGNATURES](#SIGNATURES_749251) | [SIGNATURES](#SIGNATURES_749251) | 42 |

---

[**Table of Contents**](#TOC)

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

#### ZYNEX, INC.

#### CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025**<br>**(unaudited)** | **December 31,** <br>**2024** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $13259 | $39631 |
| &nbsp;&nbsp;Accounts receivable, net | 6695 | 18022 |
| &nbsp;&nbsp;Inventory, net | 11991 | 13919 |
| &nbsp;&nbsp;Prepaid expenses and other | 5071 | 3607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 37016 | 75179 |
| Property and equipment, net | 1287 | 3084 |
| Operating lease asset | 5788 | 9820 |
| Finance lease asset | 921 | 1141 |
| Deposits | 310 | 408 |
| Intangible assets, net of accumulated amortization |  | 7247 |
| Goodwill |  | 20401 |
| Deferred income taxes |  | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $45322 | $122079 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Accounts payable and accrued expenses | $12523 | $7091 |
| &nbsp;&nbsp;Operating lease liability | 4153 | 4030 |
| &nbsp;&nbsp;Finance lease liability | 283 | 287 |
| &nbsp;&nbsp;Current portion of convertible senior notes, less issuance costs | 59334 |  |
| &nbsp;&nbsp;Accrued payroll and related taxes | 2553 | 5456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 78846 | 16864 |
| &nbsp;&nbsp;Convertible senior notes, less issuance costs |  | 58567 |
| &nbsp;&nbsp;Operating lease liability | 7208 | 10151 |
| &nbsp;&nbsp;Finance lease liability | 640 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 86694 | 86371 |
| Commitments and contingencies (Note 16) |  |  |
| Stockholders' equity (deficit) |  |  |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024 |  |  |
| Common stock, $0.001 par value; 100,000,000 shares authorized;<br> 42,439,614 issued and 30,336,201 outstanding as of September 30, 2025, <br>42,233,415 issued and 31,878,512 outstanding as of December 31, 2024 | 30 | 32 |
| Additional paid-in capital | 94290 | 93088 |
| Treasury stock of 11,556,758 and 9,856,758 shares at September 30, 2025 and December 31, 2024, respectively, at cost | (92123) | (87186) |
| &nbsp;&nbsp;Retained (deficit) earnings | (43569) | 29774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (41372) | 35708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $45322 | $122079 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### ZYNEX, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,**  | **For the Three Months Ended September 30,**  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **NET REVENUE** |  |  |  |  |
| &nbsp;&nbsp;Devices | $7057 | $14858 | $29989 | $44803 |
| &nbsp;&nbsp;Supplies | 6303 | 35108 | 32239 | 101577 |
| Total net revenue | 13360 | 49966 | 62228 | 146380 |
| **COSTS OF REVENUE AND OPERATING EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;Costs of revenue - devices and supplies | 5281 | 10177 | 20705 | 29446 |
| &nbsp;&nbsp;Sales and marketing | 9479 | 20713 | 39230 | 67319 |
| &nbsp;&nbsp;General and administrative | 11822 | 15274 | 38895 | 43062 |
| &nbsp;&nbsp;Impairment charges | 30740 |  | 30740 |  |
| Total costs of revenue and operating expenses | 57322 | 46164 | 129570 | 139827 |
| Income (loss) from operations | (43962) | 3802 | (67342) | 6553 |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of assets |  |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (890) | (625) | (2427) | (1767) |
| Other income (expense), net | (890) | (625) | (2427) | (1748) |
| Income (loss) from operations before income taxes | (44852) | 3177 | (69769) | 4805 |
| &nbsp;&nbsp;Income tax (benefit) expense | (1938) | 795 | 3574 | 1196 |
| Net income (loss)  | $(42914) | $2382 | $(73343) | $3609 |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;Basic | $(1.42) | $0.07 | $(2.39) | $0.11 |
| &nbsp;&nbsp;Diluted | $(1.42) | $0.07 | $(2.39) | $0.11 |
| Weighted average basic shares outstanding | 30314 | 31775 | 30721 | 31960 |
| Weighted average diluted shares outstanding | 30314 | 32088 | 30721 | 32340 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### ZYNEX, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
**(AMOUNTS IN THOUSANDS)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Net income (loss) | $(73343) | $3609 |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation  | 1697 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 1454 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 30740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1453 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | (873) | (750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes | 4799 | (664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of assets |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 11327 | 5215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other assets | (1495) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued expenses | 57 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 1174 | (4096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (23011) | 10276 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Purchase of property and equipment | (215) | (362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (215) | (362) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Payments on finance lease obligations | (153) | (203) |
| &nbsp;&nbsp;Cash dividends paid |  | (9) |
| &nbsp;&nbsp;Purchase of treasury stock | (4939) | (15625) |
| &nbsp;&nbsp;Excise tax payments on net treasury stock purchases |  | (473) |
| &nbsp;&nbsp;Net borrowings under accounts receivable financing | 2153 |  |
| &nbsp;&nbsp;Proceeds from the issuance of common stock on stock-based awards | 7 | 13 |
| &nbsp;&nbsp;Taxes withheld and paid on equity awards | (214) | (566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (3146) | (16863) |
| Net decrease in cash | (26372) | (6949) |
| Cash and cash equivalents at beginning of period | 39631 | 44579 |
| Cash and cash equivalents at end of period | $13259 | $37630 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid on interest, net | $(1677) | $(1017) |
| Cash paid for rent | $(3514) | $(3358) |
| Cash paid for income taxes | $(189) | $(2098) |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |
| Right-of use assets obtained in exchange for new operating lease liabilities | $218 | $— |
| Right-of use assets obtained in exchange for new finance lease liabilities | $— | $831 |
| Finance lease liabilities removed for cancelled leases | $— | $(73) |
| Right-of use assets obtained in exchange for lease incentive | $260 | $— |
| Excise tax accrual | $(44) | $(10) |
| Inventory transferred to property and equipment under lease | $754 | $1494 |
| Capital expenditures not yet paid | $4 | $16 |
| Prepaid expenses not yet paid | $271 | $168 |
| Non-cash dividend adjustment | $— | $(3) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### ZYNEX, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

#### (AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** | <br>**Treasury**<br>**Stock** | <br>**Retained**<br>**Earnings** | **Total**<br>**Stockholders'**<br>**Equity** |
| **Balance at December 31, 2023** | **32933776** | $**33** | $**90878** | $**(71562)** | $**26780** | $**46129** |
| Exercised and vested stock-based awards | 70992 |  | 13 |  |  | 13 |
| Stock-based compensation expense |  |  | 734 |  |  | 734 |
| Warrants exercised | 20000 |  |  |  |  |  |
| Shares of common stock withheld to pay taxes on employees' equity awards | (23041) |  | (240) |  |  | (240) |
| Purchase of treasury stock | (1121835) | (1) |  | (13419) |  | (13420) |
| Excise tax on net treasury stock purchases |  |  | (126) |  |  | (126) |
| Net income |  |  |  |  | 10 | 10 |
| **Balance at March 31, 2024** | **31879892** | $**32** | $**91259** | $**(84981)** | $**26790** | $**33100** |
| Exercised and vested stock-based awards | 47071 |  |  |  |  |  |
| Stock-based compensation expense |  |  | 841 |  |  | 841 |
| Shares of common stock withheld to pay taxes on employees' equity awards | (11342) |  | (119) |  |  | (119) |
| Purchase of treasury stock | (189879) |  |  | (2205) |  | (2205) |
| Excise tax on net treasury stock purchases |  |  | (18) |  |  | (18) |
| Net income |  |  |  |  | 1217 | 1217 |
| **Balance at June 30, 2024** | **31725742** | $**32** | $**91963** | $**(87186)** | $**28007** | $**32816** |
| Exercised and vested stock-based awards, net of tax | 97458 |  |  |  |  |  |
| Stock-based compensation expense |  |  | 770 |  |  | 770 |
| Shares of common stock withheld to pay taxes on employees' equity awards | 60000 |  | 3 |  |  | 3 |
| Purchase of treasury stock | (43108) |  | (207) |  |  | (207) |
| Excise tax on net treasury stock purchases |  |  | 9 |  |  | 9 |
| Net income |  |  |  |  | 2382 | 2382 |
| **Balance at September 30, 2024** | **31840092** | $**32** | $**92538** | $**(87186)** | $**30389** | $**35773** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** | <br>**Treasury**<br>**Stock** | <br>**Retained**<br>**Earnings (Deficit)** | **Total**<br>**Stockholders'**<br>**Equity (Deficit)** |
| **Balance at December 31, 2024** | **31878512** | $**32** | $**93088** | $**(87186)** | $**29774** | $**35708** |
| Exercised and vested stock-based awards | 71698 |  | 7 |  |  | 7 |
| Stock-based compensation expense |  |  | 577 |  |  | 577 |
| Shares of common stock withheld to pay taxes on employees' equity awards | (19690) |  | (137) |  |  | (137) |
| Purchase of treasury stock | (1700000) | (2) |  | (4937) |  | (4939) |
| Excise tax on net treasury stock purchases |  |  | (46) |  |  | (46) |
| Net loss |  |  |  |  | (10396) | (10396) |
| **Balance at March 31, 2025** | **30230520** | $**30** | $**93489** | $**(92123)** | $**19378** | $**20774** |
| Exercised and vested stock-based awards | 75692 |  |  |  |  |  |
| Stock-based compensation expense |  |  | 559 |  |  | 559 |
| Shares of common stock withheld to pay taxes on employees' equity awards | (18815) |  | (40) |  |  | (40) |
| Excise tax on net treasury stock purchases |  |  | 1 |  |  | 1 |
| Net loss |  |  |  |  | (20033) | (20033) |
| **Balance at June 30, 2025** | **30287397** | $**30** | $**94009** | $**(92123)** | $**(655)** | $**1261** |
| Exercised and vested stock-based awards | 65265 |  |  |  |  |  |
| Stock-based compensation expense |  |  | 317 |  |  | 317 |
| Shares of common stock withheld to pay taxes on employees' equity awards | (16461) |  | (37) |  |  | (37) |
| Excise tax on net treasury stock purchases |  |  | 1 |  |  | 1 |
| Net loss |  |  |  |  | (42914) | (42914) |
| **Balance at September 30, 2025** | **30336201** | $**30** | $**94290** | $**(92123)** | $**(43569)** | $**(41372)** |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(1) BASIS OF PRESENTATION**

#### Organization
Zynex, Inc. (a Nevada corporation) has its headquarters in Englewood, Colorado. The term "the Company" refers to Zynex, Inc. and its active and inactive subsidiaries. The Company operates in one primary business segment, medical devices which include electrotherapy and pain management products. As of September 30, 2025, the Company's only active subsidiaries are Zynex Medical, Inc. ("ZMI," a wholly-owned Colorado corporation) through which the Company conducts most of its operations, and Zynex Monitoring Solutions, Inc. ("ZMS," a wholly-owned Colorado corporation).

#### Nature of Business
*Zynex Medical*

Through ZMI, the Company designs, manufactures, and markets medical devices that treat chronic and acute pain, as well as activate and exercise muscles for rehabilitative purposes with electrical stimulation. The Company's devices are intended for pain management to reduce reliance on medications and provide rehabilitation and increased mobility through the utilization of non-invasive muscle stimulation, electromyography technology, interferential current ("IFC"), neuromuscular electrical stimulation ("NMES") and transcutaneous electrical nerve stimulation ("TENS"). All of the Company's medical devices are designed to be patient friendly and designed for home use. The devices are small, portable, battery operated, and include an electrical pulse generator which is connected to the body via electrodes. All of the medical devices are marketed in the U.S. and are subject to FDA regulation and approval. All of the products require a physician's prescription before they can be dispensed in the U.S. The Company's primary product is the NexWave device. The NexWave device is marketed to physicians and therapists by the Company's field sales representatives. The NexWave requires consumable supplies, such as electrodes and batteries, which are shipped to patients on a recurring monthly basis, as needed. The Company also distributes private labeled complementary rehabilitation products such as back, knee and wrist braces, cervical and lumbar traction, and hot/cold therapy ("private labeled rehabilitation products").

During the nine months ended September 30, 2025 and 2024, the Company generated all of its revenue in North America from sales of its devices and supplies to patients and healthcare providers.

*Zynex Monitoring Solutions*

Through ZMS, the Company has developed a laser-based, noninvasive monitoring technology (acquired through Kestrel Labs, Inc.) and previously submitted a 510(k) application for its NiCO™ CO-Oximeter ("NiCO") to the U.S. Food and Drug Administration. In light of the Company's revised commercialization strategy for NiCO, discussed below, the Company is seeking a commercialization partner to pursue market entry rather than commercializing the device independently.

**Recent Events**

*Zynex Monitoring Solutions*

On October 1, 2025, the Company announced a change to the commercialization strategy for its ZMS subsidiary, which develops noninvasive, laser-based patient-monitoring technologies acquired through the December 2021 purchase of Kestrel Labs, Inc. The Company determined it would no longer independently commercialize NiCO. Instead, the Company plans to pursue commercialization through one or more strategic partners.

As part of this initiative, the Company implemented a workforce reduction within ZMS on October 1, 2025, eliminating substantially all positions and ceasing most internal R&D and manufacturing activities. On November 1, 2025, the Company eliminated all remaining positions within ZMS and ceased independent operations. As a result, the Company expects to incur aggregate pre-tax cash severance charges of approximately $0.7 million in the fourth quarter of 2025. The Company recognized pre-tax non-cash asset impairment charges of $30.7 million, during the quarter ended September 30, 2025, primarily related to goodwill, definite-lived intangible assets and certain fixed assets associated with the ZMS business (See Note 7 – Impairment).

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

*Tricare and workforce reductions*

During the quarter ended March 31, 2025 the Company was notified that the Defense Health Agency ("DHA") was temporarily suspending Tricare claims processing and payments to the Company pursuant to 32 C.F.R. § 199.9(h). DHA informed the Company that the suspension is based on allegations that the Company misrepresented claims for supplies and equipment billed to the Tricare program, that the Company misrepresented diagnoses to justify a requirement for TENS units, and that the Company lacked physician orders supporting the medical need for the replenishment of TENS supplies.

In response to the ongoing temporary suspension of payments and the related uncertainty regarding the timing of resolution, the Company implemented a workforce reduction of approximately 15% of the Company's total number of employees during the quarter ended March 31, 2025, to align its operating expenses with current revenue levels.

In April 2025, the Company met with DHA to present evidence in opposition to the temporary Tricare payment suspension. In June 2025, DHA notified the Company that the temporary Tricare payment suspension would continue pending completion of DHA's investigation. Also in June 2025, the Company executed a further workforce reduction affecting 86 corporate roles, representing approximately 14% of its total employees. During the quarter ended September 30, 2025, the Company determined that the prior workforce reduction had negatively impacted device orders and corresponding supplies, new patients onboarding and order completion and, as a result, rehired certain previously impacted employees to support service levels.

Tricare historically represented approximately 20-25% of the Company's annual revenue and cash collections from Tricare were $48.8 million and $38.8 million during the years ended December 31, 2024 and 2023, respectively. Because DHA informed the Company that any participation agreement with its patients remains in full force and effect, the Company continues to support both existing patients and new patients as prescriptions are received.

During the nine months ended September 30, 2025, the Company received $2.2 million in payments from TriWest Healthcare Alliance ("TriWest"), the contractor for the Tricare West Region, and $0.6 million in payments from Humana Military, the contractor for the Tricare East Region. TriWest and Humana Military have sought repayment of these amounts. The Company reduced its revenue by $2.8 million during the quarter ended September 30, 2025 related to Tricare payments it received from TriWest and Humana Military during the time period of the Company's Tricare payment suspension. During the nine months ended September 30, 2025, as a result of the adjustment, the Company did not recognize any revenue from Tricare, all other fulfillments and related revenue have been fully reserved and we have no reported receivables related to Tricare as of September 30, 2025.

*SEC request for documents* 

On June 11, 2025, the Company received a voluntary (non-subpoena) request for documents from the Securities and Exchange Commission (the "SEC") in connection with an investigation that it is conducting into the Company to determine whether violations of federal securities laws have occurred. Subsequently, on June 30, 2025 and September 4, 2025, the Company received additional voluntary requests for documents from the SEC. The Company is cooperating with the SEC in its investigation, and is, on a rolling basis, providing all responsive documents to the requests.

**Liquidity and Going Concern**

The Company has incurred net losses of $73.3 million for the nine months ended September 30, 2025 compared with net income of $3.6 million during the same period in 2024. As of September 30, 2025, the Company had $13.3 million in cash and cash equivalents and $6.7 million in accounts receivable. As discussed herein, the Company is also subject to an ongoing suspension of payments from Tricare and is subject to various refund demands from payers, which may materially impact the Company's liquidity. During 2025 and through the third quarter of 2025, changes to certain payers' claim submission and review practices have resulted in unanticipated denials and payment delays, which has negatively impacted our revenue. Based on the Company's cash and cash equivalents as of September 30, 2025 and the Company's current and forecasted level of operations and cash flows, management believes that our existing cash resources are not sufficient to support planned operations for the next year from the issuance of these unaudited condensed consolidated financial statements.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Company's ability to continue as a going concern is dependent upon its ability to obtain the consent from creditors or terminating, amending or refinancing the agreements governing the Company's $60.0 million outstanding 2023 Convertible Senior Notes (as defined herein) which mature on May 15, 2026 and to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due, and to generate profitable operations in the future (such alternatives, a

"Restructuring"). The Company has retained Province, LLC as its financial advisor to assist the Company in preparing for, analyzing, evaluating and arranging discussions with its creditors, including the holders of our 2023 Convertible Senior Notes, and other stakeholders to explore several alternatives for a Restructuring. The Company has recently begun discussions with certain creditors holding the 2023 Convertible Senior Notes and anticipates beginning discussions with other stakeholders and investors with respect to a Restructuring. While certain discussions are ongoing, the Company has not reached an agreement with respect to such a Restructuring and there can be no assurances that an agreement with respect to a Restructuring will be reached in the future.

The Company has elected to not make an interest payment in the amount of approximately $1.5 million (the "Interest Payment") due on November 15, 2025 (and payable on November 17, 2025, as November 15, 2025 is a non-business day) with respect to the 2023 Convertible Senior Notes. Under the indenture governing 2023 Convertible Senior Notes, the Company has a 30-day grace period to make the Interest Payment before such non-payment constitutes an "event of default" with respect to the 2023 Convertible Senior Notes. The Company may elect to make the Interest Payment on or prior to the expiration of the 30-day grace period. However, the failure of the Company to make the Interest Payment on or prior to the expiration of the 30-day grace period would result in an event of default with respect to the 2023 Convertible Senior Notes which may result in the acceleration of the 2023 Convertible Senior Notes and the Company filing for bankruptcy.

The Company's unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The Company is subject to various demands from payers, the amount cannot be quantified and the outcome is unknown.

There can be no assurance that we will be able to amend or refinance the 2023 Convertible Senior Notes and if we are able to, that the terms will be acceptable or advantageous to us or that we will satisfactorily resolve the payment suspension and refund demands referenced above. If we are unable to redeem or refinance the 2023 Convertible Senior Notes and/or resolve the payment suspension and refund demands referenced above, this could have a material adverse impact on our operations. In addition, there can be no assurance that the Company will be able to raise additional capital to fund operations with terms acceptable to the Company, or at all. Because certain elements of management's plans to mitigate the conditions that raised substantial doubt about the Company's ability to continue as a going concern are outside of the Company's control, including the ability to raise capital through an equity or other financing, those elements cannot be considered probable according to ASC 205-40, and therefore cannot be considered in the evaluation of mitigating factors. As a result, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern for 12 months from the date the unaudited condensed consolidated financial statements are issued.

If we are not successful in improving our liquidity position, we may be required to significantly scale back our operations or pursue the sale of our company to a third party at a price that may result in a loss on investment for our stockholders, or file for bankruptcy or cease operations altogether. Any of these events could have a material adverse effect on our business, operating results and prospects.

#### Unaudited Condensed Consolidated Financial Statements
The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. A description of the Company's accounting policies and other financial information is included in the audited consolidated financial statements as filed with the SEC in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (as amended, the "2024 Form 10-K"). Amounts as of December 31, 2024, are derived from those audited consolidated financial statements. These interim condensed consolidated financial statements should be read in conjunction with the annual audited financial statements, accounting policies and notes thereto, included in the Company's 2024 Form 10-K.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of the Company as of September 30, 2025 and the results of its operations and its cash flows for the periods presented. The results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be achieved for a full fiscal year and cannot be used to indicate financial performance for the entire year.

**(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

#### Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Zynex, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

#### Use of Estimates
Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant management estimates used in the preparation of the accompanying unaudited condensed consolidated financial statements are associated with the allowance for billing adjustments and uncollectible accounts receivable, the reserve for obsolete and damaged inventory, stock-based compensation, assumptions related to the valuation of long-lived assets, realizability of deferred tax assets and valuation allowances, and the evaluation of transfer and financing arrangements involving receivables.

**Cash, Cash Equivalents, and Short-Term Investments**

Cash equivalents consist of highly liquid investments with maturities of three months or less at the date of purchase. The Company classifies investments with maturities of greater than three months but less than one year as short-term investments. Short-term investments are classified as held-to-maturity as the Company has the positive intent and ability to hold the investments until maturity. Held-to-maturity investments are carried at amortized cost. Due to the short-term nature, the carrying amounts reported in the condensed consolidated balance sheet approximate fair value. As of September 30, 2025 and December 31, 2024, the Company had no short-term investments.

**Accounts Receivable, Net**

The Company's accounts receivable represent unconditional rights to consideration and are generated when a patient receives one of the Company's devices, related supplies, or complementary products. In conjunction with fulfilling the Company's obligation to deliver a product, the Company invoices the patient's third-party payer and/or the patient. Billing adjustments represent the difference between the list price and the reimbursement rates set by third-party payers, including Medicare, commercial payers, and amounts billed directly to the patient. Specific amounts, if uncollected over a period of time, may be written-off after several appeals, which in some cases may take longer than twelve months. Primarily all of the Company's receivables are due from patients with commercial or government health plans and worker's compensation claims, with a smaller portion related to private pay individuals, attorney, and auto claims. The Company maintains a constraint for third-party payer refund requests, deductions, and adjustments. See Note 15 – Concentrations for discussion of significant customer accounts receivable balances.

#### Inventory, Net
Inventories are stated at the lower of cost or net realizable value. Cost is computed using standard costs, which approximates actual costs on an average cost basis.

The Company monitors inventory for turnover and obsolescence and records losses for excess and obsolete inventory, as appropriate. The Company provides reserves for estimated excess and obsolete inventories based upon assumptions about future demand. If future demand is less favorable than currently projected by management, additional inventory write-downs may be required.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Long-lived Assets**

The Company records intangible assets based on estimated fair value on the date of acquisition. Long-lived assets consist of net property and equipment and intangible assets. The finite-lived intangible assets are patents and are amortized on a straight-line basis over the estimated lives of the assets.

The Company assesses impairment of long-lived assets when events or changes in circumstances indicates that the carrying value amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: (i) significant decreases in the market price of the asset; (ii) significant adverse changes in the business climate or legal or regulatory factors; (iii) or, expectations that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life (See Note 7 – Impairment).

**If the estimated future undiscounted cash flows, excluding interest charges, from the use of an asset are less than the carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value.** 

Useful lives of finite-lived intangible assets, prior to September 30, 2025 are summarized below:

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| | | |
|:---|:---|:---|
|  |  | **Estimated**<br>**Useful Lives**<br>**in years** |
| Patents |  | 11 |

---

**Goodwill**

Goodwill is recorded as the difference between the fair value of the purchase consideration and the estimated fair value of the net identifiable tangible and intangible assets acquired.

Goodwill is not subject to amortization but is subject to impairment testing. The Company utilizes the simplified test for goodwill impairment. The amount recognized for impairment is equal to the difference between the carrying value and the asset's fair value. The valuation methods used in the quantitative fair value assessment was a discounted cash flow method and required management to make certain assumptions and estimates regarding certain industry trends and future profitability of our reporting units. The Company tests more frequently if indicators are present or changes in circumstances suggest that impairment may exist. These indicators include, among others, declines in sales, earnings, or cash flows, or the development of a material adverse change in the business climate. During the quarter ended September 30, 2025, the Company transitioned to an updated methodology for estimating the fair value of its reporting unit for goodwill impairment testing. See Note 6 – Goodwill for additional details regarding this change in accounting estimate under ASC 250-10. The Company assesses goodwill for impairment at the reporting unit level. The estimates of fair value and the determination of reporting units requires management judgment (See Note 7 – Impairment).

**Revenue Recognition**

Revenue is derived from sales and leases of the Company's electrotherapy devices and sales of related supplies and private labeled rehabilitation products. Device sales can be in the form of a purchase or a lease. Supplies needed for the device can be set up as a recurring shipment or ordered through the customer support team or online store as needed. The Company recognizes revenue when the performance obligation has been met and the product has been transferred to the patient, in the amount that reflects the consideration the Company expects to receive. In general, revenue from sales of devices and supplies is recognized once the product is delivered to the patient, which is when the performance obligation has been met and the product has been transferred to the patient.

Sales of devices and supplies are primarily shipped directly to the patient, with a small amount of revenue generated from sales to distributors. In the healthcare industry there is often a third party involved that will pay on the patients' behalf for purchased or leased devices and supplies. The terms of the separate arrangement impact certain aspects of the contracts, with patients covered by third party payers, such as contract type, performance obligations and transaction price, but for purposes of revenue recognition the contract with the customer refers to the arrangement between the Company and the patient. The Company does not have any material deferred revenue in the normal course of business as each performance obligation is met upon delivery of goods to the patient. There are no substantial costs incurred through support or warranty obligations.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The following table provides a breakdown of disaggregated net revenues for the three and nine months ended September 30, 2025 and 2024 related to devices accounted for as purchases subject to Accounting Standards Codification ("ASC") 606 – "Revenue from Contracts with Customers" ("ASC 606"), leases subject to ASC 842 – "Leases" ("ASC 842"), and supplies (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,**  | **For the Three Months Ended September 30,**  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Device revenue** |  |  |  |  |
| &nbsp;&nbsp;Purchased | $2477 | $7299 | $11405 | $21851 |
| &nbsp;&nbsp;Leased | 4580 | 7559 | 18584 | 22952 |
| **Total device revenue** | $7057 | $14858 | $29989 | $44803 |
| &nbsp;&nbsp;Supplies revenue | 6303 | 35108 | 32239 | 101577 |
| **Total net revenue** | $13360 | $49966 | $62228 | $146380 |

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Revenues are estimated using a portfolio approach that includes two distinct portfolios. The first portfolio is based upon contracted rates, which have been minimal to date. The second portfolio approach is by third-party payer type based upon historical rates of collection, aging of receivables, trends in historical reimbursement rates by third-party payer types, and current relationships and experience with the third-party payers, which includes estimated constraints for third-party payer refund requests, deductions, allowance for uncollectible accounts, and billing allowance adjustments. Inherent in these estimates is the risk they will have to be revised as additional information becomes available and constraints are released. If initial estimates are updated, these changes are accounted for as increases or decreases in the transaction price. Assuming the underlying performance obligation to which the change in price relates has already been satisfied, those changes in transaction price are immediately recognized as increases or decreases in revenue (not credit losses (bad debt expense)) in the period in which the estimate changes. Additionally, the complexity of third-party payer billing arrangements, the uncertainty of reimbursement amounts for certain products from third-party payers, or unanticipated requirements to refund payments previously received may result in adjustments to amounts originally recorded. Settlements with third-party payers for retroactive revenue adjustments due to audits, reviews, or investigations are considered variable consideration and are included in the determination of the estimated transaction price using the expected amount method. These adjustments to transaction price are estimated based on the terms of the payment agreement with the payer, correspondence from the payer, and historical settlement activity, including an assessment to ensure that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the retroactive adjustment is subsequently resolved. Due to continuing changes in the healthcare industry and third-party payer reimbursement, it is possible the Company's forecasting model to estimate collections could change, which could have an impact on the Company's results of operations and cash flows. Any differences between estimated and actual collectability are reflected in the period in which payment is received.

The Company monitors the variability and uncertain timing over third-party payer types in the portfolios. If there is a change in the Company's third-party payer mix over time, it could affect net revenue and related receivables. The Company believes it has a sufficient history of collection experience to estimate the net collectible amounts by third-party payer type. However, changes to constraints related to billing adjustments and refund requests have historically fluctuated and may continue to fluctuate significantly from quarter-to-quarter and year-to-year.

**Financing Receivables**

The Company may, from time to time, enter into arrangements to sell or pledge certain trade receivables to third-party financial institutions. These transactions are evaluated to determine whether they qualify for sale accounting under ASC 860, *Transfers and Servicing*. Transfers that do not meet the criteria for sale accounting are accounted for as secured borrowings.

Under secured borrowing arrangements, the receivables remain on the condensed consolidated balance sheet, and the cash proceeds received are recorded as a financing liability. The Company continues to carry the receivables and recognizes interest expense over the term of the related borrowing. Cash proceeds from these arrangements are presented as financing activities in the consolidated statements of cash flows.

**Leases**

The Company determines if an arrangement is a lease at inception or modification of a contract.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Company recognizes finance and operating lease right-of-use assets and liabilities at the lease commencement date based on the estimated present value of the remaining lease payments over the lease term. For leases, the Company uses the implicit rate to determine the present value of future lease payments. For leases that do not provide an implicit rate, the Company uses incremental borrowing rates to determine the present value of future lease payments. The Company includes options to extend or terminate a lease in the lease term when it is reasonably certain to exercise such options. The Company recognizes leases with an initial term of 12 months or less as lease expense over the lease term and those leases are not recorded on the Company's condensed consolidated balance sheets. For additional information on the leases where the Company is the lessee, see Note 14 - Leases.

A significant portion of device revenue is derived from patients who obtain devices under month-to-month lease arrangements where the Company is the lessor. Revenue related to devices on lease is recognized in accordance with ASC 842. Using the guidance in ASC 842, the Company concluded the transactions should be accounted for as operating leases based on the following criteria below:

● The lease does not transfer ownership of the underlying asset to the lessee by the end of the lease term.

● The lease does not grant the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

● The lease term is month to month, which does not meet the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease.

● There is no residual value guaranteed and the present value of the sum of the lease payments does not equal or exceed substantially all of the fair value of the underlying asset.

● The underlying asset is expected to have alternative uses to the lessor at the end of the lease term.

Lease commencement occurs upon delivery of the device to the patient. The Company retains title to the leased device and those devices are classified as property and equipment on the balance sheet. Since the leases are month-to-month and can be returned by the patient at any time, revenue is recognized monthly for the duration of the period in which the patient retains the device.

#### Debt Issuance Costs
Debt issuance costs are costs incurred to obtain new debt financing. Debt issuance costs are presented in the accompanying condensed consolidated balance sheets as a reduction in the carrying value of the debt and are accreted to interest expense using the effective interest method.

#### Stock-based Compensation
**The Company accounts for stock-based compensation through recognition of the cost of employee services received in exchange for an award of equity instruments, which is measured based on the grant date fair value of the award that is ultimately expected to vest during the period. The stock-based compensation expenses are recognized over the period during which an employee is required to provide service in exchange for the award (the requisite service period, which in the Company's case is the same as the vesting period). For awards subject to the achievement of performance metrics, stock-based compensation expense is recognized when it becomes probable that the performance conditions will be achieved over the respective performance period.**

**Impairment and Restructuring Charges**

During the quarter ended September 30, 2025, management identified indicators of impairment for the ZMS subsidiary under ASC 350-20 *Intangibles – Goodwill and Other* and ASC 360-10 *Property, Plant and Equipment*. The indicators included the decision to seek a commercialization partner for NiCO, the decision to terminate substantially all ZMS personnel, and ceased independent operations. The Company recorded an impairment of all goodwill and other assets associated with the ZMS business based on a valuation analysis of the ZMS asset group to determine fair value less cost to sell. The valuation uses a discounted cash-flow model and market approach inputs as appropriate.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Segment Information
The Company currently operates as one operating segment which includes two revenue types: Devices and Supplies. While the Company discloses device and supply revenue separately, management does not consider these to be separate segments, as they are sold through the same sales channel, and supplies are contingent upon device orders. Management's analysis and determination for allocation of resources is not analyzed or broken out by revenue streams, but as one reporting unit. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company's chief operating decision maker ("CODM"). The Company's CODMs are the Chief Executive Officer, Chief Financial Officer and Chief Legal Officer who review and evaluate consolidated net income for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. For financial information related to the Company's one segment, see the condensed consolidated financial statements and related notes herein.

#### Income Taxes
The Company records deferred tax assets and liabilities for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying condensed consolidated balance sheets, as well as operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that these benefits will not be realized. "Naked credits" are deferred tax liabilities that have an indefinite reversal pattern, such as a deferred tax liability that relates to an asset with an indefinite useful life (e.g., land, goodwill, indefinite-lived intangible asset). Naked credits would not ordinarily serve as a source of income for the realization of deferred tax assets with a finite loss carryforward period. In situations when another source of taxable income is not available, a valuation allowance on deferred tax assets is necessary even though an entity may be in an overall net deferred tax liability position. In a situation when the deductible temporary difference is indefinite in nature, it may be appropriate to use a deferred tax liability related to an indefinite-lived asset as a source of income to support realization of a deferred tax asset in a jurisdiction with unlimited carryforward. This assumes that they are within the same jurisdiction, of the appropriate character, and that the deferred tax asset is realizable if the taxable income were to become available. Tax benefits are recognized from uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.

On July 4, 2025, President Donald Trump signed into law the reconciliation tax bill, commonly referred to as the "One Big Beautiful Bill Act" (OBBBA), which constitutes the enactment date under U.S. GAAP. Key corporate tax provisions of the OBBBA include the restoration of 100% bonus depreciation, the introduction of the new Section 174A permitting immediate expensing of domestic research and experimental (R&E) expenditures, modifications to Section 163(j) interest expense limitations, updates to the rules governing global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII), amendments to energy credit provisions, and the expansion of Section 162(m) aggregation requirements.

Under U.S. GAAP, the effects of changes in tax laws are recognized in the period in which the new law is enacted. Accordingly, the impact of the OBBBA is reflected in the Company's unaudited condensed consolidated financial statements for the quarter ended September 30, 2025. The OBBBA did not have a material impact on the Company's reported results, cash flows, or financial position during the period ended September 30, 2025.

**Recent Accounting Pronouncements** 

In October 2023, the Financial Accounting Standards Board ("FASB") issued ASU ("Accounting Standards Update") 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative" ("ASU 2023-06"). This ASU incorporates certain SEC disclosure requirements into the FASB ASC. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of ASC topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the ASC with the SEC's regulations. The ASU has an unusual effective date and transition requirements since it is contingent on future SEC rule setting. If the SEC fails to enact required changes by June 30, 2027, this ASU is not effective for any entities. Early adoption is not permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its condensed consolidated financial statements.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

In November 2024, the FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures." This ASU requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion) included in certain expense captions presented on the face of the income statement. The ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. The ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements and early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its condensed consolidated financial statements.

Management does not believe that any other recently issued accounting pronouncements will have a material impact on the Company's consolidated financial statements.

**Recently Adopted Accounting Pronouncements**

In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09") to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. This ASU applies to all entities subject to income taxes. This ASU was adopted in the quarter ended March 31, 2025 and the corresponding disclosures will be presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**(3) FAIR VALUE OF FINANCIAL INSTRUMENTS** 

The Company's financial instruments include cash, accounts receivable, accounts payable and accrued liabilities. The carrying amounts of financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate their fair value due to their short maturities. The Company measures its debt at fair value which approximates book value as the debt bears market rates of interest. The valuation policies are determined by management, and the Company's Board of Directors is informed of any policy change.

Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in

measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on reliability of the inputs as follows:

Level I: Inputs that reflect unadjusted quoted prices in active markets that are accessible to Zynex for identical assets or liabilities;

Level II: Inputs include quoted prices for similar assets and liabilities in active or inactive markets or that are observable for the asset or liability either directly or indirectly; and

Level III: Unobservable inputs that are supported by little or no market activity.

The Company's assets and liabilities, which are measured at fair value, on a recurring basis, are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The Company's policy is to recognize transfers in and/or out of fair value hierarchy as of the date in which the event or change in circumstances caused the transfer.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(4) INVENTORY**

The components of inventory are as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Raw materials | $5114 | $5525 |
| Work-in-process | - | 143 |
| Finished goods | 6790 | 7085 |
| Inventory in transit | 241 | 1320 |
|  | 12145 | 14073 |
| Less: reserve | (154) | (154) |
|  | $11991 | $13919 |

---

**(5) PROPERTY AND EQUIPMENT**

The components of property and equipment are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Property and equipment |  |  |
| &nbsp;&nbsp;Office furniture and equipment | $2766 | $3210 |
| &nbsp;&nbsp;Assembly equipment | 154 | 425 |
| &nbsp;&nbsp;Vehicles | 75 | 75 |
| &nbsp;&nbsp;Leasehold improvements | 1131 | 1893 |
| &nbsp;&nbsp;Leased devices | 725 | 815 |
| &nbsp;&nbsp;Capital projects | 4 | 182 |
| Total property and equipment at cost | 4855 | 6600 |
| &nbsp;&nbsp;Less accumulated depreciation | (3568) | (3516) |
| Total property and equipment, net | $1287 | $3084 |

---

During the quarter ended September 30, 2025 the Company recorded an impairment charge of $1.3 million on property and equipment associated with its ZMS subsidiary (See Note 7 – Impairment).

Total depreciation expense related to property and equipment was $0.2 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024, was $0.8 million and $0.7 million, respectively.

Total depreciation expense related to devices out on lease was $0.3 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense related to devices out on lease was $0.9 million and $1.3 million for the nine months ended September 30, 2025 and 2024, respectively. Depreciation on leased units is reflected on the income statement as cost of revenue.

**(6) GOODWILL AND OTHER INTANGIBLE ASSETS**

During the year ended December 31, 2021, the Company completed the acquisition of Kestrel Labs, which resulted in Goodwill of $20.4 million.

During the quarter ended September 30, 2025, the Company transitioned to an updated methodology for estimating the fair value of its reporting units for purposes of goodwill impairment testing. Previously, the Company used market capitalization as a proxy for reporting-unit fair value. The Company now estimates fair value at the reporting-unit level using discounted cash flows that incorporate the Company's new managements' business expectations. This refinement represents a change in accounting estimate under ASC 250-10 and was applied prospectively. The change affects goodwill impairment testing in the current and future periods.

During the quarter ended September 30, 2025 the Company recorded an impairment charge of $20.4 million on goodwill associated with ZMS (See Note 7 - Impairment).

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The following table provides the summary of the Company's intangible assets as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Gross**<br>**Carrying**<br>**Amount** | <br>**Accumulated**<br>**Amortization** | <br>**Net Carrying**<br>**Amount** | **Weighted-**<br>**Average**<br>**Remaining**<br>**Life (in**<br>**years)** |
| Acquired patents at December 31, 2024 | $10000 | $(2753) | $7247 | 8.00 |
| Amortization expense |  | (679) | (679) |  |
| Impairment charges | (10000) | 3432 | (6568) |  |
| Acquired patents at September 30, 2025 | $— | $— | $— |  |

---

**(7) IMPAIRMENT ASSESSMENT**

During the three months ended September 30, 2025, the Company decided to seek a commercialization partner for NiCO, a multi-parameter pulse oximeter developed by ZMS, rather than pursue commercialization independently.

The assets associated with the change in commercialization strategy include property and equipment, right-of-use assets for leased facilities, definite-lived intangible assets, and goodwill associated with the ZMS business. While the Company will continue to pursue commercialization opportunities for NiCO with potential commercialization partners, this impairment reflects a change in direction for the acquired business as no assurance can be provided that the Company will be successful in attracting a commercialization partner.

During the quarter ended September 30, 2025, management identified indicators of impairment for the ZMS subsidiary under ASC 350-20 *Intangibles – Goodwill and Other* and ASC 360-10 *Property, Plant and Equipment*. The indicators included the decision to seek a commercialization partner for NiCO, the decision to terminate substantially all ZMS personnel, and the cessation of independent operations. The Company recorded an impairment of all goodwill and other assets associated with the ZMS business based on a valuation analysis of the ZMS asset group to determine fair value less cost to sell. The valuation uses a discounted cash flow model and market approach inputs as appropriate.

Based on this analysis, the Company recognized total impairment charges of $30.7 million during the quarter ended September 30, 2025, as summarized below:

---

| | |
|:---|:---|
|  | **Impairment**<br>**Charge**<br>**(in thousands)** |
| Asset category |  |
| &nbsp;&nbsp;Prepaid expenses and other | $34 |
| &nbsp;&nbsp;Property and equipment, net | 1294 |
| &nbsp;&nbsp;Operating lease asset | 2344 |
| &nbsp;&nbsp;Deposits | 99 |
| &nbsp;&nbsp;Intangible assets, net of accumulated amortization | 6568 |
| &nbsp;&nbsp;Goodwill | 20401 |
| Total impairment charge | $30740 |

---

The impairment charges are reflected in "Impairment charges" in the unaudited condensed consolidated statements of operations. The impairment is non-cash in nature and does not impact the Company's liquidity or compliance with debt covenants. The recorded impairment represents a full impairment of the affected asset group, and no additional write-downs are expected. No additional impairment indicators were identified for the Company's other asset groups as of September 30, 2025. Future charges will be incurred for employee severance and facility exit costs as those actions are finalized.

**(8) EARNINGS (LOSS) PER SHARE**

Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net (loss) income by the weighted-average

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

number of common shares outstanding and the number of dilutive potential common share equivalents during the period. Dilution resulting from stock-based compensation plans is determined using the treasury stock method and dilution resulting from the 2023 Convertible Senior Notes is determined using the if-converted method. In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential common shares outstanding would be anti-dilutive.

The calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,**  | **For the Three Months Ended September 30,**  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Basic earnings (loss) per share** |  |  |  |  |
| Net income (loss) | $(42914) | $2382 | $(73343) | $3609 |
| Basic weighted average shares outstanding | 30314 | 31775 | 30721 | 31960 |
| Basic earnings (loss) per share | $(1.42) | $0.07 | $(2.39) | $0.11 |
| **Diluted earnings (loss) per share** |  |  |  |  |
| Net income (loss) | $(42914) | $2382 | $(73343) | $3609 |
| Weighted average shares outstanding | 30314 | 31775 | 30721 | 31960 |
| Effect of dilutive securities - options and restricted stock |  | 313 |  | 380 |
| Diluted weighted-average shares outstanding | 30314 | 32088 | 30721 | 32340 |
| Diluted earnings per share (loss) | $(1.42) | $0.07 | $(2.39) | $0.11 |

---

For the three and nine months ended September 30, 2025, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential common shares outstanding would be anti-dilutive. For the three and nine months ended September 30, 2024, equity grants of 54,000 and 13,000 shares of common stock, respectively, were excluded from the dilutive stock calculation because their effect would have been anti-dilutive.

For both the three and nine months ended September 30, 2025, and 2024 conversion options to purchase 5.6 million shares resulting from the 2023 Convertible Senior Notes, were excluded from the dilutive stock calculation because their effect would have been anti-dilutive (see Note 10 – Convertible Senior Notes).

**(9) FINANCING RECEIVABLES**

The Company entered into a receivable funding agreement during the third quarter of 2025 to provide near-term liquidity from medical lien receivables. Under the arrangement, the funding counterparty advances approximately 21% of billed charges for eligible receivables and will fund 18% on future receivables. The funding counterparty retains collections up to specified multiples of the advance, which range from 120% to 270%, depending on the time between funding and collection. Any amounts collected in excess of these retention thresholds are remitted back to the Company.

The agreement also contains a recourse provision that requires the Company, under certain circumstances (including disputes, litigation, or billing-related errors), to replace affected receivables or allow the counterparty to offset such amounts against future funding or distributions.

Management concluded that the transfers do not qualify for sale accounting under ASC 860, *Transfers and Servicing*, primarily because the recourse and offset provisions expose the Company to potential losses. Accordingly, the arrangement is accounted for as a secured borrowing, with proceeds received recorded as a liability and the related receivables remaining on the balance sheet.

As of September 30, 2025, the Company received total cash advances of $2.2 million which were recorded as a secured borrowing and included within accounts payable and accrued liabilities on the balance sheet. The underlying receivables related to billed charges of approximately $10.3 million, a significant portion of which had previously been written down or derecognized under the Company's portfolio level accounts receivable valuation approach. Due to these prior adjustments, the carrying value of the related receivables on

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

the Company's condensed consolidated balance sheet is substantially lower than the gross billed amount. The recognition of these cash advances and secured borrowings had no material impact on the Company's condensed consolidated statements of operations.

**(10) CONVERTIBLE SENIOR NOTES**

In May 2023, the Company issued $52.5 million aggregate principal amount of 5.00% Convertible Senior Notes due May 15, 2026 (the "2023 Convertible Senior Notes"). In May 2023, the Company issued an additional $7.5 million aggregate principal amount of the 2023 Convertible Senior Notes upon the exercise by the initial purchasers of their over-allotment option. As of September 30, 2025 and December 31, 2024, unamortized issuance costs of $0.7 million and $1.4 million, respectively, were included on the Company's condensed consolidated balance sheets.

Interest on the 2023 Convertible Senior Notes is payable semiannually in arrears, beginning November 15, 2023. The 2023 Convertible Senior Notes will mature on May 15, 2026, unless earlier converted or repurchased. The Company may redeem for cash all, but not less than all, of the notes, at the Company's option, on or after May 20, 2025 if the last reported sale price of the Company's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, *plus* accrued and unpaid interest to, but excluding, the redemption date. The 2023 Convertible Senior Notes are direct, unsecured, and unsubordinated obligations of the Company, ranking equally with all of the Company's other unsecured and unsubordinated indebtedness from time to time outstanding, and are effectively subordinated to all secured indebtedness of the Company.

The Company has elected to not make an interest payment in the amount of approximately $1.5 million (the "Interest Payment") due on November 15, 2025 (and payable on November 17, 2025, as November 15, 2025 is a non-business day) with respect to the 2023 Convertible Senior Notes. Under the indenture governing 2023 Convertible Senior Notes, the Company has a 30-day grace period to make the Interest Payment before such non-payment constitutes an "event of default" with respect to the 2023 Convertible Senior Notes. The Company may elect to make the Interest Payment on or prior to the expiration of the 30-day grace period. However, the failure of the Company to make the Interest Payment on or prior to the expiration of the 30-day grace period would result in an event of default with respect to the 2023 Convertible Senior Notes which may result in the acceleration of the 2023 Convertible Senior Notes and the Company filing for bankruptcy.

Holders could have converted their 2023 Convertible Senior Notes at their option prior to the close of business on the business day preceding September 30, 2023, but only under the following circumstances: during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least twenty trading days (whether or not consecutive) during the period of thirty consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day as determined by the Company; during the five business day period after any ten consecutive trading day period (the "Measurement Period") in which the trading price per $1,000 principal amount of 2023 Convertible Senior Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or upon the occurrence of certain corporate events specified in the indenture governing the 2023 Convertible Senior Notes.

On or after February 15, 2026, a holder may convert all or any portion of its 2023 Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions.

The Company will settle conversions of the 2023 Convertible Senior Notes by paying cash up to the aggregate principal amount of the 2023 Convertible Senior Notes to be converted and paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the 2023 Convertible Senior Notes being converted. The 2023 Convertible Senior Notes are initially convertible at a rate of 92.8031 shares of common stock per $1,000 principal amount converted, which is approximately equal to $10.78 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change, which includes certain change in control transactions, the approval by Zynex's stockholders of any plan or proposal for the liquidation or dissolution of Zynex and certain de-listing events with respect to Zynex's common stock, the

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Company will, in certain circumstances, increase the conversion rate by a number of additional shares of common stock for conversions in connection with the make-whole fundamental change.

Upon the occurrence of a fundamental change, holders of the 2023 Convertible Senior Notes may require the Company to purchase all or a portion of their 2023 Convertible Senior Notes, in principal amounts equal to $1,000 or an integral multiple thereof, for cash at a price equal to 100% of the principal amount of the 2023 Convertible Senior Notes to be purchased plus any accrued and unpaid interest.

The following table summarizes the minimum interest payments over the remainder of 2025 and next fiscal year until maturity in May 2026.

---

| | |
|:---|:---|
|  | **(In thousands)** |
| 2025 | $1500 |
| 2026 | $1500 |

---

**(11) STOCK-BASED COMPENSATION PLANS**

In June 2017, our stockholders approved the 2017 Stock Incentive Plan (the "2017 Stock Plan") with a maximum of 5,500,000 shares reserved for issuance. Awards permitted under the 2017 Stock Plan include: Stock Options and Restricted Stock. Awards issued under the 2017 Stock Plan are at the discretion of the Board of Directors. As applicable, awards are granted with an exercise price equal to the closing price of our common stock on the date of grant and generally vest over four years. Restricted Stock Awards are issued to the recipient upon grant and are not included in outstanding shares until such vesting and issuance occurs.

During both the three and nine months ended September 30, 2025 and 2024 no stock option awards were granted under the 2017 Stock Plan. At September 30, 2025, the Company had 0.3 million stock options outstanding and exercisable under the following plans:

---

| | | |
|:---|:---|:---|
|  | **Outstanding Number of Options**<br>**(in thousands)** | **Exercisable Number of Options**<br>**(in thousands)** |
| Plan Category |  |  |
| 2005 Stock Option Plan  | 1 | 1 |
| 2017 Stock Option Plan | 328 | 328 |
| Total | 329 | 329 |

---

During the three and nine months ended September 30, 2025, 0.2 million and 0.4 million shares of restricted stock were granted under the 2017 Stock Plan, respectively. During the three and nine months ended September 30, 2024, 0.1 million and 0.2 million shares of restricted stock were granted to the Board of Directors and management under the 2017 Stock Plan, respectively. The fair market value of restricted shares for share-based compensation expensing is equal to the closing price of our common stock on the date of grant. The vesting on restricted stock awards typically occur quarterly over three years for the Board of Directors and quarterly or annually over two to four years for management.

The following summarizes stock-based compensation expenses recorded in the condensed consolidated statements of income (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,**  | **For the Three Months Ended September 30,**  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Costs of revenue - devices and supplies | $8 | $10 | $29 | $27 |
| Sales and marketing | (31) | 125 | 125 | 492 |
| General and administrative | 340 | 635 | 1299 | 1826 |
| Total stock-based compensation expense | $317 | $770 | $1453 | $2345 |

---

The Company did not receive any proceeds related to option exercises during the three months ended September 30, 2025 and received proceeds of $0.1 million related to option exercises during the nine months ended September 30, 2025. The Company did not

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

receive any proceeds related to option exercises during the three months ended September 30, 2024 and received proceeds of $0.1 million related to option exercises during the nine months ended September 30, 2024. No stock option awards were granted by the Company during either the three or nine months ended September 30, 2025 and 2024.

A summary of stock option activity under all equity compensation plans for the nine months ended September 30, 2025, is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Number of** <br>**Shares**<br>**(in thousands)** | <br>**Weighted-**<br>**Average**<br>**Exercise**<br>**Price** | **Weighted-**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Term (Years)** | <br>**Aggregate**<br>**Intrinsic**<br>**Value**<br>**(in thousands)** |
| Outstanding at December 31, 2024 | 335 | $1.78 | 3.09 | $2086 |
| Granted |  |  |  |  |
| Forfeited | (4) | 3.13 |  |  |
| Exercised | (2) | 3.36 |  |  |
| Outstanding and exercisable at September 30, 2025 | 329 | $1.76 | 2.37 | $146 |

---

A summary of restricted stock award activity under all equity compensation plans for the nine months ended September 30, 2025, is presented below:

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares**<br>**(in thousands)** | <br>**Weighted Average**<br>**Grant Date Fair Value** |
| Outstanding at December 31, 2024 | 499 | $10.28 |
| Granted | 368 | 2.47 |
| Forfeited | (109) | 7.81 |
| Vested | (211) | 9.63 |
| Outstanding at September 30, 2025 | 547 | $5.77 |

---

As of September 30, 2025, the Company had approximately $2.6 million of unrecognized compensation expense related to stock options and restricted stock awards that will be recognized over a weighted average period of approximately 2.4 years.

**(12) STOCKHOLDERS' EQUITY**

#### Treasury Stock
On November 1, 2023, the Company announced that its Board of Directors approved a program to repurchase up to $20.0 million of the Company's common stock at prevailing market prices either in the open market or through privately negotiated transactions through October 31, 2024. From the inception of the plan through December 31, 2023, the Company purchased 1,012,200 shares of its common stock for $9.6 million or an average price of $9.47 per share. During the quarter ended March 31, 2024, the Company purchased 887,820 shares of common stock for $10.4 million or an average price of $11.73, which completed this program.

On March 4, 2024, the Company announced that its Board of Directors approved a program to repurchase up to $20.0 million of the Company's common stock at prevailing market prices either in the open market or through privately negotiated transactions through March 4, 2025. From the inception of the plan through March 31, 2024, the Company purchased 234,015 shares of its common stock for $3.0 million or an average price of $12.83 per share. From the inception of the plan through March 4, 2025, the Company purchased 423,894 shares of its common stock for $5.2 million or an average price of $12.29 per share. The repurchase plan expired on March 4, 2025.

On March 13, 2025, the disinterested members of the Board of Directors and Audit Committee approved the purchase of 1,700,000 shares of the Company's common stock from Thomas Sandgaard, the Company's Chairman and then-serving President,

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Chief Executive Officer and Principal Executive Officer, at the closing market price on March 13, 2025, of $2.905 per share for $4.9 million.

**(13) INCOME TAXES**

The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, primarily related to excess tax benefits or expense from the tax impact of restricted stock vestings, true ups related to the filed tax return, and valuation allowance charges. Discrete items adjusted for the three and nine months ended September 30, 2025, primarily related to the valuation allowance charge, were ($2.0) million and $3.5 million, respectively. For both the three and nine months ended September 30, 2024 discrete items adjusted were $0.2 million related to the tax impact of restricted stock vestings. At September 30, 2025 and 2024, the Company is estimating an annual effective tax rate of approximately 0% and 24%, respectively. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to various factors.

The provision for income taxes is recorded at the end of each interim period based on the Company's best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Company's effective income tax rate was (5%) and 25% for the nine months ended September 30, 2025 and 2024, respectively. The decrease in the Company's effective tax rate for the nine months ended September 30, 2025, compared to the same period in 2024, primarily relates to the valuation allowance related to the Company's deferred tax assets and changes in income (loss) from operations before income tax. For the three and nine months ended September 30, 2025, the Company recorded an income tax expense of approximately ($1.9) million and $3.6 million, respectively. For the three and nine months ended September 30, 2024, the Company recorded an income tax expense of approximately $0.8 million and $1.2 million, respectively.

The Company establishes valuation allowances for deferred income tax assets in accordance with U.S. GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, the Company considers the scheduled reversal of deferred tax liabilities and assets, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. As of September 30, 2025, the Company determined that it was more likely than not that certain deferred tax assets would not be realized due to reductions in estimates of future profitability and disclosure related to substantial doubt about the Company's ability to continue as a going concern.

Taxes of $0.2 million and $2.1 million were paid during the nine months ended September 30, 2025 and 2024, respectively.

**(14) LEASES**

The Company categorizes leases at their inception as either operating or financing leases. Leases include various office and warehouse facilities which have been categorized as operating leases while certain equipment is leased under financing leases.

During February 2023, the Company entered into a lease agreement for approximately 41,427 square feet of office space for the operations of ZMS in Englewood, CO. The lease commenced on July 1, 2023 and runs through December 31, 2028. At the expiration of the lease term the Company has the option to renew the lease for one additional five-year period. The Company is entitled to rent abatements for the first six months of the lease and tenant improvement allowances. Payments based on the initial rate of $24.75 per square foot began in January 2024. The price per square foot increases by an additional $0.50 during each subsequent twelve-month period of the lease after the abatement period. Upon lease commencement, the Company recorded an operating lease liability of $4.2 million and a corresponding right-of-use asset for $2.8 million. During the three months ended September 30, 2025, the Company recorded a $2.3 million impairment charge on right-of-use assets associated with the vacated facilities (See Note 7 – Impairment). The fair value was determined under ASC 360 using discounted cash flows of sublease income.

The Company's operating leases do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring the lease liability. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company's weighted average borrowing rate was determined to be 4.93% for its operating lease liabilities. The Company's equipment lease agreements have a weighted average rate of 4.83% which was used to measure its finance lease liability.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The weighted average remaining lease term was 2.66 years and 3.51 years for operating and finance leases, respectively, as of September 30, 2025.

As of September 30, 2025, the maturities of the Company's future minimum lease payments were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Operating Lease Liability** | **Finance Lease Liability** |
| October 1, 2025 through December 31, 2025 | $1176 | $145 |
| 2026 | 4509 | 312 |
| 2027 | 4319 | 264 |
| 2028 | 2193 | 171 |
| 2029 |  | 121 |
| Thereafter |  |  |
| Total undiscounted future minimum lease payments | $12197 | $1013 |
| Less: difference between undiscounted lease payments and discounted lease liabilities: | (836) | (90) |
| Total lease liabilities | $11361 | $923 |

---

The components of lease expenses were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operating lease expense** |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue - devices and supplies | $96 | $94 | $304 | $284 |
| &nbsp;&nbsp;General and administrative | 589 | 563 | 1726 | 1715 |
| &nbsp;&nbsp;Sales and marketing expense | 215 | 221 | 630 | 656 |
| Total operating lease expense | $900 | $878 | $2660 | $2655 |
| **Finance lease expense** |  |  |  |  |
| &nbsp;&nbsp;Total amortization of leased assets | $73 | $54 | $220 | $149 |
| &nbsp;&nbsp;Interest on lease liabilities | 11 | 8 | 37 | 17 |
| Total finance lease expense | $84 | $62 | $257 | $166 |

---

**(15) CONCENTRATIONS**

For the three months ended September 30, 2025, the Company sourced approximately 76% of the supplies for its electrotherapy products from five significant vendors. For the same period in 2024, the Company sourced approximately 57% of the supplies for its electrotherapy products from four significant vendors. Significant vendors provided at least 10% of the total value spent on the Company's electrotherapy products during the period.

For the nine months ended September 30, 2025, the Company sourced approximately 44% of supplies for its electrotherapy products from three significant vendors. For the same period in 2024, the Company sourced approximately 56% of supplies for its electrotherapy products from four significant vendors.

At September 30, 2025 and December 31, 2024, the Company had no gross receivables from any third-party payers that made up over 10% of the net accounts receivable balance.

**(16) COMMITMENTS AND CONTINGENCIES** 

See Note 14 for details regarding commitments under the Company's long-term leases.

From time to time, the Company may become party to various legal, regulatory, administrative proceedings and other claims in the ordinary course of business. To the extent that such claims, proceedings and/or litigation arise, management would accrue the

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

estimated exposure for such events when losses are determined to be both probable and estimable. On occasion, the Company engages outside counsel related to a broad range of topics including employment law, third-party payer matters, intellectual property, and regulatory and compliance matters.

Other than described below, the Company is currently not a party to any pending legal proceedings that would give rise to potential loss contingences that would be material to the financial statements.

**Certain Investigations and Other Matters** 

The Company regularly receives requests for information, including subpoenas, from regulators and governmental authorities such as the Securities and Exchange Commission ("SEC"), the Department of Justice ("DOJ"), and various local, state, and federal agencies. The ongoing requests for information include topics such as operations, compliance, finance, data privacy, and other matters related to the Company's business, its personnel, and related parties. The Company routinely cooperates with such formal and informal requests for information, investigations, and other inquiries. The Company cannot predict the outcome or impact of any ongoing matters. Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact on the Company's business, results of operations, prospects, cash flows, financial position or brand.

*Heid*

On March 4, 2023, a class action complaint was filed against the Company in the California Superior Court, San Diego County, captioned Heid v. Zynex Medical, Inc., No. 37-2023-11832, alleging violations of the California Invasion of Privacy Act ("CIPA"), California Unfair Competition Law, invasion of privacy, intrusion upon seclusion, and seeking class certification. The complaint seeks class certification, damages and restitution, statutory damages, and costs. The Company has reached a preliminary settlement with the plantiffs that is pending court approval. The Company recorded an accrual related to this matter which is included in accounts payable and accrued expenses in the condensed consolidated balance sheets as of September 30, 2025.

**(17) RELATED PARTIES**

On March 13, 2025, the disinterested directors of the Board of Directors and Audit Committee approved the purchase of 1,700,000 common shares of ZYXI from Mr. Sandgaard, the Company's Chairman and then-serving President, Chief Executive Officer and Principal Executive Officer, at the closing market price on March 13, 2025 of $2.905 per share, resulting in a total transactional value of $4,938,500.

At the time of the aforementioned transaction, the disinterested directors of the Board of Directors and Audit Committee members deemed it to be in the best interest of the Company to purchase the shares as they believe the current market price for the Company's stock is undervalued and the Company's cash position was such that the purchase of shares from Mr. Sandgaard was a good use of the Company's funds at the time of each transaction. For the transaction, the following impacts were discussed before approval of the sale:

(i) the Company's cash position and capital needs for its continuing operations; (ii) the alternative uses for the cash used to purchase the Sandgaard Shares, including repayment of outstanding indebtedness; (iii) the possible effect on earnings per share and book value per share; and (iv) and the potential effect of the trading of the Company's shares, if Mr. Sandgaard were to sell the shares in the open market.

**(18) SUBSEQUENT EVENTS**

**ZMS**

On October 1, 2025, the Company announced a change to its commercialization strategy for its ZMS subsidiary, which develops noninvasive, laser-based patient-monitoring technologies acquired through the December 2021 acquisition of Kestrel Labs, Inc. The Company determined it would no longer independently commercialize NiCO. Instead, the Company plans to pursue commercialization through one or more strategic partners.

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**ZYNEX, INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

As a result of the actions described above, the Company incurred pre-tax asset impairment charges of $30.7 million during the three months ended September 30, 2025, primarily related to the impairment of goodwill and other assets associated with the ZMS business (See Note 7 – Impairment). As part of this initiative, the Company implemented a workforce reduction within ZMS on October 1, 2025, eliminating substantially all positions and ceasing most internal R&D and manufacturing activities. On November 1, 2025, the Company eliminated all remaining positions within ZMS and ceased independent operations. The Company also expects to incur pre-tax cash charges of approximately $0.7 million associated with severance payments to former ZMS employees in the fourth quarter of 2025.

**Policy Change**

Effective October 1, 2025, the Company initiated a phased implementation of a resupply policy that requires patient confirmation of current need for supplies prior to initiating shipment and billing. The Company anticipates that the policy, which is effective October 1, 2025, for a majority of payers, including all public payers, will be rolled out to all remaining payers by the end of the quarter ending December 31, 2025.

**Other Subsequent Events**

Other than disclosed above, there were no additional subsequent events identified through November 17, 2025.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Cautionary Notice Regarding Forward-Looking Statements**

This quarterly report includes statements of our expectations, intentions, plans, and beliefs that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Nonetheless, it is important for an investor to understand that these statements involve risks and uncertainties. These statements relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, liquidity, and capital resources, potential outcomes of the evaluation of the strategic alternatives, and our ability to continue as a going concern as well as analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. We have used words such as "may" "will" "should" "expect" "intend" "plan" "anticipate" "believe" "think" "estimate" "seek" "expect" "predict" "could" "project" "potential" and other similar terms and phrases, including references to assumptions, in this report to identify forward-looking statements. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. These interim financial statements and the information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements, and notes to consolidated financial statements, included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 11, 2025, as subsequently amended on July 24, 2025 (the "2024 Form 10-K") and subsequently filed reports, which have previously been filed with the Securities and Exchange Commission (the "SEC").

Such risks and other factors also include those listed in Part II, Item 1A. "Risk Factors" and in Part I, Item 1A. "Risk Factors" in our 2024 Form 10-K, Part II, Item 1A. "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 filed with the SEC on July 31, 2025, Part II, Item 1A. "Risk Factors" of this Quarterly Report on Form 10-Q, and our other filings with the SEC. When considering these forward-looking statements, you should keep in mind the cautionary statements in this report and the documents incorporated by reference. New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us. We assume no obligation to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by applicable laws and regulations.

The information and financial data discussed below is derived from our condensed consolidated financial statements for the quarterly period ended September 30, 2025, and 2024. The condensed consolidated financial statements of the Company were prepared and presented in accordance with generally accepted accounting principles in the United States. The information and financial data discussed below is only a summary and was prepared to provide a historical and narrative discussion of our financial condition and results of operations through the eyes of management and should be read in conjunction with the historical financial statements and related notes of the Company contained elsewhere in this Quarterly Report on Form 10-Q and with the annual audited consolidated financial statements, and notes to consolidated financial statements, included in the 2024 Form 10-K and subsequently filed reports, which have previously been filed with the SEC.

**General**

Zynex, Inc. (a Nevada corporation) has its headquarters in Englewood, Colorado. We operate in one primary business segment, medical devices which include electrotherapy and pain management products. As of September 30, 2025, the Company's only active subsidiaries are Zynex Medical, Inc. ("ZMI," a wholly-owned Colorado corporation) through which the Company has historically conducted most of its operations, and Zynex Monitoring Solutions, Inc. ("ZMS," a wholly-owned Colorado corporation).

When used in this quarterly report, the terms the "Company," "Zynex", "we," "us," "ours," and similar terms refer to Zynex, Inc., a Nevada corporation, and our wholly-owned active subsidiaries, ZMI and ZMS.

**Recent Developments**

*Zynex Monitoring Solutions*

On October 1, 2025, the Company announced a change to the commercialization stategy for its ZMS subsidiary, which develops noninvasive, laser-based patient-monitoring technologies acquired through the December 2021 acquisition of Kestrel Labs, Inc. The

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Company determined it would no longer independently commercialize its NiCO™ CO-Oximeter ("NiCO"). Instead, the Company plans to pursue commercialization through one or more strategic partners.

As part of this initiative, the Company implemented a workforce reduction within ZMS on October 1, 2025, eliminating substantially all positions and ceasing most internal R&D and manufacturing activities. On November 1, 2025, the Company eliminated all remaining positions within ZMS and ceased independent operations. As a result, the Company expects to incur aggregate pre-tax cash severance charges of approximately $0.7 million in the fourth quarter of 2025. The Company recognized pre-tax non-cash asset impairment charges of $30.7 million, during the quarter ended September 30, 2025, primarily related to goodwill, definite-lived intangible assets and certain fixed assets associated with the ZMS business.

*New Leadership*

Effective August 18, 2025, the Company appointed Steven Dyson to serve as the Chief Executive Officer, Vikram Bajaj to serve as the Chief Financial Officer and John Bibb to serve as the Chief Legal Officer.

*Chief Commercial Officer Departure*

On October 8, 2025, Anna Lucsok notified the Company of her decision to resign from her position as Chief Commercial Officer of the Company, effective as of October 10, 2025.

*Director Appointments*

Effective October 7, 2025, the Board of Directors (the "Board") elected Bret W. Wise to serve as a member of the Board and appointed Mr. Wise to serve as Chair of the Audit Committee of the Board and as a member of the Compensation Committee and the Nominating and Governance Committee. Effective November 11, 2025, the Board appointed Mr. Wise as a member of the Special Committee (defined below).

Effective November 11, 2025, the Board elected Paul S. Aronzon to serve as a member of the Board and appointed Mr. Aronzon to serve as the Chair of the Special Committee. Refer to Part II, Item 5. "Other Information" for additional information on the appointment of Mr. Aronzon to the Board. The Company has not yet identified a strategic transaction and there can be no assurance any such transaction will result from the Special Committee's evaluation of strategic alternatives, or the timing, terms and conditions of any such transaction.

*Special Committee Formation*

On November 11, 2025, the Board established a Special Committee (the "Special Committee"), with delegated authority from the Board to, among other things, review, evaluate, negotiate, and, if appropriate, approve and implement on behalf of the Board and the Company, any strategic restructuring and/or financing transactions available to the Company.

*Tricare and workforce reductions*

During the quarter ended March 31, 2025 the Company was notified that the Defense Health Agency ("DHA") was temporarily suspending Tricare claims processing and payments to the Company pursuant to 32 C.F.R. § 199.9(h). DHA informed the Company that the suspension is based on allegations that the Company misrepresented claims for supplies and equipment billed to the Tricare program, that the Company misrepresented diagnoses to justify a requirement for TENS units, and that the Company lacked physician orders supporting the medical need for the replenishment of TENS supplies.

In response to the ongoing temporary suspension of payments and the related uncertainty regarding the timing of resolution, the Company implemented a workforce reduction of approximately 15% of the Company's total number of employees during the quarter ended March 31, 2025, to align its operating expenses with current revenue levels.

In April 2025, the Company met with DHA to present evidence in opposition to the temporary Tricare payment suspension. In June 2025, DHA notified the Company that the temporary Tricare payment suspension would continue pending completion of DHA's investigation. Also in June 2025, the Company executed a further workforce reduction affecting 86 corporate roles, representing approximately 14% of its total employees. During the quarter ended September 30, 2025, the Company determined that the prior

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workforce reduction had negatively impacted device orders and corresponding supplies, new patients onboarding and order completion and, as a result, rehired certain previously impacted employees to support service levels.

Tricare historically represented approximately 20-25% of the Company's annual revenue and cash collections from Tricare were $48.8 million and $38.8 million during the years ended December 31, 2024 and 2023, respectively. Because DHA informed the Company that any participation agreement with its patients remains in full force and effect, the Company continues to support both existing patients and new patients as prescriptions are received.

During the nine months ended September 30, 2025, the Company received $2.2 million in payments from TriWest Healthcare Alliance ("TriWest"), the contractor for the Tricare West Region, and $0.6 million in payments from Humana Military, the contractor for the Tricare East Region. TriWest and Humana Military have sought repayment of these amounts. The Company reduced its revenue by $2.8 million during the quarter ended September 30, 2025 related to Tricare payments it received from TriWest and Humana Military during the time period of the Company's Tricare payment suspension. During the nine months ended September 30, 2025, as a result of the adjustment, the Company did not recognize any revenue from Tricare, all other fulfillments and related revenue have been fully reserved and we have no reported receivables related to Tricare as of September 30, 2025.

*SEC request for documents*

On June 11, 2025, the Company received a voluntary (non-subpoena) request for documents from the Securities and Exchange Commission (the "SEC") in connection with an investigation that it is conducting into the Company to determine whether violations of federal securities laws have occurred. Subsequently, on June 30, 2025 and September 4, 2025, the Company received additional voluntary requests for documents from the SEC. The Company is cooperating with the SEC in its investigation, and is, on a rolling basis, providing all responsive documents to the requests. Consistent with its cooperation with the SEC, the Company has voluntarily agreed to toll the statute of limitations applicable to matters that are the subject of the SEC's inquiry.

**RESULTS OF OPERATIONS**

**Summary**

Net revenue was $13.4 million and $50.0 million for the three months ended September 30, 2025 and 2024, respectively, and $62.2 million and $146.4 million for the nine months ended September 30, 2025 and 2024, respectively. Net revenue decreased $36.6 million or 73% for the three months ended September 30, 2025 from the same period in 2024. For the nine months ended September 30, 2025, net revenue decreased $84.2 million or 57% compared to the same period in 2024. For the three and nine months ended September 30, 2025, device orders decreased 35% and 20%, respectively, from the same periods in 2024.

Net loss was $42.9 million for the three months ended September 30, 2025 compared with net income of $2.4 million during the same period in 2024. Net loss was $73.3 million for the nine months ended September 30, 2025 compared with net income of $3.6 million during the same period in 2024. Cash used in operating activities was $23.0 million during the nine months ended September 30, 2025 compared to cash provided by operating activities of $10.3 million during the same period in 2024. Working capital deficit was $41.8 million as of September 30, 2025 and working capital was $58.3 million as of December 31, 2024. The change in working capital primarily reflects the reclassification of the Company's $60 million of outstanding 2023 Convertible Senior Notes (as defined herein) to current liabilities (see Note 10), cash used in operations during the nine months ended September 30, 2025, and the repurchase of $4.9 million of treasury stock.

**Net Revenue**

Net revenues are comprised of device and supply sales, constrained by estimated third-party payer reimbursement deductions. The reserve for billing allowance adjustments and allowance for uncollectible accounts are adjusted on an ongoing basis in conjunction with the processing of third-party payer insurance claims and other customer collection history. Product device revenue is primarily comprised of sales and rentals of our electrotherapy products and also includes private labeled rehabilitation products such as our bracing, cervical traction, lumbar support and hot/cold therapy products.

Supplies revenue is primarily comprised of sales of our consumable supplies to patients using our electrotherapy products, consisting primarily of surface electrodes and batteries. Revenue related to both devices and supplies is reported net, after adjustments for estimated third-party payer reimbursement deductions and estimated allowance for uncollectible accounts. The deductions are known throughout the healthcare industry as billing adjustments whereby the healthcare insurers unilaterally reduce the amount they reimburse for our products as compared to the sales prices charged by us. The deductions from gross revenue also take into account

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the estimated denials, net of resubmitted billings of claims for products placed with patients which may affect collectability. See our Significant Accounting Policies in Note 2 to the condensed financial statements for a more complete explanation of our revenue recognition policies.

We occasionally receive, and expect to continue to receive, refund requests from insurance providers relating to specific patients and dates of service. Billing and reimbursement disputes are very common in our industry. These requests are sometimes related to a few patients and other times include a significant number of refund claims in a single request. We review and evaluate these requests and determine if any refund is appropriate. We also review claims that have been resubmitted or where we are pursuing additional reimbursement from that insurance provider. We frequently have significant offsets against such refund requests which may result in amounts that are due to us in excess of the amounts of refunds requested by the insurance providers. Therefore, at the time of receipt of such refund requests we are generally unable to determine if a refund request is valid.

Net revenue decreased $36.6 million to $13.4 million for the three months ended September 30, 2025, from $50.0 million for the same period in 2024. Net revenue decreased $84.2 million or 57% to $62.2 million for the nine months ended September 30, 2025 from $146.4 million for the same period in 2024. For the three and nine months ended September 30, 2025, the decline in net revenue from the same period in 2024 is related to the Company's temporary Tricare payment suspension, along with a $2.8 million reduction in revenue related to payments received from Tricare during the suspension period. During the pendency of the temporary Tricare payment suspension, we continue to fulfill orders related to new prescriptions for Tricare patients as well as continue to serve existing patients with needed supplies. During 2025 and through the third quarter of 2025, changes to certain payers' claim submission and review practices have resulted in unanticipated denials and payment delays, which has negatively impacted our revenue. Additionally, workforce reductions in the first and second quarters of 2025 have negatively impacted device orders and corresponding supplies, new patients onboarding and order completion, contributing to the overall decline in net revenue during the three months ended September 30, 2025.

**Device Revenue**

Device revenue is related to the sale or lease of our electrotherapy or private-labeled products. Device revenue decreased $7.8 million or 53% to $7.1 million for the three months ended September 30, 2025, from $14.9 million for the same period in 2024.

Device revenue decreased $14.8 million or 33% to $30.0 million for the nine months ended September 30, 2025, from $44.8 million for the same period in 2024.

For the three and nine months ended September 30, 2025, approximately $2.0 million and $4.8 million, respectively, of the decline in device revenue from the same period in 2024 is related to the Company's temporary Tricare payment suspension, along with the reduction in revenue related to payments received from Tricare during the suspension period. During the third quarter of 2025, changes to certain payers' claim submission and review practices have resulted in unanticipated denials and payment delays, which has negatively impacted our revenue. Additionally, workforce reductions in the first and second quarters of 2025 have negatively impacted device orders and corresponding supplies, new patients onboarding and order completion, contributing to the overall decline in device revenue during the three and nine months ended September 30, 2025, respectively.

**Supplies Revenue**

Supplies revenue is related to the sale of supplies, primarily electrodes and batteries, for our electrotherapy products. Supplies revenue decreased $28.8 million or 82% to $6.3 million for the three months ended September 30, 2025, from $35.1 million for the same period in 2024.

Supplies revenue decreased $69.3 million or 68% to $32.2 million for the nine months ended September 30, 2025, from $101.6 million for the same period in 2024.

Approximately $13.3 million and $32.9 million of the decrease in supplies revenue during the three and nine months ended September 30, 2025, respectively, is related to the Company's temporary Tricare payment suspension, revenue reduction related to payments received from Tricare during the suspension period, payer policy changes, payer prepayment reviews, along with a revised resupply process that is resulting in fewer shipments and bills submitted. Additionally, workforce reductions in the first and second quarters of 2025 have negatively impacted device orders and corresponding supplies, new patients onboarding and order completion, contributing to the overall decline in supplies revenue during the three and nine months ended September 30, 2025, respectively.

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**Operating Expenses**

**Cost of Revenue – Devices and Supplies**

Cost of revenue – devices and supplies consist primarily of device and supply costs, facilities, operations labor and overhead, shipping and depreciation. Cost of revenue for the three months ended September 30, 2025 decreased $4.9 million or 48% to $5.3 million from $10.2 million from the same period in 2024. As a percentage of revenue, cost of revenue – devices and supplies increased to 40% from 20% for the three months ended September 30, 2025 and 2024, respectively.

Cost of revenue for the nine months ended September 30, 2025 decreased $8.7 million or 30% to $20.7 million from $29.4 million for the same period in 2024. As a percentage of revenue, cost of revenue – device and supplies increased to 33% from 20% for the nine months ended September 30, 2025 and 2024.

The decrease in cost of revenue – device and supplies in the three and nine months ended September 30, 2025 and 2024 is due to lower orders and fewer products shipped. The increase in cost of revenue – devices and supplies as percentage of revenue for the three and nine months ended September 30, 2025 compared to the same periods in 2024 is due to the decrease in revenue, decreased revenue related to the Tricare revenue adjustment which had no corresponding decrease to cost of revenue, and less volume in our production facility to absorb fixed costs.

**Sales and Marketing Expense**

Sales and marketing expenses primarily consist of employee-related costs, including commissions and other direct costs associated with these personnel including travel expenses, marketing, and related expenses.

Sales and marketing expense for the three months ended September 30, 2025 decreased $11.2 million or 54% to $9.5 million from $20.7 million for the same period in 2024. The decrease in sales and marketing expense is primarily due to lower employee compensation expenses related to decreased headcount in the sales force. As a percentage of revenue, sales and marketing expense increased to 71% from 41% for the three months ended September 30, 2025 and 2024, respectively, primarily due to the decreased revenue during the period.

Sales and marketing expense for the nine months ended September 30, 2025 decreased $28.1 million or 42% to $39.2 million from $67.3 million for the same period in 2024. The decrease in sales and marketing expense is primarily due to lower employee compensation expenses related to decreased headcount in the sales force and associated expenses. As a percentage of revenue, sales and marketing expense increased to 63% from 46% for the nine months ended September 30, 2025 and 2024, respectively. The increase as a percentage of revenue is primarily due to the decrease in revenue during the period.

**General and Administrative Expense**

General and administrative expenses primarily consist of employee-related costs, and other direct costs associated with these personnel including facilities, travel expenses, professional fees, depreciation, and amortization. General and administrative expense for the three months ended September 30, 2025 decreased $3.5 million or 23% to $11.8 million from $15.3 million for the same period in 2024. As a percentage of revenue, general and administrative expense increased to 88% for the three months ended September 30, 2025 from 31% for the same period in 2024.

General and administrative expense for the nine months ended September 30, 2025 decreased $4.2 million or 10% to $38.9 million from $43.1 million for the same period in 2024. As a percentage of revenue, general and administrative expense increased to 63% for the nine months ended September 30, 2025 from 29% for the same period in 2024.

The decrease in general and administrative expense for the three and nine months ended September 30, 2025 compared to the same periods in 2024 are primarily due to lower headcount within the Company's billing and corporate departments, partially offset by increased professional fees. The increase as a percentage of revenue is primarily due to decreased revenue.

**Impairment charges**

During the quarter ended September 30, 2025, the Company identified indicators of impairment related to its ZMS subsidiary following management's decision to discontinue internal commercialization efforts for NiCO and to pursue strategic commercial partnership opportunities for those technologies. As a result, the Company recorded non-cash impairment charges totaling $30.7 million during the three months ending September 30, 2025. The impairment primarily related to the write-down of goodwill and

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intangible assets recognized in connection with the December 2021 acquisition of Kestrel Labs, Inc., and other long-term assets held at ZMS. Management does not expect further material impairment related to the ZMS business at this time.

**Income Taxes**

The provision for income taxes is recorded at the end of each interim period based on the Company's best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Company's effective income tax rate was 4% and (5)% the three and nine months ended September 30, 2025, respectively. Discrete items adjusted, primarily related to the valuation allowance charge, were ($2.0) million and $3.5 million, for the three and nine months ended September 30, 2025, respectively. Discrete items adjusted, primarily related to the tax impact of restricted stock vestings, were $0.2 million for both the three and nine months ended September 30, 2024. The Company recorded income tax expense of $1.9 million and $3.6 million for the three and nine months ended September 30, 2025, respectively. For the three and nine months ended September 30, 2024, the Company recorded an income tax expense of approximately $0.8 million and $1.2 million, respectively.

**Liquidity and Capital Resources**

Our future results are subject to substantial risks and uncertainties. We have historically financed operations through cash flows from operations, debt and equity transactions. At September 30, 2025, our principal source of liquidity was $13.3 million in cash and cash equivalents and $6.7 million in net accounts receivable, less amounts sold under our Secured Borrowing (see Note 9). See "— Liquidity and Going Concern" below.

Net cash used in operating activities for the nine months ended September 30, 2025 was $23.0 million compared with net cash provided by operating activities of $10.3 million for the nine months ended September 30, 2024. The decrease in our cash provided by operating activities for the nine months ended September 30, 2025 was primarily due to lower net income as result of the Company's temporary Tricare payment suspension and reduced revenue, partially offset by a decrease in accounts receivable for the nine months ended September 30, 2025 compared to the same period in 2024.

Net cash used in investing activities for the nine months ended September 30, 2025 and 2024 was $0.2 million and $0.4 million, respectively. Cash used in investing activities for the nine months ended September 30, 2025 and 2024 was primarily related to the purchases of property and equipment related to ZMS.

Net cash used in financing activities for the nine months ended September 30, 2025 was $3.1 million compared with net cash used in financing activities of $16.9 million for the same period in 2024. Net cash used in financing activities for the nine months ended September 30, 2025 was primarily due to purchases of $4.9 million in treasury stock. Net cash used in financing activities for the nine months ended September 30, 2024 was primarily due to purchases of treasury stock of $15.6 million.

During the third quarter of 2025, the Company entered into a receivable funding program designed to enhance liquidity by monetizing a portion of its medical lien receivables. The program provides cash advances of approximately 21% of billed charges, with the funding counterparty retaining a share of future collections based on the timing of recovery. Because the arrangement includes limited recourse and offset provisions, it is accounted for as a financing rather than a sale of receivables.

At September 30, 2025, total advances outstanding under the arrangement were approximately $2.2 million, secured by receivables with aggregate billed charges of about $10.3 million. A significant portion of the receivables had already been written down through the Company's accounts receivable valuation process prior to funding. The effective cost of the arrangement will vary with the timing of collections, and longer collection cycles are expected to result in higher implied financing rates.

**Liquidity and Going Concern**

The Company has incurred net losses of $73.3 million for the nine months ended September 30, 2025 compared with net income of $3.6 million during the same period in 2024. As of September 30, 2025, the Company had $13.3 million in cash and cash equivalents and $6.7 million in accounts receivable. As discussed herein, the Company is also subject to an ongoing suspension of payments from Tricare and is subject to various refund demands from payers, which may materially impact the Company's liquidity. During 2025 and through the third quarter of 2025, changes to certain payers' claim submission and review practices have resulted in unanticipated denials and payment delays, which has negatively impacted our revenue. Based on the Company's cash and cash equivalents as of September 30, 2025 and the Company's current and forecasted level of operations and cash flows, management believes that our existing cash resources are not sufficient to support planned operations for at least the next year from the issuance of the unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.

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The Company's ability to continue as a going concern is dependent upon its ability to obtain the consent from creditors or terminating, amending or refinancing the agreements governing the Company's $60.0 million outstanding 2023 Convertible Senior Notes (as defined herein) which mature on May 15, 2026 and to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due, and to generate profitable operations in the future (such alternatives, a "Restructuring"). The Company has retained Province, LLC as its financial advisor to assist the Company in preparing for, analyzing, evaluating and arranging discussions with its creditors, including the holders of our 2023 Convertible Senior Notes, and other stakeholders to explore several alternatives for a Restructuring. The Company has recently begun discussions with certain creditors holding the 2023 Convertible Senior Notes and anticipates beginning discussions with other stakeholders and investors with respect to a Restructuring. While certain discussions are ongoing, the Company has not reached an agreement with respect to such a Restructuring and there can be no assurances that an agreement with respect to a Restructuring will be reached in the future.

The Company has elected to not make an interest payment in the amount of approximately $1.5 million (the "Interest Payment") due on November 15, 2025 (and payable on November 17, 2025, as November 15, 2025 is a non-business day) with respect to the 2023 Convertible Senior Notes. Under the indenture governing 2023 Convertible Senior Notes, the Company has a 30-day grace period to make the Interest Payment before such non-payment constitutes an "event of default" with respect to the 2023 Convertible Senior Notes. The Company may elect to make the Interest Payment on or prior to the expiration of the 30-day grace period. However, the failure of the Company to make the Interest Payment on or prior to the expiration of the 30-day grace period would result in an event of default with respect to the 2023 Convertible Senior Notes which may result in the acceleration of the 2023 Convertible Senior Notes and the Company filing for bankruptcy.

The Company's unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The Company is subject to various demands from payers, the amount cannot be quantified and the outcome is unknown.

There can be no assurance that we will be able to amend or refinance the 2023 Convertible Senior Notes and if we are able to, that the terms will be acceptable or advantageous to us or that we will satisfactorily resolve the payment suspension and refund demands referenced above. If we are unable to redeem or refinance the 2023 Convertible Senior Notes and/or resolve the payment suspension and refund demands referenced above, this could have a material adverse impact on our operations. In addition, there can be no assurance that the Company will be able to raise additional capital to fund operations with terms acceptable to the Company, or at all. Because certain elements of management's plans to mitigate the conditions that raised substantial doubt about the Company's ability to continue as a going concern are outside of the Company's control, including the ability to raise capital through an equity or other financing, those elements cannot be considered probable according to ASC 205-40, and therefore cannot be considered in the evaluation of mitigating factors. As a result, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern for 12 months from the date the unaudited condensed consolidated financial statements are issued.

If we are not successful in improving our liquidity position, we may be required to significantly scale back our operations or pursue the sale of our company to a third party at a price that may result in a loss on investment for our stockholders, or file for bankruptcy or cease operations altogether. Any of these events could have a material adverse effect on our business, operating results and prospects.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

Our discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America.

Please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operation" located within our 2024 Form 10-K and Note 2 to the unaudited condensed consolidated financial statements.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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**ITEM 4. CONTROLS AND PROCEDURES**

Disclosure Controls and Procedures

*Evaluation of disclosure controls and procedures*

Our management, including our Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934), as amended, or the Exchange Act, as of September 30, 2025. Based on management's review, with participation of our Chief Executive Officer and Chief Financial Officer, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the quarter ended September 30, 2025, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weakness in internal control over financial reporting as described below.

*Material Weakness in Internal Control*

As previously disclosed, we identified a material weakness related to Information Technology General Controls ("ITGCs") that were not designed and operating effectively to ensure IT program and data changes affecting the Company's financial IT applications and underlying accounting records, are identified, tested, authorized and implemented appropriately to validate that data produced by its relevant IT system(s) were complete and accurate. Business process controls (automated and manual) that are dependent on the affected ITGCs were also deemed ineffective because they could have been adversely impacted.

The material weakness identified above did not result in any material misstatements in our financial statements or disclosures, and there were no changes to previously released financial results. Our management concluded that the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q, present fairly, in all material respects, our financial position, results of operations, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP.

The effectiveness of our internal control over financial reporting as of December 31, 2024, was audited by Marcum LLP as stated in their report, which is included in Item 8 of the Annual Report on Form 10-K.

*Remediation Plan* 

Our management is committed to maintaining a strong internal control environment. In response to the identified material weakness above, management will take comprehensive actions to remediate the material weakness in internal control over financial reporting. The Company has implemented new systems for enterprise resource planning (ERP), accounts payable processing, and warehouse management, and intends to develop a remediation plan to address the remaining material weakness described above.

*Changes in Internal Control over Financial Reporting*

Except for the actions referred to above, there were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

*Inherent Limitation on the Effectiveness of Internal Control*

Our management, including our Chief Executive Officer and Chief Financial Officer, do not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Due to inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS** 

The Company intends to vigorously defend itself in the following matters; however, we cannot predict the outcome or impact. We are unable to reasonably estimate the possible loss or range of loss, if any, associated with the following claims, unless noted.

*Putative Class Action Complaint*

On March 20, 2025, a putative Zynex shareholder filed a securities fraud class action against the Company, its Chairman and former CEO Thomas Sandgaard, and former CFO Daniel Moorhead, in the U.S. District Court for the District of Colorado, captioned Tuncel v. Zynex Inc. et al., No. 25-cv-913 (the "Securities Class Action"). The complaint alleges that Zynex and the individual defendants made materially misleading statements that failed to disclose the Company's participation in an alleged oversupply scheme that artificially inflated the Company's revenue and exposed the Company to adverse consequences, including scrutiny from insurers, including Tricare, removal from insurance networks and government penalties. The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Securities and Exchange Commission Rule 10b-5 thereunder. The complaint seeks class certification and unspecified damages.

*Shareholder Derivative Complaints*

On July 9, 2025, a shareholder derivative action was filed against the Company's Chairman and former CEO Thomas Sandgaard, the Company's former CFO, Daniel Moorhead, and outside directors Joshua Disbrow, Michael Cress, and Barry Michaels, in the U.S. District Court for the District of Colorado, captioned Ayers v. Sandgaard et al, No. 25-cv-2117. The Company is a nominal defendant. The complaint alleges breaches of fiduciary duties, the aiding and abetting thereof, waste of corporate assets, unjust enrichment, gross mismanagement, and/or the aiding and abetting thereof, as well as violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. The complaint seeks damages, including restitution and disgorgement of all profits – including benefits, performance-based, valuation-based, other compensation, and insider proceeds – obtained by the individual defendants due to their allegedly wrongful conduct and breach of fiduciary duties, and an order directing defendants to take necessary steps to reform the Company's corporate governance and internal control procedures.

On August 12, 2025, a second shareholder derivative action was filed against the same set of defendants, in the U.S. District Court for the District of Colorado, captioned Graziano v. Sandgaard et al, No. 25-cv-2499, alleging substantially the same claims as in the Ayers action and seeking similar damages. On October 3, 2025, plaintiff filed an unopposed motion to consolidate the Graziano action with the Ayers action. Also on October 3, 2025, plaintiff and the Company filed an agreed motion to temporarily stay the derivative actions in favor of the pending Securities Class Action.

On November 14, 2025, a third shareholder derivative action was filed against the same set of defendants, in the District Court for the County of Arapahoe, Colorado, captioned Arbel v. Sandgaard et al, No. 2025CV032793, alleging substantially the same claims as in the Ayers and Graziano actions described above and seeking similar damages.

*Allstate*

On September 4, 2025, Allstate Insurance Company and affiliated entities filed an action against Thomas Sandgaard, Dan Moorhead, and Anna Lucsok, former officers of the Company, and the Company, in the U.S. District Court for the Eastern District of New York, No. 25-cv-4915, alleging violations of the Racketeer Influenced and Corrupt Organizations Act ("RICO"), the Colorado Organized Crime Control Act, fraud, and unjust enrichment. On October 8, 2025, an amended complaint was filed. The amended complaint references allegations made in the shareholder class action complaint and the shareholder derivative complaints. The amended complaint seeks declaratory relief, injunctive relief, actual damages, treble damages, punitive damages, and costs.

*Hunt*

On April 25, 2025, Christian Hunt filed an action against Thomas Sandgaard, Chairman and former CEO of the Company, the Company and its affiliates, in the Colorado District Court, Denver County, No. 2024CV31257, alleging breach of fiduciary duties, fraudulent nondisclosure and concealment, and false representation relating to Mr. Hunt's alleged $20,000 investment in OR Surgical, Inc. in 1999. OR Surgical, Inc. is an entity unaffiliated with the Company that was dissolved in 2008. The complaint seeks compensatory and punitive damages and costs. The parties have reached a settlement in principle regarding this dispute and are currently working to finalize the terms.

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*Maloney*

On September 15, 2025, Raelynn Maloney filed an action against Thomas Sandgaard, Chairman and former CEO of the Company, the Company and its affiliates, and unaffiliated entities Sandgaard Capital, LLC and Sandgaard Holdings LLC, in the Colorado District Court, Douglas County, No. 2025CV30988, alleging unjust enrichment, false representation, and negligent and intentional infliction of emotional distress. The complaint seeks judgment against defendants, damages, and costs.

*Heid – (already accrued)*

On March 4, 2023, a class action complaint was filed against the Company in the California Superior Court, San Diego County, captioned Heid v. Zynex Medical, Inc., No. 37-2023-11832, alleging violations of the California Invasion of Privacy Act ("CIPA"), California Unfair Competition Law, invasion of privacy, intrusion upon seclusion, and seeking class certification. The complaint seeks class certification, damages and restitution, statutory damages, and costs. The Company has reached a preliminary settlement with the plantiffs that is pending court approval. The Company recorded an accrual related to this matter which is included in accounts payable and accrued expenses in the condensed consolidated balance sheets as of September 30, 2025.

*Ramirez*

On May 30, 2024, a class action complaint was filed against the Company in the California Superior Court, Santa Clara County, captioned *Melissa Ramirez v. Zynex Medical, Inc., No. 24CV440194*, alleging failure to pay earned wages, timely pay wages, reimburse for business expenses, and derivative claims under California law and seeking to pursue claims under the California Private Attorneys General Act ("PAGA"). The complaint seeks class certification, unpaid wages, statutory penalties, compensatory, consequential, general, and special damages, and costs.

*Other Legal Proceedings*

Other than disclosed above, we are not a party to any other material pending legal proceedings.

**ITEM 1A. RISK FACTORS** 

***The imposition of new duties, tariffs, trade barriers and retaliatory countermeasures implemented by the U.S. and other governments and resulting impact on customer demand may have a material adverse effect on our business, financial condition and results of operations.***

The implementation of significant changes to U.S. trade policies, sanctions, legislation, treaties and tariffs, including, but not limited to, significant new tariffs on goods imported into the U.S., have introduced uncertainty to our business and will increase the cost of our manufactured products and components sourced outside of the U.S., which will result in an increase to our cost of revenue and a reduction in our gross margin. In response, China announced additional tariffs on U.S. goods and new export control restrictions. The imposition of additional tariffs or other trade barriers by countries outside of the U.S. may increase our costs in these markets, and to the extent these increased costs will impact our cost of revenue and our gross margin.

The extent and duration of increased tariffs and the resulting impact on general economic conditions and on our business are uncertain and depend on various factors, such as negotiations between the U.S. and affected countries, the responses of other countries or regions, exemptions or exclusions that may be granted, availability and cost of alternative sources of supply, and demand for our products in affected markets. U.S. and foreign policy changes and uncertainty about such changes has resulted in increased market volatility and currency exchange rate fluctuations.

As a result of these dynamics, we may find it difficult to predict the impact to our business of these and future changes to the trading relationships between the U.S. or other countries or the impact on our business of new laws or regulations adopted by the U.S. or other countries.

***The Tricare Payment Suspension has, and may in the future, have a material adverse impact on our revenues and profits and overall liquidity position.***

During the quarter ended March 31, 2025 the Company was notified that the Defense Health Agency ("DHA") was temporarily suspending Tricare claims processing and payments to the Company pursuant to 32 C.F.R. § 199.9(h). DHA informed the Company

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that the suspension is based on allegations that the Company misrepresented claims for supplies and equipment billed to the Tricare program, that the Company misrepresented diagnoses to justify a requirement for TENS units, and that the Company lacked physician orders supporting the medical need for the replenishment of TENS supplies.

In April 2025, the Company met with DHA to present evidence in opposition to the temporary Tricare payment suspension. In June 2025, DHA notified the Company that the Tricare payment suspension will continue pending completion of DHA's investigation. Tricare historically represented approximately 20-25% of the Company's annual revenue and cash collections from Tricare were $48.8 million and $38.8 million during the years ended December 31, 2024 and 2023, respectively. Because DHA informed the Company that any participation agreement with its patients remains in full force and effect, the Company continues to support both existing patients and new patients as prescriptions are received.

During the nine months ended September 30, 2025, the Company received $2.2 million in payments from TriWest Healthcare Alliance ("TriWest"), the contractor for the Tricare West Region, and $0.6 million in payments from Humana Military, the contractor for the Tricare East Region. TriWest and Humana Military have sought repayment of these amounts. The Company reduced its revenue by $2.8 million during the quarter ended September 30, 2025 related to Tricare payments it received from TriWest and Humana Military during the time period of the Company's Tricare payment suspension. During the nine months ended September 30, 2025, as a result of the adjustment, the Company did not recognize any revenue from Tricare, all other fulfillments and related revenue have been fully reserved and we have no reported receivables related to Tricare as of September 30, 2025.

There can be no assurance that we will satisfactorily resolve the Tricare payment suspension, which has resulted and may in the future result in a material adverse impact on our revenues and profits and overall liquidity position.

***Our management has concluded that we may not be able to continue as a going concern if we are not able to raise sufficient capital, reduce expenditures and/or execute on its business plan.***

We have incurred net losses of $73.3 million for the nine months ended September 30, 2025 compared with net income of $3.6 million during the same period in 2024. As of September 30, 2025, we had $13.3 million in cash and cash equivalents and $6.7 million in accounts receivable. The Company is also subject to an ongoing suspension of payments from Tricare and is subject to various refund demands from payers, which may materially impact the Company's liquidity. During 2025 and through the third quarter of 2025, changes to certain payers' claim submission and review practices have resulted in unanticipated denials and payment delays, which has negatively impacted our revenue. Based on the Company's cash and cash equivalents as of September 30, 2025, the Company's current and forecasted level of operations and cash flows, the Company's ability to continue as a going concern is dependent upon its ability to obtain the consent from creditors or terminating, amending or refinancing the agreements governing the Company's 2023 Convertible Senior Notes and to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due, and to generate profitable operations in the future (such alternatives, a "Restructuring").

The Company has retained Province, LLC as its financial advisor to assist the Company in preparing for, analyzing, evaluating and arranging discussions with its creditors, including the holders of our 2023 Convertible Senior Notes, and other stakeholders to explore several alternatives for a Restructuring. The Company has recently begun discussions with certain creditors holding the 2023 Convertible Senior Notes and anticipates beginning discussions with other stakeholders and investors with respect to a Restructuring. While certain discussions are ongoing, the Company has not reached an agreement with respect to such a Restructuring and there can be no assurances that an agreement with respect to a Restructuring will be reached in the future.

The Company has elected to not make an interest payment in the amount of approximately $1.5 million (the "Interest Payment") due on November 15, 2025 (and payable on November 17, 2025, as November 15, 2025 is a non-business day) with respect to the 2023 Convertible Senior Notes. Under the indenture governing 2023 Convertible Senior Notes, the Company has a 30-day grace period to make the Interest Payment before such non-payment constitutes an "event of default" with respect to the 2023 Convertible Senior Notes. The Company may elect to make the Interest Payment on or prior to the expiration of the 30-day grace period. However, the failure of the Company to make the Interest Payment on or prior to the expiration of the 30-day grace period would result in an event of default with respect to the 2023 Convertible Senior Notes which may result in the acceleration of the 2023 Convertible Senior Notes and the Company filing for bankruptcy.

Our unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

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There can be no assurance that we will be able to amend or refinance the 2023 Convertible Senior Notes and if we are able to, that the terms will be acceptable or advantageous to us or that we will satisfactorily resolve the Tricare payment suspension and payer refund demands. If we are unable to redeem or refinance the 2023 Convertible Senior Notes and/or resolve the payment suspension and refund demands it could have a material adverse impact on our operations. In addition, there can be no assurance that the Company will be able to raise additional capital to fund operations with terms acceptable to the Company, or at all. Because certain elements of management's plans to mitigate the conditions that raised substantial doubt about the Company's ability to continue as a going concern are outside of the Company's control, including the ability to raise capital through an equity or other financing, those elements cannot be considered probable according to ASC 205-40, and therefore cannot be considered in the evaluation of mitigating factors. As a result, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern for 12 months from the date the unaudited condensed consolidated financial statements are issued.

If we are not successful in improving our liquidity position, we may be required to significantly delay, scale back, or discontinue the development or commercialization of our product candidates, pursue the sale of our company to a third party at a price that may result in a loss on investment for our stockholders, or file for bankruptcy or cease operations altogether. Any of these events could have a material adverse effect on our business, operating results and prospects.

***We may incur substantial costs and receive adverse outcomes in litigation, regulatory investigations, and other legal matters.***

Our business, financial condition and results of operations could be materially adversely affected by unfavorable results in pending or future litigation, regulatory investigations, and other legal matters. In March 2025, a securities fraud class action was filed against us, our Chairman and former Chief Executive Officer, Thomas Sandgaard, and Chief Financial Officer, Daniel Moorhead, which alleges in part that we and the individual defendants made materially misleading statements that failed to disclose the Company's participation in an alleged oversupply scheme that artificially inflated its revenue and exposed the Company to adverse consequences, including scrutiny from insurers, including Tricare, removal from insurance networks and government penalties. The complaint alleges violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. In addition, on July 9, 2025 and August 12 2025, shareholder derivatives actions were filed against Messrs. Sandgaard, and Moorhead and our directors alleging breaches of fiduciary duties, and/or the aiding and abetting thereof, waste of corporate assets, unjust enrichment, gross mismanagement, as well as violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934. We intend to vigorously defend the claims made in these lawsuits; however, the ultimate resolution cannot be predicted, and the claims raised in these lawsuits may result in further legal matters or actions against us, including, but not limited to, government enforcement actions or additional private litigation.

Also, beginning in June 2025, we received a series of voluntary (non-subpoena) requests for documents from the SEC in connection with an investigation that it is conducting into the Company to determine whether violations of federal securities laws have occurred. We are cooperating with the SEC in its investigation, and are, on a rolling basis, providing all responsive documents to the requests. We cannot predict the outcome of any particular proceeding, or whether the SEC investigation will be resolved favorably or ultimately result in charges or material damages, fines or other penalties, enforcement actions, or civil proceedings against us or members of our senior management.

We are also currently responding to investigative demands, subpoenas and formal document and records requests from various government organizations, including the Department of Justice, Department of Health and Human Services-Office of Inspector General, California Department of Insurance, and Colorado Attorney General. To date, we continue to cooperate with these requests and submit responsive documents. These investigations and requests can lead to government actions, resulting in the assessment of damages, civil or criminal fines or penalties, or other sanctions, including restrictions or changes in the way we conduct business, loss of licensure, or exclusion from participation in Medicare, Medicaid, or other government programs. Additionally, as a result of these investigations, we may face litigation or have to agree to settlements that can include monetary penalties and onerous compliance and reporting requirements as part of a consent decree or Corporate Integrity Agreement.

Litigation matters and regulatory investigations, regardless of their merits or their ultimate outcomes, are costly, divert management's attention and may materially adversely affect our reputation and demand for our products. We cannot predict with certainty the eventual outcome of pending or future legal matters. An adverse outcome of litigation or legal matters could result in us being responsible for significant damages. Any of these negative effects resulting from litigation, regulatory investigations and other legal matters could materially adversely affect our business, financial condition and results of operations.

***Fluctuations in our tax obligations and effective tax rate and realization of our deferred tax assets may result in volatility of our operating results and adversely affect our financial condition.***

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We are subject to taxes by the U.S. federal, state, and local tax authorities, and our tax liabilities will be affected by the allocation of expenses to differing jurisdictions. We record tax expense based on our estimates of future payments, which may include reserves for uncertain tax positions in multiple tax jurisdictions, and valuation allowances related to certain net deferred tax assets. At any one time, many tax years may be subject to audit by various taxing jurisdictions. The results of these audits and negotiations with taxing authorities may affect the ultimate settlement of these issues. We expect that throughout the year there could be ongoing variability in our quarterly tax rates as events occur and exposures are evaluated. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

● changes in the valuation of our deferred tax assets and liabilities;

● expected timing and amount of the release of any tax valuation allowance;

● changes in tax laws, regulations, or interpretations thereof; or

● future earnings being lower than anticipated in jurisdictions where we have lower statutory tax rates and higher than anticipated earnings in jurisdictions where we have higher statutory tax rates.

In addition, our effective tax rate in a given financial statement period may be materially impacted by a variety of factors including but not limited to changes in the mix and level of earnings, varying tax rates in the different jurisdictions in which we operate, fluctuations in the valuation allowance, or by changes to existing accounting rules or regulations. Further, tax legislation may be enacted in the future which could negatively impact our current or future tax structure and effective tax rates. We may be subject to audits of our income, sales, and other transaction taxes by U.S. federal, state, and local taxing authorities. Outcomes from these audits could have an adverse effect on our operating results and financial condition.

***Our strategic decision to discontinue internal commercialization efforts and pursue strategic commercial partnership opportunities for NiCO has, and may in the future, impact results of operations and growth strategy.***

In December 2021, ZMS acquired Kestrel Labs Inc. and completed its integration into the ZMS organization in early 2022. Through ZMS, we have been developing noninvasive, laser-based patient-monitoring technologies, including NiCO acquired in our acquisition of Kestrel. On October 1, 2025, we announced our determination that we would no longer independently commercialize NiCO and would instead pursue commercialization through one or more strategic partners. In connection with this determination, we implemented a workforce reduction within ZMS, eliminating all positions and ceased independent operations. As a result, we recorded non-cash impairment charges totaling $30.7 million during the three months ending September 30, 2025 primarily related to the write-down of goodwill and intangible assets recognized in connection with our acquisition of Kestrel Labs, Inc., and other long-term assets held at ZMS.

Further, there can be no assurance that we will be able to find a third-party commercialization partner for these technologies or enter into a strategic partnership on acceptable terms to us or at all. We may face significant competition in seeking appropriate strategic partners, and the negotiation process may be time-consuming and complex. In addition, we may not be successful in our efforts to establish a strategic partnership or other collaboration or license arrangements for NiCO because such technologies may be deemed to be at too early of a stage of development or regulatory approval for collaborative effort, and third parties may not view such technologies as having the requisite potential to demonstrate safety and efficacy to obtain marketing approval and economic viability.

Even if we are successful in establishing a strategic partnership, licensing agreement or other collaboration, the terms that we agree upon may not be as favorable as expected and we cannot be certain that we will achieve expected revenue or strategic benefit that justifies such an arrangement. In addition, we may not be able to maintain such strategic partnership or realize the expected benefits thereof if, for example, development or regulatory approval of a device is delayed or sales of an approved device are disappointing. Any delay in entering into strategic partnership agreements could delay the development and commercialization of these devices and reduce their competitiveness even if they reach the market. Each of the foregoing factors could adversely affect our business, financial condition and results of operations.

Other than disclosed above, there have been no other material changes from the risk factors previously disclosed in our 2024 Form 10-K.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

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**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

N/A

**ITEM 5. OTHER INFORMATION**

(a) ***Non-Payment of Interest***

The Company has elected to not make an interest payment in the amount of approximately $1.5 million (the "Interest Payment") due on November 15, 2025 (and payable on November 17, 2025, as November 15, 2025 is a non-business day) with respect to the Company's 5.00% Convertible Senior Notes due May 15, 2026 (the "2023 Convertible Senior Notes"). Under the indenture governing 2023 Convertible Senior Notes, the Company has a 30-day grace period to make the Interest Payment before such non-payment constitutes an "event of default" with respect to the 2023 Convertible Senior Notes. The Company may elect to make the Interest Payment on or prior to the expiration of the 30-day grace period. However, the failure of the Company to make the Interest Payment on or prior to the expiration of the 30-day grace period would result in an event of default with respect to the 2023 Convertible Senior Notes which may result in the acceleration of the 2023 Convertible Senior Notes and the Company filing for bankruptcy.

***Director Appointment and Formation of Special Committee***

Mr. Aronzon, age 70, has served as the managing member of PSA Consulting, LLC, a consulting firm, since 2019. Previously, Mr. Aronzon served as co-managing partner at the Los Angeles office of Milbank, Tweed, Hadley & McCloy LLP's ("Milbank"), an international law firm, and co-leader of Milbank's global financial restructuring group from 2008 to 2019, and executive vice president and managing director at Imperial Capital LLC, an investment banking firm, from 2006 to 2008. With more than 40 years of experience, he has worked as a leading consultant in corporate restructurings and reorganizations, with extensive experience in advising companies, boards of directors and advisory committees to boards of directors, independent directors, sponsors, debtors, creditors, debt acquirers, assets or companies and other parties in cases of reorganization and recapitalization operations. He received a Bachelor of Arts in Political Science from California State University at Northridge and a Juris Doctor from Southwestern University School of Law.

The selection of Mr. Aronzon to serve as a director of the Company was not pursuant to any arrangement or understanding with any other person. There are no family relationships between Mr. Aronzon and any director or executive officer of the Company and there are no transactions between Mr. Aronzon and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

In connection with his appointment to the Board, Mr. Aronzon entered into a director agreement with the Company, dated as of November 11, 2025, pursuant to which the Company agreed to pay Mr. Aronzon (a) $45,000 per month, (b) a per diem amount of $5,000 under certain specified limited, non-ordinary course circumstances, and (c) reimbursement of all reasonable and documented expenses incurred in connection with his service to the Company as a director, until the termination of his service as a director. For the duration of Mr. Aronzon's service on the Special Committee, the foregoing compensatory arrangement for Mr. Aronzon will replace any compensation for which a non-employee director would otherwise be eligible under the Company's currently applicable non-employee director compensation plan.

Mr. Aronzon has also entered into the Company's standard form indemnification agreement in the form filed as Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on July 2, 2025.

On November 11, 2025, the Board established the Special Committee, with delegated authority from the Board to, among other things, review, evaluate, negotiate, and, if appropriate, approve and implement on behalf of the Board and the Company, any strategic restructuring and/or financing transactions available to the Company. Effective November 11, 2025, Bret Wise was also appointed as a

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member of the Special Committee. The Company has not yet identified a strategic transaction and there can be no assurance any such transaction will result from the Special Committee's evaluation of strategic alternatives, or the timing, terms and conditions of any such transaction.

(c) **Rule 10b5-1 Trading Arrangement**

During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**ITEM 6. EXHIBITS** 

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on October 7, 2008)](https://www.sec.gov/Archives/edgar/data/846475/000107997408000854/zynex8kx101_10608.htm) |
| 3.2 | [Amended and Restated Bylaws (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed on October 7, 2008)](https://www.sec.gov/Archives/edgar/data/846475/000107997408000854/zynex8kx102_10608.htm) |
| 10.1\* | [Employment Agreement, dated August 18, 2025, between Zynex, Inc. and Vikram Singh Bajaj](zyxi-20250930xex10d1.htm) |
| 10.2\* | [Employment Agreement, dated August 18, 2025, between Zynex, Inc. and John T. Bibb](zyxi-20250930xex10d2.htm) |
| 10.3\* | [Independent Contractor Agreement, dated September 1, 2025, between Zynex, Inc. and Daniel Moorhead](zyxi-20250930xex10d3.htm) |
| 10.4\* | [Separation Agreement, dated October 27, 2025, between Zynex Medical, Inc. and Anna Lucsok](zyxi-20250930xex10d4.htm) |
| 31.1\* | [Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of Sarbanes-Oxley Act of 2002](zyxi-20250930xex31d1.htm) |
| 31.2\* | [Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of Sarbanes-Oxley Act of 2002](zyxi-20250930xex31d2.htm) |
| 32.1\*\* | [Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](zyxi-20250930xex32d1.htm) |
| 32.2\*\* | [Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of Sarbanes-Oxley Act of 2002](zyxi-20250930xex32d2.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Calculation Linkbase Document |
| 101.LAB \* | Inline XBRL Taxonomy Label Linkbase Document |
| 101.PRE \* | Inline XBRL Presentation Linkbase Document |
| 101.DEF \* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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\*Filed herewith

\*\*Furnished herewith

The agreements filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements themselves, and you should not rely on them other than for that purpose. In particular, any representations and warranties made by us in these agreements were made solely within the specific context of the relevant agreement and may not describe the actual state of affairs as of the date they were made or at any other time.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
|  | ZYNEX, INC.<br>/s/ Vikram Bajaj |
| Dated: November 17, 2025 | Vikram Bajaj |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

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## Exhibit 10.1

**Exhibit 10.1**

![Graphic](zyxi-20250930xex10d1002.jpg)

**EMPLOYMENT AGREEMENT**

This **EMPLOYMENT AGREEMENT** ("Agreement") is effective as of August 18, 2025 ("Effective Date"), between Zynex, Inc., a Nevada corporation headquartered at 9655 Maroon Circle, Englewood, Colorado 80112, USA ("Company"), and Vikram Bajaj ("Executive") (collectively, "Parties").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Company is a duly organized Nevada corporation, with its principal place of business within the State of Colorado, and is in the business of developing and marketing medical devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Company desires Executive's experience, skills, abilities, background, and knowledge, and is willing to engage Executive's services under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Executive desires to be in the employ of Company, and is willing to accept such employment under this Agreement.

The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Term</u>. The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with the provisions of this Agreement ("Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Position and Duties</u>. During the Term, Executive shall serve as the Chief Financial Officer of the Company, reporting to the Chief Executive Officer and having such other powers and duties as may from time to time be prescribed by the Board of Directors of the Company ("Board"), provided that such duties are consistent with Executive's position or other positions that he may hold from time to time. Executive shall devote his full working time and efforts to the business and affairs of the Company. While Executive is employed by Company, Executive shall not, other than as listed in **EXHIBIT A**, and without the prior written consent of the Board, accept other employment or perform other services for compensation or engage in any activities that conflict with or interfere with Executive's employment with the Company; provided, however, that Executive may serve on other boards of directors, with the advanced written approval of the Board, or may serve as an officer or director of or otherwise participate in purely educational, welfare, social, religious, and civic organizations only if such activities do not conflict or compete with the Company and do not interfere with Executive's ability to carry out Executive's duties under this Agreement. During the Term, Executive shall not acquire, assume, or participate in, directly or indirectly, any position, investment, or interest known by Executive to be adverse or antagonistic to the Company, its business or prospects, its financial position, or otherwise, or in any company, person, or entity that, directly or indirectly, conflicts or competes with the business of the Company or any of its affiliates. This provision shall encompass any advisory boards of which Executive is or becomes a member of during the Term. Executive shall provide written disclosure to the Compensation Committee of the Board ("Compensation Committee") as to all advisory boards on which Executive sits and shall provide the Company with written notice within 10 business days of Executive agreeing to sit on any additional advisory boards. On termination of Executive's employment, regardless of the reason for such termination, Executive shall immediately (and with contemporaneous effect) resign any directorships, offices, or other positions that Executive may hold in the Company or any affiliate, unless otherwise agreed in writing by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Place of Performance</u>. Executive may work remotely from Executive's primary residence, provided that doing so does not materially interfere with Executive's responsibilities under this Agreement, as reasonably determined by the Company's Chief Executive Officer. Additionally, Executive may be required to travel on Company business during the Term, including travel to Company's corporate offices currently located at 9655 Maroon Circle, Englewood, Colorado 80112, as appropriate or necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation and Related Matters .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Base Salary</u>. "Base Salary" means Executive's annual base salary in effect at any given time during the

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Term. Executive's initial Base Salary shall be four hundred fifty thousand dollars ($450,000.00), less applicable deductions and withholdings. The Compensation Committee or a majority of the independent members of the Board will review Executive's Base Salary at least annually. Base Salary may be modified only by the Compensation Committee or the Board. Base Salary will be payable according to Company's usual payroll policies, practices, and procedures for senior executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Bonus Compensation</u>. During the Term, Executive is eligible for a total annual discretionary bonus with a target amount of seventy percent (70%) of the Base Salary, less applicable deductions and withholdings, if Executive achieves the Performance Milestones ("Annual Bonus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Performance Milestones</u>. "Performance Milestones" means achievement targets, both for Executive individually and for the Company's performance, as determined in good faith by the Compensation Committee in consultation with Executive. Whether Executive has achieved Performance Milestones will be determined in good faith by the Compensation Committee. The Performance Milestones will be based on certain factors including, but not limited to, the Executive's performance and the Company's financial and operational performance. The Board or the Compensation Committee will review the Annual Bonus target amount annually and may adjust the Annual Bonus target amount, provided however, that the Annual Bonus target amount may only be reduced with Executive's written consent. The Annual Bonus will be paid consistent with the terms of the Company's annual bonus plan or as otherwise determined by the Compensation Committee. The Executive must remain employed in good standing throughout the entire applicable bonus period to be eligible for the Annual Bonus, subject to the termination provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>2025 Bonus</u>. For 2025 only, the Annual Bonus will be prorated based on the portion of the year Executive works and the applicable performance goals will be established by the Compensation Committee (in its discretion) no later than September 30, 2025 following good faith consultation with Executive regarding the proposed goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Inducement Equity Awards</u>. In consideration of Executive entering into this Agreement and as a material inducement for Executive to join Company, as soon as practicable following the Effective Date, the Company will grant equity awards to the Executive pursuant to the Nasdaq inducement grant exemption and its rules. The following equity awards will be granted outside of the Company's 2017 Stock Incentive Plan, as the same be amended or replaced from time to time (the "2017 Plan") as an inducement grant, but the equity awards will be generally subject to the terms and conditions set forth in the 2017 Plan: (i) a Restricted Stock Award of a number of restricted shares of the Company, reflecting a grant date fair market value of $2.5 million at a Company valuation of $500 million, calculated on the grant date based on the number of Company shares outstanding as of the grant date, which will generally vest on the third anniversary of the Effective Date; <u>provided</u>, that, notwithstanding the provisions of Section 8.1 of the 2017 Plan to the contrary, in the event of a termination of Executive's Service (as defined in the 2017 Plan) (i) by the Company without Cause (as defined in the 2017 Plan), (ii) due to Executive's Disability (as defined in the 2017 plan) or (iii) due to Executive's death while in Service, Executive shall vest in a number of shares of restricted stock and the restrictions on such shares of restricted stock shall lapse in an amount equal to the total number of shares of restricted stock *multiplied by*, a fraction, the numerator of which equals the number of completed calendar quarters from the Effective Date through the date of such termination of Executive's Service, and the denominator of which equals 12 and (ii) a number of Non-Statutory Stock Options, reflecting a grant date fair value of $2,500,000 at a Company valuation of $500,000,000, calculated on the grant date based on the number of Company shares outstanding as of the grant date and the closing price of the Company's common stock on the grant date, which will generally vest quarterly over a period of four (4) years from the Effective Date. All terms and conditions of such awards will be governed by the applicable award agreements. In the event of a corporate transaction or other corporate event that materially impairs the Executive's stock ownership in the Company and its

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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Affiliates, the Compensation Committee shall review the terms of this Section 2(c) and take such actions as are appropriate, as determined in good faith by the Compensation Committee, to preserve the economic intent of this Section 2(c). The number of restricted shares and the number of Non-Statutory Stock Options will be finally determined and approved by the Company's Corporate Controller as provided herein based on the number of Company shares outstanding and the closing price of the Company's Common Stock on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Expenses</u>. Company shall reimburse Executive for all reasonable and necessary expenses incurred by Executive during the Term in performing services under this Agreement, in accordance with Company policies and procedures for senior executive officers as determined by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Other Benefits</u>. During the Term, Executive may participate in or receive benefits under the Company's benefit plans for senior executive officers as determined by Company and subject to the terms of such plans. Company may amend or terminate any benefit plan at any time in its sole discretion, subject to the terms of such benefit plan and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Vacations</u>. During the Term, Executive may take paid time off in accordance with Company policies and procedures for executives as determined by Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Indemnification</u>. The Parties have or will, no later than the Effective Date), execute the Zynex, Inc. Indemnification Agreement substantially in the form of **EXHIBIT B** attached to this Agreement ("Indemnification Agreement"). Company agrees that the terms of such Indemnification Agreement are and will be no less favorable than for any other Company officer or director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Clawback Provisions</u>. Notwithstanding any other provision in this Agreement to the contrary, any incentive-based or other compensation paid to Executive under this Agreement or any other agreement or arrangement with Company that is subject to recovery under any law, government regulation, or stock exchange listing requirement will be subject to such deductions and clawback as may be required pursuant to such law, government regulation, or stock exchange listing requirement, or any policy adopted by Company to comply with any such law, government regulation, or stock exchange listing requirement. Company's Clawback Policy and Executive's acknowledgement of Company's Clawback Policy are attached as **EXHIBIT C** to this Agreement. In addition, if a court of competent jurisdiction finally determines, after exhaustion of appeals, that Executive engaged in willful misconduct constituting a crime or willful and knowing actual fraud that (in either case) caused the payment of any material amount that was paid or is payable to Executive, Executive shall promptly repay the Company for, and the Company shall not be liable for, the portion of such amounts (if any) that the court determines resulted from such willful misconduct or willful and knowing fraud. The Company shall advance all fees, costs, and expenses, including reasonable attorneys' fees, incurred by Executive with respect to such action in accordance with the terms of the indemnification Agreement between the Company and the Executive. Any indemnification agreement entered into in the future between the Company and Executive shall apply with full force to this obligation of the Company to advance fees, costs, and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Termination .** Executive's employment with Company is at-will. Either Executive or Company may terminate the employment relationship at any time for any reason. During the Term, Executive's employment under this Agreement may be terminated under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Death</u>. Executive's employment under this Agreement terminates automatically upon Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Disability</u>. Company may terminate Executive's employment on account of Executive's Disability. "Disability" means the Executive's inability, due to physical or mental incapacity, to perform the essential functions of Executive's then-existing position(s) under this Agreement, with or without reasonable accommodation, for a total of one hundred eighty (180) calendar days in any 12-month period or for one hundred twenty (120) consecutive days. If any question arises as to whether the Executive has a Disability, the Executive may, and at Company's request shall, submit to the Company a certification in reasonable,

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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clear, and complete detail by a physician selected by the Company to whom the Executive or the Executive's guardian has no reasonable objection as to whether the Executive has a Disability or how long such Disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. Executive shall cooperate with any reasonable request of the physician in connection with such certification. If Executive fails to submit a requested certification, the Company's determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive's rights, if any, under applicable law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Termination by Company for Cause</u>. The Company may terminate the Executive's employment under this Agreement for Cause. For purposes of this Agreement, "Cause" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive's material breach of any material written agreement with the Company, including but not limited to the Confidentiality and Proprietary Rights Agreement attached as **EXHIBIT D** to this Agreement ("Confidentiality Agreement"), this Agreement, the Standards of Conduct, Conflict of Interest, or any other material written Company policy (in all cases that was provided in advance to Executive).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Executive's conviction of, or entry of a plea of guilty to, or entry of a plea of nolo contendere with respect to a felony;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Executive's act of fraud, dishonesty, misappropriation, theft, embezzlement, or intentional misrepresentation in connection with Executive's employment with Company or otherwise that is, or reasonably would be expected to be, materially injurious to the Company and its subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Executive's intentional or willful refusal to follow the reasonable, material, and lawful directions of the Board (excluding any failure resulting from Executive's death, disability, terminal condition, or failure to achieve a business objective following the expenditure by Executive of good faith commercially reasonable efforts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Executive's gross negligence or intentional misconduct which is, or reasonably would be expected to be, materially injurious to the Company and its subsidiaries taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Executive's breach of a fiduciary duty owed to the Company by Executive that has or reasonably would be expected to have a material detrimental effect on the Company and its subsidiaries taken as a whole.

Before any action or inaction described in the clauses above (excluding (ii)) may constitute "Cause", Executive must be provided with written notice thereof and thirty (30) days to cure the same if such action or inaction is curable. If such action or inaction is not curable, no advance notice is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Termination Without Cause</u>. Company may terminate Executive's employment under this Agreement at any time for any reason. Company's termination of Executive's employment under this Agreement other than a termination for Cause or a termination due to Executive's death or Disability will be considered a termination "without Cause" under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Termination by Executive</u>. Executive may terminate Executive's employment under this Agreement at any time for any reason, including but not limited to a Good Reason. For purposes of this Agreement, "Good Reason" means the occurrence of any of the following without Executive's consent:

i.Company materially breaches any term of this Agreement, and such breach causes or is likely to cause material harm to the Executive;

ii.A permanent change in Executive's responsibilities occurs that represents a material reduction or material adverse change from Executive's overall responsibilities, taken as a whole;

iii.Company requires Executive to relocate Executive's principal place of employment to a

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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location greater than fifty (50) miles from Executive's primary residence within the continental United States; or

iv.Executive's Base Salary or Annual Bonus target amount is substantially reduced or diminished.

Executive's termination for Good Reason occurs under this Agreement only if: (1) Executive provides written notice to the Company within 30 days after Executive becomes aware of circumstances giving rise to Good Reason; (2) Company fails to correct the circumstances giving rise to Good Reason within 30 days following Company's receipt of such notice ("Cure Period"); and (3) Executive resigns within 30 days following the end of the Cure Period. If Company cures the Good Reason condition during the Cure Period or Executive chooses not to resign, termination Good Reason will not occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Termination Notice</u>. Except for termination due to Executive's death, if either Party terminates Executive's employment under this Agreement, the terminating Party shall provide a written Termination Notice to the non-terminating Party ("Termination Notice").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Termination Date</u>. "Termination Date" means: (i) if Executive's employment is terminated by Executive's death, the date of Executive's death; (ii) if Company terminates Executive's employment for Cause or due to Executive's Disability, the date on which the Termination Notice is given; (iii) if Company terminates Executive's employment without Cause, the date on which a Termination Notice is given; (iv) if Executive terminates Executive's employment without Good Reason, 30 days after the date on which a Termination Notice is given; and (v) if Executive terminates Executive's employment with Good Reason, the date on which a timely Termination Notice is given after the end of the Cure Period. However, if Executive gives a Termination Notice to Company, Company may unilaterally accelerate the Termination Date, and such acceleration will not result in Company's termination for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation Upon Termination .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Termination Generally</u>. If Executive's employment with the Company is terminated for any reason, Company shall pay or provide to the Executive (or to Executive's authorized representative or estate) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any Base Salary and Annual Bonus earned through the Termination Date, outstanding reimbursable expenses, and earned, unused PTO that accrued through the Termination Date on or before the time required by law but in no event more than 30 days after the Executive's Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any vested benefits the Executive may have under Company's benefit plans for senior executive officers through the Termination Date, which vested benefits shall be paid or provided in accordance with the terms of such benefit plans

(collectively, "Accrued Benefits").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Termination Without Cause or with Good Reason</u>. If Company terminates Executive's employment without Cause or if Executive terminates Executive's employment with Good Reason, then Company shall pay Executive any Accrued Benefits. In addition, subject to Executive's continued compliance with the Confidentiality Agreement, Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property, and non-disparagement, in a form and manner satisfactory to the Company ("Separation Agreement and Release"), and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Company shall pay Executive an amount equal to six (6) months of the Executive's Base Salary in effect as of the Termination Date ("Severance Amount");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Company shall pay Executive a portion of the Annual Bonus, pro-rated through the Termination Date, calculated in accordance with Section 2(b) of this Agreement, except that for purposes of this Section only, "Performance Milestones" will only include Company

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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performance metrics and will not include consideration of Executive's individual performance ("Severance Bonus"). Any Severance Bonus paid pursuant to this provision shall be paid at the same time and in the same manner as other employees under the same bonus plan are paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. If Executive was participating in any Company group health plan immediately prior to the Termination Date and elects COBRA health continuation, then Company shall pay to Executive a monthly cash payment for six (6) months or Executive's COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that Company would have made to provide health insurance to Executive if Executive had remained employed by Company.

Company shall pay out amounts payable under Section (b)(i) and (iii) in substantially equal installments in accordance with the Company's payroll practice over six (6) months commencing within sixty (60) days after the Termination Date; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, Company will begin to pay the Severance Amount in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment will include a catch-up payment to cover amounts retroactive to the day immediately following the Termination Date. Notwithstanding the foregoing or Section 2(b) of this Agreement, Company shall pay any Severance Bonus due under this Section within seventy-five (75) days of fiscal year end. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). Notwithstanding the foregoing, Executive is not entitled to any Severance Amount if Executive breaches the Confidentiality Agreement, or the confidentiality provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Section 280G.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In the event that it shall be determined that, for any taxable year, Executive would be subject to an excise tax under Section 4999 of the Code or other substitute or similar tax assessment ("Excise Tax") as a result of any payment (including, without limitation, any acceleration of vesting of any equity or equity-based awards, severance payments or any payments made pursuant to any benefit plan of Company applicable to Executive individually or generally to employees of Company) or distribution to or for the benefit of Executive from Company Group ("Payment"), Company will pay, or cause to be paid, to or on behalf of Executive an additional amount ("Gross-Up Payment"). The Gross-Up Payment will be an amount such that the net amount that Executive retains, after deduction of (i) the Excise Tax on the Payments, (ii) any federal, state, and local income tax and the Excise Tax upon the Gross-Up Payment, and (iii) any interest, penalties, or additions to tax payable by Executive with respect thereto, will be equal to the total present value (determined under Section 280G(d)(4) of the Code) of the Payments at the time such Payments are to be made, as determined by Company in good faith. The Gross-Up Payments are subject to tax withholding, and all or a portion may be withheld and paid over to the Internal Revenue Service ("IRS") or any other applicable taxing authority for Executive's benefit at the time when the Excise Tax is required to be withheld from any Payment to Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to the provisions of this Section 5(b), all determinations required to be made under this Section 5, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized certified accounting firm designated jointly by Company and Executive ("Consultant"); provided, however, if Company and Executive are unable to designate jointly the accounting firm, then the firm shall be the accounting firm used by Company at the time of the transaction giving rise to the Excise Tax. The Consultant shall provide detailed supporting calculations to the Parties within 20 business days following the consummation of a transaction or series of transactions to which Section 280G of the

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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Code applies and within 20 business days following Executive's receipt of any other Payment (provided, that no additional report shall be provided for each payment of COBRA premiums, unless the cost of such premiums changes). All fees and expenses of the Consultant shall be borne solely by Company. For purposes of making the calculations required by this Section 5, the Consultant may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good-faith interpretations concerning the application of Sections 280G and 4999 of the Code. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Consultant under this Agreement, it is possible that Gross-Up Payments which will not have been made by Company should have been made ("Underpayment"), consistent with the calculations required to be made under this Agreement. If Company exhausts its remedies pursuant to Section 5(c) and Executive thereafter is required to make a payment of any Excise Tax, the Consultant shall determine the amount of the Underpayment that has occurred and any such Underpayment plus any applicable interest or penalties, and such amount shall be paid within ten (10) calendar days of such determination by Company to the IRS or any other applicable taxing authority for Executive's benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Executive shall notify Company in writing of any claim by the IRS that, if successful, would require the payment by Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than 10 business days after Executive is informed in writing of such claim and shall apprise Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which Executive gives such notice to Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Give Company any information reasonably requested by Company relating to such claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Take such action in connection with contesting such claim as Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by any attorney reasonably selected by Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Cooperate with Company in good faith in order effectively to contest such claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Permit Company to participate in any proceeding relating to such claim;

provided, however, that Company shall bear and pay directly all costs and expenses (including additional interest and penalties) in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 5(c), Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings, and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as Company shall determine; provided further, that if Company directs Executive to pay such claim and sue for a refund, Company shall advance the amount of such payment to Executive on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and provided further, that any extension of statute of limitations relating to payment of taxes for Executive's taxable year with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore,

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Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable under this Agreement and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the IRS or any other taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If, after the receipt by Executive of an amount advanced by Company pursuant to Section 5(b) or Section 5(c), Executive becomes entitled to receive, and receives, any refund with respect to such claim, Executive shall promptly pay to Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. If it is established pursuant to a final determination of a court or an IRS proceeding that the Excise Tax is less than the amount previously taken into account under this Agreement, Executive will repay Company the portion of the Gross-Up Payment attributable to such reduction plus any interest received by Executive pursuant to such final determination or from the IRS on the amount of such repayment; provided that if any such amount has been paid by Executive as an Excise Tax or other tax, Executive will cooperate with Company in seeking a refund of any tax overpayments, and Executive will not be required to make repayments to Company until the overpaid taxes and interest thereon are refunded to Executive. Executive will make the repayment to Company no later than 30 days after Executive's receipt of notice of such final determination or, if Executive paid such amounts to the IRS, 30 days after Executive receives a refund of such amounts from the IRS, if later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Section 409A .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Specified Employees</u>. Notwithstanding anything in this Agreement to the contrary, if at the time of the Executive's separation from service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended ("Code"), the Company determines that the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that Executive becomes entitled to under this Agreement on account of the Executive's separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of six months and one day after the Executive's separation from service, or the Executive's death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Reimbursements</u>. All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by Company or incurred by Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. Any payment or benefit paid to Executive hereunder in respect of reimbursement of taxes incurred by Executive shall be paid to Executive no later than the end of the calendar year following the year in which the related taxes are required to be paid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Non-Qualified Deferred Compensation</u>. To the extent that any payment or benefit described in this Agreement constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive's termination of employment, then such payments or benefits shall be payable only upon the Executive's "separation from service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>General</u>. The intent of the Parties is that the payments and benefits provided pursuant to this Agreement shall be exempt from or comply with Section 409A of the Code, and this Agreement shall be administered in accordance with such intent. To the extent that any provision of this Agreement is ambiguous as to its compliance with or exemption from Section 409A of the Code, the provision shall be read in such a manner so that all payments under this Agreement comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). This Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations to preserve the payments and benefits provided hereunder without additional cost to either Party. Notwithstanding the foregoing, Company makes no representations or warranties that the payments and benefits provided under this Agreement comply with Section 409A of the Code or do not constitute deferred compensation under Section 409A of the Code, and Company shall not be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidential Information and Cooperation .** The Executive agrees that Executive shall be bound by the terms of the Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Executive agrees that all property (including, without limitation, all equipment, tangible proprietary information, documents, records, notes, contracts, and computer-generated materials) furnished to or created or prepared by Executive incident to Executive's employment or this Agreement belongs to Company, and Executive shall promptly return such property to the Company upon termination of Executive's employment or upon Company's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon termination of Executive's employment, Executive shall be deemed to have resigned from any offices and directorships Executive then held with the Company and its affiliates. Following any termination of employment, Executive shall reasonably cooperate with Company (i) in the winding up of pending work on Company's behalf and the orderly transfer of work to other employees, and (ii) in the defense of any action brought by any third party against the Company relating to Executive's employment by Company; provided, that in each case Company shall reimburse the Executive for any reasonable and documented out-of-pocket fees and expenses incurred by Executive in connection with such cooperation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Restrictive Covenants**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Restricted Business.</u> For purposes of this Agreement, "Restricted Business" means the business of the Company as described in the Company's Form 10-K most recently filed with the Securities and Exchange Commission prior to the Termination Date, including without limitation sales and growth strategies, products, resources, markets, and competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Restricted Period</u>. For purposes of this Agreement, "Restricted Period" means a period of one (1) year following the Termination Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Restricted Territory</u>. For purposes of this Agreement, "Restricted Territory" means the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Non-Solicitation of Employees and Service Providers</u>. During the Term and the Restricted Period, Executive shall not in any way, directly or indirectly, induce or attempt to induce any employee, officer, director, agent, independent contractor, supplier, content provider, vendor, or consultant ("Employees or Service Providers") of the Company to terminate their relationship with the Company. Executive shall not cause, by way of such direct or indirect inducement or attempted inducement, any Employees or Service Providers to negatively alter their relationship with the Company. "Negatively alter" means to do any damage whatsoever, even minor, to the Company, with the term "damage" to be broadly construed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Restrictive Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>General Acknowledgement</u>. Executive acknowledges and agrees that the work and services Executive is to provide under this Agreement are to occur primarily in Colorado, and that Executive meets the salary threshold for a "highly compensated" employee as outlined in Colorado Law, C.R.S. Section 8-2-113(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Proprietary Information and Trade Secrets</u>. Executive understands, acknowledges, and agrees that Company has valid Confidential Information, proprietary information, and trade secrets, as those terms are referenced or defined in the Confidentiality Agreement, that constitute valuable information not generally known to third parties, that is secret, and that Company makes efforts to keep secret. For purposes of this Section, "Confidential Information" also includes but is not limited to, any and all confidential and/or proprietary knowledge, data or information of Company or its affiliates, trade secrets, inventions, ideas, materials, concepts, processes, formulas, source and object codes, data, programs, other works of authorship, specialized or unique know-how, improvements, discoveries, developments, designs and techniques, research, development, products, marketing and selling, business plans, budgets, financial statements, licenses, prices and costs, suppliers and customers, and the existence of any business discussions, negotiations, or agreements between Company and third parties, and information regarding the skills, qualifications, or compensation of Company's employees, contractors, and other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Importance of Protecting Company's Trade Secrets</u>. Executive understands and acknowledges Company's trade secrets are of great competitive importance and commercial value to Company, and improper use or disclosure of Company's Confidential Information and trade secrets are likely to result in unfair, damaging, or unlawful competitive activity. Executive's obligations not to use or disclose trade secrets, standing alone, are insufficient to protect Company's legitimate business interests because some post-employment activities would, by their nature, be likely to compromise trade secrets (regardless of intent) and cause damage to goodwill and customer relationships in ways that would be difficult if not impossible to detect and

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otherwise remedy effectively. The purpose of these Covenants Not to Compete are to protect Company's trade secrets, and its restrictions are no broader than reasonably necessary to protect Company's legitimate interest in protecting its trade secrets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Covenant Not to Compete</u>. To protect the Company's trade secrets and other Proprietary Information, during the Term and the Restricted Period, Executive shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Serve as an employee, officer, director, partner, investor, consultant, independent contractor, or otherwise for, or directly or indirectly, supervise, manage, or provide services to any Restricted Business doing business within the Restricted Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Have an interest (other than passive investments in publicly traded securities) in any person or entity that engages directly or indirectly in the Restricted Business in the Restricted Territory in any capacity, including as a partner, shareholder, member, employee, principal, agent, trustee, or consultant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Intentionally interfere in any material respect with the business relationships between Company and its customers or suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Non-Solicitation of Customers</u>. During the Term and the Restricted Period, in order to protect the Company's trade secrets and other Proprietary Information (specifically including but not limited to secret and proprietary customer and prospective customer information), Executive shall not, directly or indirectly, solicit, contact, attempt to contact, meet with, or engage in any business dealings with, Company's existing or prospective customers for the purpose of offering or providing goods or services on behalf of any persons or entities engaged in a Restricted Business that are otherwise similar to or competitive with those offered by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Equitable Remedies</u>. Executive acknowledges that a breach or threatened breach of this Section would give rise to irreparable harm to Company, for which monetary damages would not be an adequate remedy. In the event of a breach or a threatened breach by Executive of any such obligations, Company may, in addition to any other rights and remedies that may be available, seek and obtain equitable relief, including a temporary restraining order, an injunction, specific performance, and any other relief that may be available from a court of competent jurisdiction, without any requirement to post bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Reasonableness of Restrictions</u>. Executive acknowledges the restrictions contained in this Section are reasonable and necessary to protect Company's trade secrets, Confidential Information, and other legitimate interests. If any covenant contained in this Section should ever be adjudicated to exceed the time, geographic, product or service, or other limitations permitted by applicable law in any jurisdiction, then any court or arbitrator is expressly empowered to reform such covenant, and such

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covenant shall be deemed reformed to the maximum time, geographic, product or service, or other limitations permitted by applicable law. The covenants contained in this Section and each provision of this Section are severable and distinct covenants and provisions. The invalidity or unenforceability of any such covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions of this Section, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Receipt of Notice</u>. Executive acknowledges that Executive received the restrictive covenants contained in this Agreement prior to accepting Company's offer of employment. Executive will execute and deliver to Company a separate Notice of Non-Compete, which is incorporated by reference into this Agreement, before accepting Company's offer of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Publicity .** Executive irrevocably consents to any uses and displays by Company and its duly authorized agents, representatives and licensees, of Executive's name, voice, likeness, image, appearance, and biographical information in, on, or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other printed and electronic forms and media throughout the world, at any time during or after the Term, for all legitimate commercial and business purposes of the Company ("Permitted Uses") without further consent from or royalty, payment, or other compensation to Executive. Executive forever waives and releases the Company and its affiliates, and their directors, officers, employees, and agents from any and all claims, actions, damages, losses, costs, expenses, and liability of any kind, arising under any legal or equitable theory whatsoever at any time during or after the Term, arising directly or indirectly from the exercise of rights in connection with any Permitted Uses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Representations and Warranties.** Executive represents and warrants to Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Executive's acceptance of employment with Company and the performance of duties under this Agreement does not and will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Executive is a party or is otherwise bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Executive's acceptance of employment with Company and the performance of duties under this Agreement will not violate any non-solicitation, non-competition, or other similar covenant or agreement to which Executive is a party or otherwise bound, including agreements with prior employers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Arbitration of Disputes .** Any controversy or claim arising out of or relating to this Agreement, breach or this Agreement, or otherwise arising out of Executive's employment or the termination of employment, will be governed by the Mutual Agreement to Arbitrate attached to this Agreement as **EXHIBIT E** ("Arbitration Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Consent to Jurisdiction .** To the extent that any court action is permitted consistent with or to enforce the Arbitration Agreement, the Parties consent to the jurisdiction of the District Court of Douglas County, Colorado, and the United States District Court for the District of Colorado. With respect to any such court action, Executive submits to the personal jurisdiction of such courts, consents to service of process, and waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Integration .** This Agreement, together with any documents incorporated by reference into this Agreement, constitutes the entire agreement between the Parties with respect to the subject matter of this Agreement and supersedes all prior understandings and agreements between the Parties concerning such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Withholding .** All payments made by Company to Executive under this Agreement shall be net of any tax or other amounts required to be withheld by Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Enforceability .** If any part of this Agreement is declared illegal or unenforceable by a court of competent jurisdiction, the remainder of this Agreement will remain in full force and effect, and each part of this Agreement will be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Survival .** The provisions of this Agreement survive termination of this Agreement or the termination of Executive's employment to the extent necessary to effectuate the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Waiver .** No waiver of any provision of this Agreement is effective unless made in writing and signed by the waiving Party. Any Party's failure to require the performance of any term or obligation of this Agreement, or any Party's waiver of any breach of this Agreement, will not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Notices .** Any notice to be given under this Agreement shall be in writing and delivered personally or sent by overnight courier or registered or certified mail, postage prepaid, return receipt requested, addressed to the Party concerned at the address indicated below, or to such other address of which such party subsequently may give notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>To Executive:</u> 

To the address specified in the payroll records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>To Company:</u> 

Zynex, Inc.

ATTN: Board of Directors, Legal

9655 Maroon Circle

Englewood, Colorado 80112 USA

With a copy to: legal@zynex.com

Any notice delivered personally or by overnight courier shall be deemed given on the date delivered and any notice sent by registered or certified mail, postage prepaid, return receipt requested, shall be deemed given on the date mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** <u>Amendment</u>. This Agreement may be amended or modified only with approval of the Board and by a written instrument signed by the Executive and the Chair of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** <u>Governing Law</u>. This is a Colorado contract and shall be construed under and be governed in all respects by the laws of the State of Colorado, without giving effect to conflict of laws principles. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the District of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** <u>Interpretation, Headings</u>. As used in this Agreement, the use of the word "or" means "and/or." This Agreement employs the use of "they" as a singular or plural pronoun as context requires. Headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** <u>Successors and Assigns</u>. This Agreement is personal to Executive and Executive shall not assign this Agreement. Any purported assignment by the Executive is automatically void. Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or

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substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and its permitted successors and assigns. Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Acknowledgement of Full Understanding . EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS FULLY READ, UNDERSTANDS, AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EXECUTIVE'S CHOICE BEFORE SIGNING THIS AGREEMENT.** 

The Parties have executed this Agreement as of the Effective Date.

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| | |
|:---|:---|
| &nbsp;&nbsp;**ZYNEX, INC.**<br>By: <u>/s/ MICHAEL D. CRESS</u>_________________<br>MICHAEL D. CRESS<br>Chair of the Compensation Committee <br>Board of Directors<br>Date: ___<u>8/18/2025</u>______________________ | &nbsp;&nbsp;**EXECUTIVE**<br>By: <u>/s/ VIKRAM BAJAJ</u>________________<br>VIKRAM BAJAJ, <br>an individual <br>Date: ___<u>8/18/2025</u>___________________ |

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![Graphic](zyxi-20250930xex10d1001.jpg)

**EXHIBIT A**

**APPROVED OUTSIDE ROLES** 

**Saint Mary's Hall – Member of Board of Trustees (current)**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Place of Incorporation** | &nbsp;&nbsp;Texas  |
| &nbsp;&nbsp;**Date of Incorporation**  | &nbsp;&nbsp;1925 |
| &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;Non-Profit Corporation |
| &nbsp;&nbsp;**Website** | &nbsp;&nbsp;<u>www.smhall.org</u>  |
| &nbsp;&nbsp;**Summary**  | &nbsp;&nbsp;Saint Mary's Hall is an independent, coeducational private school located in San Antonio, Texas, serving students from early childhood through 12th grade. Executive serves as a Member of the Board of Trustees.  |

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**LiftFund – Member of Board of Directors (current)**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Place of Incorporation** | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;**Date of Incorporation**  | &nbsp;&nbsp;1994 |
| &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;Non-Profit Corporation |
| &nbsp;&nbsp;**Website** | &nbsp;&nbsp;<u>www.liftfund.com</u> |
| &nbsp;&nbsp;**Summary**  | &nbsp;&nbsp;LiftFund is a nonprofit organization dedicated to providing micro loans and resources to small businesses, particularly those underserved by traditional financial institutions. Executive serves as a Member of the Board of Directors.  |

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![Graphic](zyxi-20250930xex10d1001.jpg)

**EXHIBIT B**

**ZYNEX, INC. INDEMNIFICATION AGREEMENT**

This **INDEMNIFICATION AGREEMENT** ("**Agreement**"), dated as of August 18, 2025 ("**Effective Date**"), is by and between Zynex, Inc., a Nevada corporation ("**Company**") and Vikram Bajaj ("**Indemnitee**") (collectively, "**Parties**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Company expects Indemnitee to join Company as an officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Both Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Board of Directors of Company ()"**Board**") has determined that enhancing Company's ability to retain and attract the most capable persons as directors and officers is in Company's best interests, and Company therefore should seek to assure such persons that indemnification and insurance coverage is available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To provide Indemnitee with substantial protection against personal liability, procure Indemnitee's service as an officer of Company, enhance Indemnitee's ability to serve Company effectively, and provide such protection pursuant to express contract rights, Company wishes to provide in this Agreement for indemnification of, and advancement of Expenses to, Indemnitee as set forth in this Agreement and to the extent insurance is maintained for the continued coverage of Indemnitee under Company's directors' and officers' liability insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Parties intend this Agreement to supplement, not substitute, indemnification provided in the Constituent Documents, and this Agreement does not limit, diminish, or abrogate any Indemnitee rights under the Constituent Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Parties intend this Agreement to be enforceable irrespective of any changes to the Constituent Documents, the composition of the Board, or control or business combination transaction relating to Company.

The Parties agree as follows:

<u>Definitions</u>. In this Agreement, the following terms have the following meanings:

"**Beneficial Owner**" means the term "beneficial owner" as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended ("**Exchange Act**").

"**Change in Control**" means the occurrence of any of the following events after the Effective Date:

any Person, excluding the Sandgaard Group, becomes the Beneficial Owner, directly or indirectly, of securities of Company representing thirty percent (30%) or more of the combined voting power of the Company's then outstanding Voting Securities, unless the change in relative Beneficial Ownership of Company's securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

the effective date of a reorganization, merger, or consolidation, other than a reorganization, merger, or consolidation in which the Voting Securities of Company outstanding immediately prior to such transaction will continue to represent (either by remaining outstanding or being converted into voting securities of the surviving entity), fifty percent (50%) or more of the combined voting power of the outstanding voting securities of the entity resulting from such transaction outstanding immediately after

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such transaction and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by Company's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

the stockholders of Company approve a plan of complete liquidation or dissolution of Company or an agreement for the sale or disposition by Company of all or substantially all of Company's assets.

"**Claim**" means any threatened, pending, or completed action, suit, proceeding, arbitration, mediation, alternative dispute resolution mechanism, investigation, inquiry, administrative hearing, or proceeding (including those brought by or in the right of the Company, civil, criminal, administrative, arbitrative, appellate, investigative, formal, informal, or otherwise; pursuant to foreign, federal, state, local, or other law or regulation; and those pending as of the Effective Date in which Indemnitee was, is, or will be involved as a party, potential party, non-party witness, or otherwise) arising by reason of the fact that Indemnitee is or was a director, officer, employee, or agent of Company or any subsidiary of Company, or is or was serving at the request of Company as a director, officer, employee, member, manager, trustee, or agent of any other corporation, limited liability company, partnership, joint venture, trust, or other entity or enterprise (collectively with Company, "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification or advancement of expense can be provided under this Agreement).

"**Constituent Documents**" means Company's Articles of Incorporation and Bylaws, as amended.

"**Disinterested Director**" means a director of Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

"**Expenses**" means any and all reasonable expenses, including attorneys' and experts' fees, retainers, witness fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, postage, delivery fees and all other costs, disbursements and expenses of the types incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness, or participate in, any Claim. Expenses also include (i) expenses incurred in connection with any appeal resulting from any Claim, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 5 of this Agreement only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement, or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

"**Expense Advance**" means any payment of Expenses advanced to Indemnitee by Company pursuant to Section 4 or Section 5 of this Agreement.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five (5) years has performed, services for either: (i) Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other Company indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification under this Agreement. Notwithstanding the foregoing, the term "Independent Counsel" does not include any person who, under the applicable standards of professional conduct, would have a conflict of interest

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in representing either Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal, or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness, or participate in, any Claim.

"**Nevada Court**" means the District Court of the State of Nevada, Clark County, or the business court of the State of Nevada, if the State of Nevada establishes such a court.

"**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity, or other entity, and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

"**Sandgaard Group**" means (i) Thomas Sandgaard, who as of the Effective Date is a director of Company and a beneficial owner of 30% or more of Company's common stock; (ii) any affiliate, as defined in Rule 12b-2 under the Exchange Act; (iii) a Related Party of Mr. Sandgaard; and (iv) any transferee of common stock owned beneficially by any person described in the foregoing clauses that is approved in advance of a transfer by a majority of the Board of Directors of Company. For this purpose, "**Related Party**" means: (i) a spouse, children (by blood or adoption), and other descendants (by blood or adoption); (ii) any trust primarily for the benefit of Mr. Sandgaard or any of the persons described in clause (i), including the Sandgaard Family Trust; (iii) any entity owned beneficially entirely by Mr. Sandgaard, parties described in clause (i), or parties described in clause (ii), including Sandgaard Holdings LLC; and (iv) in the case of the death of Mr. Sandgaard or any party that was a Related Party immediately prior to the person's death, the heirs, legatees, devisees, distributees, personal representatives, or estate of the deceased person, whether by will or intestacy.

"**Standard of Conduct Determination**" shall have the meaning ascribed to it in Section 9(b) of this Agreement.

"**Voting Securities**" means any securities of Company that vote generally in the election of directors.

<u>Services to Company</u>. Indemnitee agrees to serve as a director or officer of Company, or at Company's request as a director, officer, employee, member, manager, trustee, or agent of an Enterprise, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders their resignation, is removed from such position, or is otherwise no longer serving in such capacity. This Agreement is not an employment agreement between Indemnitee and Company, any of Company's subsidiaries, or Enterprise. Indemnitee specifically acknowledges that their service to Company, any of Company's subsidiaries, or Enterprise is at will and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment agreement between Indemnitee and Company, any of Company's subsidiaries, or Enterprise, other applicable formal severance policies duly adopted by the Board or, with respect to service as a director or officer of Company, by Company's Constituent Documents or the laws of the State of Nevada. This Agreement continues in force after Indemnitee has ceased to serve as a director or officer of Company or, at the request of Company, of any of its subsidiaries or Enterprise, as provided in Section 12 of this Agreement.

<u>Indemnification</u>. Subject to Sections 9 and 10 of this Agreement, Company shall indemnify Indemnitee, to the fullest extent permitted by the applicable law, against all Losses, if Indemnitee was, is, or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim, including Claims brought by or in the right of Company, Claims brought by third parties, and Claims in which Indemnitee is solely a witness.

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<u>Advancement of Expenses</u>. Indemnitee may obtain advancement by Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct or the availability of insurance coverage. Without limiting the generality or effect of the foregoing, within ten (10) business days after receipt of any request by Indemnitee, Company shall either, in accordance with such request, (a) pay such Expenses on Indemnitee's behalf, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee is not required to provide any documentation or information that would undermine or otherwise jeopardize attorney-client privilege. In connection with any request for Expense Advances, Indemnitee shall execute and deliver to Company an undertaking (which need not reference Indemnitee's ability to repay the Expense Advances), in the form of **Exhibit A** attached to this Agreement, to repay any amounts paid, advanced, or reimbursed by Company for such Expenses if and to the extent it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification by the Company. Indemnitee's obligation to reimburse Company for Expense Advances will be unsecured and without interest charged.

<u>Indemnification for Expenses in Enforcing Rights</u>. To the fullest extent allowed under applicable law, Company shall indemnify against, and, if requested by Indemnitee, advance to Indemnitee subject to and in accordance with Section 4 of this Agreement, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification, reimbursement, or advancement of Expenses by Company under this Agreement, or under any other agreement or provision of the Constituent Documents relating to Claims, or (b) recovery under any directors' and officers' liability insurance policies maintained by Company. However, if Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, Indemnitee shall repay to Company all amounts advanced under this Section 5, provided Indemnitee's obligations to repay such amounts will be unsecured and without interest charged. Company is not required to indemnify or advance funds to Indemnitee, and Indemnitee shall reimburse Company for any such funds paid, if a court of competent jurisdiction determines that such action brought by Indemnitee was frivolous or not made in good faith.

<u>Partial Indemnity</u>. If Indemnitee is entitled to indemnification by Company under this Agreement for a portion of any Losses in respect of a Claim, but not for the total amount of Losses, Company shall indemnify Indemnitee for the portion of Losses to which Indemnitee is entitled.

<u>Notification and Defense of Claims</u>.

<u>Notification of Claims</u>. Indemnitee shall notify Company in writing as soon as practicable of any Claim or potential Claim. Indemnitee shall include in the notice a brief description of the nature and underlying facts of such Claim, based on information available to Indemnitee. Indemnitee's failure to timely notify Company does not relieve Company of its obligations under this Agreement, unless such failure materially prejudices Company.

<u>Notice to Insurance</u>. If at the time of the receipt of such notice, Company has directors' and officers' liability insurance in effect under which coverage for Claims is potentially available, Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. Following Indemnitee's request, Company shall provide Indemnitee a copy of such notice to and correspondence between applicable insurers regarding the Claim.

<u>Defense of Claims</u>. Company may participate in the defense of any Claim at its own expense and, except as otherwise provided below, Company may assume the defense of the Claim in Company's sole discretion. After Company provides notice to Indemnitee of such election, Company will not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee may continue to employ its own legal counsel in such Claim at Indemnitee's own expense. However, Indemnitee may

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retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and Company shall bear all Expenses related to such separate counsel if: (i) Company has provided written authorization of Indemnitee's employment of their own legal counsel at Company's expense; (ii) Indemnitee has reasonably determined a conflict of interest may exist between Indemnitee and Company in the defense of such Claim; (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel; or (iv) Company has not retained counsel to defend such Claim within sixty (60) calendar days of Company's receipt of notice from Indemnitee.

<u>Application for Indemnification</u>. In addition to the notice required under Section 7 of this Agreement, to obtain indemnification pursuant to this Agreement, Indemnitee must submit a written request for indemnification to Company that includes documentation and information reasonably available to Indemnitee and reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following final disposition of the Claim. Company shall indemnify Indemnitee insofar as Company determines Indemnitee is entitled to indemnification in accordance with Section 9 of this Agreement.

<u>Determination of Right to Indemnification</u>.

<u>Mandatory Indemnification; Indemnification as a Witness</u>.

If Indemnitee is successful in whole or in part on the merits or otherwise in defense of any Claim or in defense of any issue or matter in the Claim, including dismissal without prejudice, Company shall indemnify Indemnitee against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law.

If Indemnitee's involvement in a Claim is to prepare to serve and serve as a witness, and not as a party, Company shall indemnify Indemnitee against all Losses incurred in connection with such preparation and service as a witness to the fullest extent allowable by law.

<u>Standard of Conduct</u>. If Section 9(a) of this Agreement does not apply to a finally disposed Claim, any determination that Indemnitee has satisfied an applicable standard of conduct under the laws of the State of Nevada that is a legally required condition to indemnification or that Expense Advances must be repaid to Company ("**Standard of Conduct Determination**") shall be made as follows:

if a Change in Control has not occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, or (C) if there are no such Disinterested Directors or if such Disinterested Directors so direct, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

if a Change in Control has occurred, (A) if Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, or (B) by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, reimburse or advance to Indemnitee, within ten (10) business days of receipt of such request, all Expenses incurred by Indemnitee in cooperating with the person or persons making such Standard of Conduct Determination.

<u>Making the Standard of Conduct Determination</u>. Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the person(s)

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designated to make the Standard of Conduct Determination under Section 9(b) do not make a determination within 30 days after the later of (A) Company's receipt of Indemnitee's written request for indemnification pursuant to Section 8 of this Agreement ("**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, and then Indemnitee will be deemed to have satisfied the applicable standard of conduct unless an extension is available. Such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person(s) making such determination in good faith require additional time to obtain or evaluate relevant information. No determination on Indemnitee's entitlement to indemnification under this Agreement is required prior to the final disposition of any Claim.

<u>Payment of Indemnification</u>. If, regarding any Losses:

Indemnitee is entitled to indemnification pursuant to Section 9(a);

no Standard Conduct Determination is legally required as a condition to indemnification under this Agreement; or

Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

then Company shall pay to Indemnitee, within five (5) business days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criteria specified in clauses (i), (ii), or (iii) are satisfied, an amount equal to such Losses.

<u>Independent Counsel Selection for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel, the Board shall select Independent Counsel, and Company shall notify Indemnitee in writing of the identity of Independent Counsel. Indemnitee may, within ten calendar days after receiving written notice of selection, deliver to Company a written objection to such selection specifying with particularity the factual basis of the objection; provided Indemnitee may assert such objection only on the ground that selected counsel does not satisfy the criteria set forth in the definition of "Independent Counsel" in this Agreement. Absent a proper and timely objection, the person or firm selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the selected counsel may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit; and (ii) the Board may select an alternative Independent Counsel in accordance with the provisions of this Section. If applicable, the selection and objection provisions of this Section apply to successive alternative selections. If no Independent Counsel is selected within 20 days after Company gives its initial notice of selection, either Company or Indemnitee may petition the Nevada Court to resolve any objection to the selection of Independent Counsel or to appoint Independent Counsel selected by the Court or such other person as the Court shall designate. Company shall pay all Independent Counsel's reasonable fees and expenses incurred in connection with Independent Counsel's determination.

Presumptions and Defenses.

<u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and Company shall have the burden of proof to overcome that presumption and establish Indemnitee is not so entitled. Indemnitee may challenge in Nevada Court any Standard of Conduct Determination adverse to Indemnitee. Company's determination (including a determination by its directors or Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may not be used as a defense to any legal proceedings brought by Indemnitee to

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secure indemnification or reimbursement or advance payment of Expenses by Company under this Agreement or create a presumption that Indemnitee has not met any applicable standard of conduct.

<u>Reliance as a Safe Harbor</u>. Without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be presumed to have acted in good faith and in a manner they reasonably believe to be in or not opposed to Company's best interests under this Agreement if Indemnitee's actions or omissions are taken in good faith reliance on Company records, including its financial statements, or on information, opinions, reports, or statements furnished to Indemnitee by Company officers or employees or any of Company's subsidiaries in the course of their duties, or by Board committees or by any other Person (including legal counsel, accountants, and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of Company. In addition, the knowledge, actions, or omissions of any Company director, officer, agent, or employee will not be imputed to Indemnitee for purposes of determining the right to indemnity under this Agreement.

<u>No Other Presumptions</u>. The termination of any Claim by judgment, order, settlement (with or without court approval), conviction, or a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification under this Agreement is otherwise not permitted.

<u>Defense to Indemnification and Burden of Proof</u>. Company may bring as a defense to any action brought by Indemnitee to enforce this Agreement (other than an action to enforce a claim for Losses incurred in defending against a Claim in advance of its final disposition) that applicable law does not permit Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, Company shall bear the burden of proving such a defense or that Indemnitee did not satisfy the applicable standard of conduct.

<u>Resolution of Claims</u>. Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption, and uncertainty.

<u>Exclusions from Indemnification</u>. Notwithstanding anything in this Agreement to the contrary, Company is not obligated to:

indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against Company or its directors, officers, employees, or other indemnitees and not by way of defense, except:

funds owed under proceedings referenced in Section 5 of this Agreement; or

proceedings that Company has joined, or that the Board has consented to initiating;

indemnify Indemnitee if a final decision by a court of competent jurisdiction determines such indemnification is prohibited by applicable law;

indemnify or advance funds to Indemnitee for the disgorgement of profits arising from Indemnitee's purchase or sale of Company securities in violation of Section 16(b) of the Exchange Act, or any similar successor statute;

indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to Company of any bonus or other incentive- or equity-based compensation Indemnitee previously received, or payment of any profits Indemnitee realized from the sale of Company securities, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 ("**SOX**") in connection with an accounting

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restatement of Company or under any Company clawback policy adopted to comply with Rule 10D-1 under the Exchange Act and applicable stock exchange listing requirements, or payment to Company of profits arising from Indemnitee's purchase or sale of securities in violation of Section 306 of SOX).

The Parties acknowledge that in certain circumstances, federal law or applicable public policy may prohibit Company from indemnifying its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that Company has undertaken, or may be required in the future to undertake, with the Securities and Exchange Commission to submit a question of indemnification to a court of competent jurisdiction in certain circumstances to determine Company's right under public policy to indemnify Indemnitee.

<u>Settlement of Claims</u>. Company is not liable to Indemnitee under this Agreement for amounts paid to settle any Claim effected without Company's prior written consent, not to be unreasonably withheld; provided, however, that if a Change in Control has occurred, Company shall indemnify Indemnitee for amounts paid in settlement if Independent Counsel approved the settlement. Company shall not settle any Claim in any manner that would impose Losses on Indemnitee without Indemnitee's prior written consent.

<u>Duration</u>. The terms and conditions of this Agreement remain in effect while Indemnitee serves as a director or officer of Company (or at Company's request as a director, officer, employee, member, trustee, or agent of another Enterprise) and continue during and after such service (i) for so long as Indemnitee may be subject to any possible Claim, including any appeal rights, and (ii) throughout the pendency of any proceeding, including any appeal rights, Indemnitee commences to enforce or interpret their rights under this Agreement.

<u>Non-Exclusivity</u>. Indemnitee's rights under this Agreement are in addition to any other rights Indemnitee may have under the Constituent Documents, the Nevada Business Corporation Act, any other contract, or otherwise (collectively, "**Other Indemnity Provisions**"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right under this Agreement, and (b) if any change is made to any Other Indemnity Provision that permits any greater right to indemnification than that provided under this Agreement as of the date of this Agreement, Indemnitee will be deemed to have such greater right under this Agreement. Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish, or encumber Indemnitee's right to indemnification under this Agreement or any Other Indemnity Provision.

<u>Liability Insurance</u>. During Indemnitee's service as a director or officer of Company, and after such service for so long as Indemnitee is subject to any pending Claim, Company shall use commercially reasonable efforts (considering the scope and amount of coverage available relative to cost) to maintain in effect policies of directors' and officers' liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided by Company's current policies of directors' and officers' liability insurance. In all policies of directors' and officers' liability insurance maintained by Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of Company's directors, if Indemnitee is a director, or of Company's officers, if Indemnitee is an officer and not a director by such policy. Upon request, Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations, endorsements, and other related materials.

<u>No Duplicate Payments</u>. Company is not obligated under this Agreement to make any payment to Indemnitee for any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions, or otherwise of the amounts otherwise indemnifiable by Company under this Agreement.

<u>Subrogation</u>. If Company makes a payment to Indemnitee under this Agreement, Company will be subrogated to the extent of such payment to all Indemnitee's rights of recovery. Indemnitee shall execute all papers required and shall do everything

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that may be necessary to secure such rights, including executing such documents necessary to enable Company to effectively to bring suit to enforce such rights.

<u>Amendments</u>. Any supplement, modification, or amendment of this Agreement must be executed in writing by both Parties. Any waiver of the provisions of this Agreement must be in writing signed by the Party against whom enforcement is sought, such waiver does not operate as a waiver of any other provision of this Agreement and does not constitute a continuing waiver. A Party's failure or delay in exercising any right or remedy under this Agreement does not constitute a waiver of such right or remedy, except as specifically provided in this Agreement.

<u>Binding Effect</u>. This Agreement is binding on, inures to the benefit of, and is enforceable by the Parties and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of Company's business or assets), assigns, spouses, heirs, and personal and legal representatives. Company shall ensure any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all, substantially all, or a substantial part of the business or assets of Company, by written agreement in form and substances satisfactory to Indemnitee, expressly assumes and agrees to perform this Agreement in the same manner and to the same extent that Company would be required to perform if no such succession had taken place.

<u>Severability</u>. If all or part of any provision of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void, or otherwise unenforceable, the remaining provisions of the Agreement remain enforceable to the fullest extent permitted by law. Upon such determination that any provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement in a mutually acceptable manner to effect the Parties' original intent as closely as possible.

<u>Notices</u>. The Parties shall make all notices, requests, demands, and other communications under this Agreement in writing, which are duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified, or registered mail:

If to Indemnitee, to the address set forth on the signature page of this Agreement.

If to Company, to:

Zynex, Inc.

Attn: Julia Thibault, General Counsel

9655 Maroon Cir.

Englewood, CO 80112

The Parties shall provide any notice of change of address in accordance with this Section. All notices complying with this Section are considered received on the date of hand delivery or on the third business day after mailing.

<u>Governing Law and Forum</u>. This Agreement is governed by, construed, and enforced in accordance with the laws of the State of Nevada without effect to conflicts of laws principles. The Parties irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Nevada Court and not in any other state or federal court in the United States, (b) consent to submit to the exclusive jurisdiction of the Nevada Court for purposes of any action or proceeding arising out of or in connection with this Agreement, and (c) waive, and agree not to plead or make, any claim that the Nevada Court lacks venue or that any such action or proceeding brought in the Nevada Court has been brought in an improper or inconvenient forum.

<u>Headings</u> <u>and Interpretation</u>. This Agreement's headings are for convenience only, do not constitute part of this Agreement, and do not affect its construction or interpretation. As used in this Agreement, use of the word "or" is not exclusive, "they" is used as a singular or plural pronoun as context requires, and use of "including" or similar words means "including, without limitation."

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<u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

[signature page follows]

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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The Parties have executed this Agreement as of the Effective Date.

**ZYNEX, INC.**

By: __________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael D. Cress

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chair of the Compensation Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Directors

Date: ________________________________

**INDEMNITEE**

_____________________________________

Vikram Bajaj, an individual

Date: ________________________________

Address:

_____________________________________

_____________________________________

_____________________________________

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**Exhibit A to indemnification Agreement**

**FORM OF UNDERTAKING TO REPAY ADVANCEMENT OF EXPENSES**

[Letterhead of Indemnitee]

[Date]

To: Board of Directors

Zynex, Inc.

c/o General Counsel/Corporate Secretary

Ladies and Gentlemen:

This undertaking is being provided pursuant to the resolution(s) of the Board of Directors of Zynex, Inc. ("Company"), dated [Date of Resolution(s)] (the "Resolution(s)"), pursuant to which I am entitled to advancement of expenses in connection with that certain [claim description, including, if applicable, name of adverse parties or government agency, venue, case number, parties involved] (the "Claim").

I am subject to the Claim by reason of my status as an officer, director and employee, of Company and certain of its subsidiaries or by reason of alleged actions or omissions by me in such capacity. During the period of time to which the Claim relates, I was [an officer and/or director] of Company. Pursuant to the Resolution(s), Company has agreed to advance out-of-pockets costs and expenses that are actually and reasonably incurred by or for me in connection with the Claim, including attorneys' fees and certain other costs, provided that I execute and submit to Company this undertaking in which I undertake to repay any such expenses paid by Company on my behalf, if it shall be ultimately determined that I am not entitled to be indemnified therefor.

This letter shall constitute my undertaking to repay to Company any expenses paid by it on my behalf in connection with the Claim if it is ultimately determined that I am not entitled to be indemnified with respect to such expenses as set forth above.

Sincerely,

[Indemnitee]

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**EXHIBIT C**

**ZYNEX, INC.**

**CLAWBACK POLICY**

**EFFECTIVE November 28, 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purpose</u>. The purpose of this Zynex Inc. (the " <u>Company</u> ") Clawback Policy (this " <u>Policy</u> ") is to enable the Company to recover Erroneously Awarded Compensation from Covered Executive Officers in the event that the Company is required to prepare an Accounting Restatement. This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as codified in Section 10D of the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "), Rule10D-1 promulgated under the Exchange Act (" <u>Rule 10D-1</u> ") and Listing Rule 5608 of the corporate governance rules of The Nasdaq Stock Market (" <u>Nasdaq</u> ") (the " <u>Listing Standards").</u> Unless otherwise defined in this Policy, capitalized terms shall have the meaning ascribed to such terms in <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Definitions</u>. As used in this Policy, the following capitalized terms shall have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. " <u>Accounting Restatement</u> " means an accounting restatement of the Company's financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (i.e., a "Big R" restatement), or to correct an error that is not material to the previously issued financial statements, but that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (i.e., a "little r" restatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. " <u>Accounting Restatement Date</u> " means the earlier to occur of (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if the Board's action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement and (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. " <u>Applicable Period</u> " means, with respect to any Accounting Restatement, the three completed fiscal years immediately preceding the Accounting Restatement Date, as well as any transition period (that results from a change in the Company's fiscal year) within or immediately following those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a completed fiscal year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. " <u>Board</u> " means the board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. " <u>Code</u> " means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code or regulation thereunder includes such section or regulation, any valid regulation or other official guidance promulgated under such section, and any comparable provision of any future legislation regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. " <u>Covered Executive Officer</u> " means an individual who is currently or previously served as the Company's principal executive officer, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), vice president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), an officer who performs(or performed) a policy-making function, or any other person who performs (or performed) similar policy-making functions for the Company or is otherwise determined to be an executive officer of the Company pursuant to Item 401(b) of Regulation S-K. An executive officer of the Company's parent or subsidiary is deemed a "Covered Executive Officer" if the executive officer performs (or performed) such policy- making functions for the Company.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. " <u>Erroneously Awarded Compensation</u> " means, in the event of an Accounting Restatement, the amount of Incentive-Based Compensation previously received that exceeds the amount of Incentive-Based Compensation that otherwise would have been received had it been determined based on the restated amounts in such Accounting Restatement, and must be computed without regard to any taxes paid by the relevant Covered Executive Officer; provided, however, that for Incentive-Based Compensation based on stock price or total stockholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement: (i) the amount of Erroneously Awarded Compensation must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total stockholder return upon which the Incentive-Based Compensation was received and (ii) the Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. " <u>Financial Reporting Measure</u> " means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements and any measure that is derived wholly or in part from such measure. A Financial Reporting Measure is not required to be presented within the Company's financial statements or included in a filing with the U.S. Securities and Exchange Commission to qualify as a "Financial Reporting Measure."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. " <u>Incentive-Based Compensation</u> " means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive-Based Compensation is deemed "received" for purposes of this Policy in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Administration</u>. This Policy shall be administered by the Board, the Compensation Committee of the Board (the " <u>Compensation Committee</u> "), the Audit Committee of the Board (the " <u>Audit Committee</u> ") or a special committee comprised of members of the Compensation Committee and Audit Committee. For purposes of this Policy, the body charged with administering this Policy shall be referred to herein as the " <u>Administrator</u>." The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate or advisable for the administration of this Policy, in each case, to the extent permitted under the Listing Standards and in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code. All determinations and decisions made by the Administrator pursuant to the provisions of this Policy shall be final, conclusive and binding on all persons, including the Company, its affiliates, its stockholders and Covered Executive Officers, and need not be uniform with respect to each person covered by this Policy.

In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board or such other committees of the Board as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee). Any action or inaction by the Administrator with respect to a Covered Executive Officer under this Policy in no way limits the Administrator's decision to act or not to act with respect to any other Covered Executive Officer under this Policy or under any similar policy, agreement or arrangement, nor shall any such action or inaction serve as a waiver of any rights the Company may have against any Covered Executive Officer other than as set forth in this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Application of this Policy</u>. This Policy applies to all Incentive-Based Compensation received by a person: (a) after beginning service as a Covered Executive Officer; (b) who served as a Covered Executive Officer at any time during the performance period for such Incentive-Based Compensation; (c) while the Company had a listed class of securities on a national securities exchange; and (d) during the Applicable Period. For the avoidance of doubt, Incentive-Based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered received

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when the relevant Financial Reporting Measure is achieved, even if the Incentive-Based Compensation continues to be subject to the service-based vesting condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Recovery Erroneously Awarded Compensation</u>. In the event of an Accounting Restatement, the Company must recover Erroneously Awarded Compensation reasonably promptly, in amounts determined pursuant to this Policy. The Company's obligation to recover Erroneously Awarded Compensation is not dependent on the filing of restated financial statements. Recovery under this Policy with respect to a Covered Executive Officer shall not require the finding of any misconduct by such Covered Executive Officer or such Covered Executive Officer being found responsible for the accounting error leading to an Accounting Restatement. In the event of an Accounting Restatement, the method for recouping Erroneously Awarded Compensation shall be determined by the Administrator in its sole and absolute discretion, to the extent permitted under the Listing Standards and incompliance with (or pursuant to an exemption from the application of) Section 409A of the Code.

Recovery may include, without limitation, (i) reimbursement of all or a portion of any incentive compensation award, (ii) cancellation of incentive compensation awards and (iii) any other method authorized by applicable law or contract.

The Company is authorized and directed pursuant to this Policy to recover Erroneously Awarded Compensation in compliance with this Policy unless the Compensation Committee has determined that recovery would be impracticable solely for the following limited reasons, and subject to the following procedural and disclosure requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The direct expenses paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered. Before reaching such conclusion, the Administrator must make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to recover, and provide that documentation to Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Recovery would violate home country law where that law was adopted prior to November 28, 2022. Before reaching such conclusion, the Administrator must obtain an opinion of home country counsel, acceptable to Nasdaq, that recovery would result in such a violation, and must provide such opinion to Nasdaq; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a)of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Prohibition on Indemnification and Insurance Reimbursement</u>. The Company is prohibited from indemnifying any Covered Executive Officer against the loss of any Erroneously Awarded Compensation. Further, the Company is prohibited from paying or reimbursing a Covered Executive Officer for the cost of purchasing insurance to cover any such loss. The Company is also prohibited from entering into any agreement or arrangement whereby this Policy would not apply or fail to be enforced against a Covered Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Required Policy-Related Disclosure and Filings</u>. The Company shall file all disclosures with respect to this Policy in accordance with the requirements of the federal securities laws, including disclosures required by U.S. Securities and Exchange Commission filings. A copy of this Policy and any amendments hereto shall be posted on the Company's website and filed as an exhibit to the Company's annual report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Acknowledgement</u>. Each Covered Executive Officer shall sign and return to the Company within thirty (30)calendar days following the later of (i) the effective date of this Policy set forth below or (ii) the date such individual becomes a Covered Executive Officer, the Acknowledgement Form attached hereto as Exhibit A, pursuant to which the Covered Executive Officer agrees to be bound by, and to comply with, the terms and conditions of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendment</u>; Termination. The Board may amend this Policy from time to time in its sole and absolute discretion and shall amend this Policy as it deems necessary to reflect the Listing Standards or to comply with (or maintain an exemption from

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the application of) Section 409A of the Code. The Board may terminate this Policy at anytime; <u>provided</u>, that the termination of this Policy would not cause the Company to violate any federal securities laws, or rules promulgated by the U.S. Securities and Exchange Commission or the Listing Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Other Recovery Obligations; General Rights</u>. The Board intends that this Policy shall be applied to the fullest extent of the law. To the extent that the application of this Policy would provide for recovery of Incentive- Based Compensation that the Company already recovered pursuant to Section 304 of the Sarbanes-Oxley Act or other recovery obligations, any such amount recovered from a Covered Executive Officer will be credited to any recovery required under this Policy in respect of such Covered Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Effective Date</u>. This Policy shall be effective as of November 28, 2023. The terms of this Policy shall apply to any Incentive-Based Compensation that is received by Covered Executive Officers on or after October 2, 2023, even if such Incentive-Based Compensation was approved, awarded or granted to Covered Executive Officers prior to such date.

This Policy shall not limit the rights of the Company to take any other actions or pursue other remedies that the Company may deem appropriate under the circumstances and under applicable law, in each case, to the extent permitted under the Listing Standards and in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code.

This Policy is binding and enforceable against all Covered Executive Officers and their beneficiaries, heirs, executors, administrators or other legal representatives.

**EXHIBIT A TO CLAWBACK POLICY**

**ZYNEX, INC. CLAWBACK POLICY**

**ACKNOWLEDGEMENT FORM**

By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy of the Zynex, Inc. (the "Company") Clawback Policy (the "Policy").

By signing this Acknowledgement Form, the undersigned acknowledges and agrees that the undersigned is and will continue to be subject to the Policy and that the Policy will apply both during and after the undersigned's employment or service with the Company. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation (as defined in the Policy) to the Company to the extent required by, and in a manner consistent with, the Policy.

**EXECUTIVE OFFICER**

Signature _____________________________________

Vikram Bajaj

Date _________________________________________

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**EXHIBIT D**

**CONFIDENTIALITY, PROPRIETARY RIGHTS, AND EMPLOYEE NON-SOLICITATION AGREEMENT**

This **CONFIDENTIALITY, PROPRIETARY RIGHTS, AND EMPLOYEE NON-SOLICITATION AGREEMENT** ("Agreement") is made between the undersigned ("Employee") and Zynex, Inc. and its affiliates ("Zynex") (collectively, "Parties"), as of the date of Employee's signature below ("Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Zynex has invested significant time, effort, and resources into developing its valuable Confidential Information, Trade Secrets, and other proprietary material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Together with the Employment Agreement between Employee and Zynex into which this Agreement is incorporated, to protect this information and ensure that it remains secure, Zynex requires all employees to agree to certain guidelines regarding confidentiality and ownership of intellectual property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement also helps to prevent the improper use of Zynex's Confidential Information and Trade Secrets, which ensures the continued success of the business.

In consideration of Employee's employment with Zynex, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Confidentiality .** Employee understands and acknowledges that during Employee's employment with Zynex, Employee will create, have access to, and learn about confidential, secret, and proprietary documents, materials, data, and other information in any form relating to Zynex and its businesses ("Confidential Information"). Employee further understands and acknowledges that Confidential Information is of great importance and commercial value to Zynex, and that any improper use or disclosure of Confidential Information will cause Zynex irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Definitions</u>. "Confidential Information" includes, but is not limited to, all information not generally known to the public, in spoken, printed, electronic, or any other form, relating to Zynex trade secrets, documents, lists, processes, practices, strategies, plans, services, operations, communications, contact information, personal information, protected health information, patients, payors, providers, employees, personnel, customers, contracts, partners, suppliers, vendors, manufacturing, sales, marketing, pricing, billing, billing systems, operating systems, software, data, research, development, engineering, testing, results, technology, devices, supplies, products, inventions, unpublished patent applications, legal matters, internal controls, finance, accounting, investors, and any other confidential or proprietary information of Zynex. "Confidential Information" does not include: (i) information that arises from Employee's general training, knowledge, skill, or experience, whether gained on the job or otherwise; (ii) information that is readily ascertainable to the public; (iii) information Employee otherwise has a right to disclose as legally protected conduct; or (iv) information regarding any alleged discriminatory or unfair employment practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Employee Obligations</u>. Employee shall preserve the confidentiality of all Confidential Information in accordance with this Agreement, Zynex policy, and applicable law. **EMPLOYEE UNDERSTANDS AND ACKNOWLEDGES THAT EMPLOYEE'S OBLIGATIONS UNDER THIS AGREEMENT BEGIN IMMEDIATELY UPON EMPLOYEE FIRST HAVING ACCESS TO CONFIDENTIAL INFORMATION AND CONTINUE BOTH** 

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**DURING AND AFTER EMPLOYEE'S EMPLOYMENT WITH ZYNEX.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employee shall not, directly or indirectly, use or disclose Confidential Information except as required and duly authorized in the scope of their employment with Zynex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Employee shall not access or use any Confidential Information, copy any records containing any Confidential Information, or remove any such records from the premises or control of Zynex except as required and duly authorized in the scope of their employment with Zynex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Employee shall not allow and shall promptly report any suspected unauthorized use or disclosure or improper handling of Confidential Information by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Following termination of employment, Employee shall return all Confidential Information in the Employee's possession or under the Employee's control to Zynex and shall otherwise continue to maintain the confidentiality of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Employee shall not make an improper or unauthorized use or disclosure of confidential and proprietary information of other companies or individuals, including Employee's former employers and Zynex's competitors. Employee shall not use improper means to seek confidential or proprietary information about another company and may not reveal to Zynex or Zynex personnel any confidential or proprietary information of another company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Permitted Disclosures</u>. Nothing in this Agreement prevents disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency. Nothing in this Agreement prevents disclosure of Confidential Information as legally protected conduct, such as disclosure of alleged discriminatory or unfair labor practices or alleged sexual assault or sexual harassment, exercise of Employee rights under the National Labor Relations Act ("NLRA"), or filing complaints with, participating in investigations by, or communicating with federal or state government agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Notice of DTSA Immunity</u>. Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 ("DTSA"), an individual will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If an individual files a lawsuit for retaliation by an employer for reporting a suspected violation of law, the individual may disclose trade secrets to their attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Intellectual Property Rights .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Work Product</u>. "Work Product" means all writings, works of authorship, documentation, technology, inventions, discoveries, ideas, plans, strategies, research, techniques, designs, models, patent

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applications, and other work product, including copies and improvements, relating to Zynex business or contemplated business, research, or development, that is conceived, created, prepared, produced, or reduced to practice by Employee individually or with others (i) during Employee's employment, regardless of time, location, or resources used, or (ii) after termination of Employee's employment, if based on proprietary or Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Proprietary Rights</u>. "Proprietary Rights" means all rights, title, and interest in and to copyrights, trademarks, trade secrets, patents, industrial rights, moral rights, associated goodwill, and all other proprietary rights, benefits, privileges, causes of action, and remedies relating to the Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Ownership</u>. Employee acknowledges and agrees that all Work Product is "work made for hire" as defined in 17 U.S.C. § 101 and will be Zynex's sole and exclusive property and proprietary information. If for any reason the Work Product is not considered "work made for hire," Employee hereby irrevocably assigns to Zynex all Proprietary Rights in the Work Product effective immediately upon its creation. Employee acknowledges and agrees that Employee does not retain any rights to use the Work Product, that all Proprietary Rights are the sole and exclusive property of Zynex, and shall not challenge Zynex's ownership of the Work Product. Employee further irrevocably waives, to the extent permitted by applicable law, any claims Employee may have to rights of paternity, integrity, disclosure, withdrawal, and any other moral rights with respect to Work Product and Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>License</u>. If for any reason the Work Product or Proprietary Rights are not assignable or Employee retains any right, title or interest in and to any Work Product or Proprietary Rights, Employee (i) unconditionally and irrevocably waives the enforcement of such rights and all claims and causes of action of any kind against Zynex with respect to such rights; (ii) agrees, at Zynex's request and expense, to consent to and join in any action to enforce such rights; and (iii) grants to Zynex for no additional consideration an exclusive, worldwide, perpetual, irrevocable, royalty free, transferable, and sublicensable license to use, reproduce, disclose, distribute, display, perform, modify, develop, make, sell, offer, import, and otherwise use and exploit all or any part of the Work Product and any materials incorporated into the Work Product. Employee understands that this Agreement does not grant Employee any license or rights with respect to any Confidential Information, work products, proprietary rights, materials, software, or other tools made available to Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Further Assistance</u>. At Zynex's request and expense, both during and after Employee's employment, Employee shall reasonably cooperate with Zynex to perform such acts and execute, acknowledge, and deliver such documents as Zynex reasonably deems necessary or advisable to accomplish the purposes of this Agreement, including obtaining, sustaining, and enforcing Zynex Proprietary Rights in the Work Product. Employee hereby irrevocably appoints Zynex and its officers and agents as Employee's true and lawful agent and attorney in fact, with full power of substitution and delegation, with the right but not the obligation to execute, acknowledge, and deliver such documents as Zynex reasonably deems necessary or advisable to obtain, sustain, and enforce Zynex's Proprietary Rights in the Work Product, including filing registrations or applications with the U.S. Copyright or Patent and Trademark Offices, on Employee's behalf, with the same legal force and effect as if Employee so acted or signed, if Employee does not promptly coordinate with Zynex's request. The power of attorney is coupled with an interest and shall not be impacted by Employee's subsequent incapacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fiduciary Duties and Conflicts of Interest .** While employed by Zynex, Employee shall not take any action that directly or indirectly harms or interferes with Zynex's interests, including working as an employee or independent Employee for any person or entity in competition with Zynex, performing the same or similar kinds of work for any other person or entity as those performed for Zynex, or entering any arrangement with any person or entity to benefit from work performed by Zynex. Employee acknowledges that because

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of the special nature of the employment relationship between Zynex and Employee, Employee has fiduciary duties to Zynex, including fiduciary duties of the highest loyalty, fidelity, and allegiance to act in the best interests of Zynex, to make full disclosure to Zynex of all information pertaining to its business and interests, and to do no act that would injure Zynex's business, interest, or reputation. Notwithstanding the foregoing, nothing in this paragraph shall impose a duty on Employee in addition to, or beyond those already required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Return of Property and Confidential Information .** Employees are entrusted during their employment with property that belongs to Zynex and that has value. Upon termination of Employee's employment, or upon Zynex's request, Employee shall return to Zynex any Zynex property, including electronic equipment, electronic devices, demo devices, keys, access cards, credit cards, documents, files, copies, materials, PHI, Confidential Information, and Work Product, that are in Employee's possession or control. Only after Employee has returned all Zynex property to Zynex, Employee shall permanently delete any copies of documents and materials that remain in Employee's possession or control. Zynex may withhold Employee's final paycheck for up to ten (10) days to audit the return of all property and to determine the value of any property not returned. If Zynex determines it may deduct from Employee's final paycheck, within ten (10) days after Employee's employment terminates, Zynex will provide Employee with notice that Zynex is deducting from Employee's wages for the value of property that Employee failed to return to Zynex. The notice will include a written accounting specifying the specific property Employee failed to return, the replacement value of the property, and, to the extent known, when property was provided to Employee and when Zynex believes Employee should have returned the property to Zynex. If, after Zynex it provides notice and makes a deduction, Employee returns the property within fourteen (14) days after Zynex provides notice, Zynex will pay Employee the amount of the deduction within fourteen (14) days after Employee returns the property. Employee acknowledges that Employee is obligated to repay Zynex for the value of property not returned at termination. Employee shall comply with the terms and conditions of the return of demo devices or other property governed by any agreements Employee signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Acknowledgments . EMPLOYEE REPRESENTS AND WARRANTS THAT EMPLOYEE IS NOT UNDER ANY PRE-EXISTING OBLIGATIONS THAT CONFLICT WITH OR ARE INCONSISTENT WITH EMPLOYEE'S OBLIGATIONS UNDER THIS AGREEMENT.** Employee acknowledges and agrees that the services to be rendered by Employee to Zynex are of a special and unique character, that Employee will obtain knowledge and skill relevant to Zynex's industry, business methods, and marketing strategies, and that the terms and conditions of this Agreement are reasonable under these circumstances. Employee further acknowledges that Employee's compensation reflects, in part, Employee's obligations and Zynex's rights under this Agreement, that Employee has no expectation of any additional compensation, royalties, or other payment, that Employee will not be subject to undue hardship due to Employee's full compliance with this Agreement or Zynex's enforcement of this Agreement. By executing this Agreement, Employee represents that Employee has been given the opportunity to fully review and understand the terms of this Agreement, and that Employee fully understands and freely and voluntarily signs this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **At-Will Employment .** This Agreement is not a contract for employment and is not a commitment by Zynex or Employee to continue an employment relationship for a certain period. **EMPLOYEE'S EMPLOYMENT IS AT-WILL, AND ZYNEX OR EMPLOYEE MAY TERMINATE EMPLOYEE'S EMPLOYMENT AT ANY TIME AND FOR ANY REASON, WITH OR WITHOUT NOTICE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Remedies .** In the event of Employee's breach or threatened breach of this Agreement, Zynex may seek, in addition to other available remedies, a temporary or permanent injunction, or other equitable relief from any court of competent jurisdiction, without the necessity of showing actual damages or that monetary

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damages would not afford an adequate remedy, and without posting bond or other security. This relief is in addition to other available legal remedies. Employee acknowledges that breach of this Agreement may result in disciplinary action, up to and including termination of employment, or civil or criminal liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Assignment .** This Agreement inures to the benefit of Zynex and its permitted successors and assigns. Zynex in its discretion may assign this Agreement to any corporate affiliate or any corporate successor or assign of all or substantially all the business or assets of Employee's employer. Employee may not assign any part of this Agreement. Any purported assignment of this Agreement by Employee in violation of this Agreement is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Governing Law .** This Agreement is governed by and construed in accordance with the laws of the state of Colorado, without regard to conflicts of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Entire Agreement .** This Agreement, together with other documents, policies, and procedures incorporated by reference into this Agreement, is the entire agreement with respect to its subject matter, and supersedes all prior written or verbal understandings and agreements with respect to the subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Modification and Waiver .** The Agreement may only be modified in writing signed by Employee and approved by a duly authorized officer of Zynex other than Employee. Zynex's or Employee's waiver of any breach of this Agreement does not constitute a waiver of any other term or condition of this Agreement, and either Party's failure of or delay in exercising any right, power, or privilege under this Agreement does not constitute a waiver of such right, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Severability .** All provisions of this Agreement will be applicable only to the extent that they do not violate any applicable law and are intended to be limited to the extent necessary to not render this Agreement invalid, illegal, or unenforceable. If any part of this Agreement is invalid, illegal, or unenforceable, the remainder of this Agreement will remain in full force and effect. To the extent permitted by law, the invalid or unenforceable provision may be modified to carry out the intent and agreement of Zynex and Employee. As modified, the Agreement will be binding on and enforceable against Zynex and Employee.

The Parties have executed this Agreement as of the Effective Date.

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| | |
|:---|:---|
| &nbsp;&nbsp;**ZYNEX MEDICAL, INC.**<br>By: _________________________________<br>MICHAEL D. CRESS<br>Chairman of the Compensation Committee <br>Board of Directors | &nbsp;&nbsp;**EXECUTIVE**<br>_________________________________<br>VIKRAM BAJAJ, <br>an individual  |

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**EXHIBIT E**

**MUTUAL AGREEMENT TO ARBITRATE**

This **MUTUAL AGREEMENT TO ARBITRATE** ("Agreement") is made and entered into as of the date of Employee's signature below ("Effective Date") by and between Zynex Medical, Inc., a Colorado corporation ("Zynex"), and the undersigned ("Employee") (collectively, "Parties").

The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Intent of Agreement</u>. Employee and Zynex intend this Agreement to govern the resolution of all disputes, claims, and any other matters in question arising out of or relating to the Parties' employment relationship. The Parties shall resolve all disputes arising out of the employment relationship in accordance with the provisions of this Agreement. **EACH PARTY FULLY UNDERSTANDS AND AGREES THAT THEY ARE GIVING UP CERTAIN RIGHTS OTHERWISE AFFORDED TO THEM BY CIVIL COURT ACTIONS, INCLUDING THE RIGHT TO A JURY OR COURT TRIAL AND THE RIGHT TO BRING ANY CLAIM AS A CLASS OR COLLECTIVE ACTION TO THE FULLEST EXTENT ENFORCEABLE UNDER APPLICABLE LAW.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Mandatory Arbitration</u>. Any Covered Claim that relates in any way to the Parties' employment relationship, whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, shall be submitted to binding arbitration administered by the American Arbitration Association ("AAA") in accordance with the AAA's Employment Arbitration Rules and Mediation Procedures ("Rules"). The Rules are available online at www.adr.org/Rules. Employee may email the AAA at CustomerService@adr.org if Employee has any questions about the arbitration process. If the Rules are inconsistent with the terms of this Agreement, the terms of this Agreement control. Zynex will be responsible for all the Arbitrator's fees and expenses, except that if Employee is responsible for initiating arbitration, Employee shall pay an initial filing fee to AAA no greater than an amount equivalent to the cost of initiating an action in court ("Filing Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Covered Claims</u>. This Agreement covers all grievances, complaints, disputes, claims, or causes of action ("Claims") in a federal, state, or local court or agency under applicable federal, state, or local laws, as amended, arising out of or related to Employee's employment or termination of employment with Zynex, including Claims Employee may have against Zynex or Zynex's officers, directors, supervisors, managers, employees, or agents, or that Zynex may have against Employee, that are not otherwise excluded from Covered Claims under this Agreement ("Covered Claims"). "Covered Claims" include but are not limited to Claims arising in or out of tort, breach of any contract or covenant (express or implied), wrongful termination (constructive or actual), overtime, unpaid wages, meal and rest breaks, discrimination or harassment (including Claims based on race, sex, gender, gender identity or expression, religion, national origin, age, ancestry, marital status, medical condition, psychological condition, mental condition, disability, genetic information, reproductive health, military and veteran status, sexual orientation, or any other protected trait), violation of any federal, state, or other governmental law, statute, regulation, or ordinance, including Claims arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act (ADA), the Family and Medical Leave Act (FMLA), the Fair Labor Standards Act (FLSA), the Equal Pay Act, the Employee Retirement Income Security Act (ERISA), the Consolidated Omnibus Budget Reconciliation Act (COBRA), the Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Worker Adjustment and Retraining Notification Act (WARN), the Age Discrimination in Employment Act (ADEA), the Fair Credit Reporting Act, the Uniform Services Employment and Reemployment Rights Act (USERRA), the Genetic Information Nondiscrimination Act (GINA), the Dodd-Frank Act, the Sarbanes-Oxley Act (SOX), biometric privacy laws, antitrust laws, state labor laws and codes, and any other federal, state, local, or foreign law governing any aspect of the Parties' employment relationship or termination that can be arbitrated under applicable federal or state law, and any

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issues and defenses related to Covered Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Claims Not Covered</u>. "Covered Claims" does not include Claims for workers' compensation, unemployment compensation benefits, administrative charges for unfair labor practices brought before the National Labor Relations Board (NLRB), Excluded Claims as defined in Paragraph 5 of this Agreement, sexual harassment or assault (unless the Employee agrees to arbitrate), whistleblower retaliation claims under SOX or the Dodd-Frank Act that cannot be arbitrated as a matter of law, or any other claims that, as a matter of law, the Parties cannot agree to arbitrate. Employee is not precluded from filing complaints with their state's civil rights division, the Equal Employment Opportunity Commission (EEOC), or the NLRB. Either Party may seek provisional remedies, such as an injunction or temporary restraining order, in aid of arbitration from a court of competent jurisdiction or from the arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Waiver of Class Action and Representative Action Claims</u>. Except for representative claims that cannot be waived under applicable law and are therefore excluded from this Agreement ("Excluded Claims"), Employee and Zynex expressly intend and agree that: (a) class action and representative action procedures are hereby waived and shall not be asserted, nor will they apply, in any arbitration pursuant to this Agreement; (b) each will not assert class action or representative action claims against the other in arbitration, court, or any other forum; (c) each shall only submit their own, individual claims in arbitration and shall not bring claims against the other in any representative capacity on behalf of any other individual including, but not limited to, a representative action on behalf of other under the Private Attorney General Act of 2004 (PAGA); and (d) any claims by Employee will not be joined, consolidated, or heard together with claims of any other current or former employee of Zynex. To the extent that the Parties' dispute involves both timely filed Excluded Claims and claims subject to this Agreement, the Parties agree to bifurcate and stay for the duration of the arbitration proceedings any such Excluded Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Waiver of Trial by Jury</u>. Both Parties understand and fully agree that by entering into this Agreement, they are giving up certain rights otherwise afforded to them by civil court actions, including but not limited to, their constitutional right to have a trial by jury, and are giving up their normal rights of appeal following the rendering of a decision except as state law provides for judicial review of arbitration proceedings. The Parties anticipate that by entering into this Agreement, they will gain the benefits of a speedy and less expensive dispute resolution procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Claims Procedure</u>. Either Party may initiate arbitration upon express written notice to the other Party. Written notice of Employee's claim must be mailed by certified or registered mail, return receipt requested, to Zynex's General Counsel at 9655 Maroon Circle, Englewood, CO 80112, or to such other address as Zynex may later designate in writing ("Notice Address"). Written notice of Zynex's claim will be mailed to Employee's last known address. The written notice must identify and describe the nature of all claims asserted and the facts upon which such claims are based. Written notice of arbitration must be initiated within the same time limitations that applicable state law applies to those claim(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Arbitrator Selection</u>. One neutral Arbitrator shall be selected as provided in the AAA's Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Discovery</u>. The Parties may conduct discovery to the full extent authorized by the Federal Rules of Civil Procedure. The Arbitrator selected according to this Agreement will decide all discovery disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Governing and Substantive Law, Limitations</u>. This Agreement and any arbitration are governed by the Federal Arbitration Act ("FAA") to the exclusion of any state law inconsistent with the FAA. The Arbitrator must apply the substantive state or federal law (and the law of remedies, if applicable) applicable to the claim(s) asserted. The Arbitrator will have no power to award punitive damages to either party, except where applicable statute allows for

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punitive damages. The Parties understand and agree that this Agreement does not affect Employee's status as an at-will employee, and the Arbitrator will have no power to award relief that disregards Employee's at-will employment status as provided in this Agreement, Employee's offer letter, or the Zynex Employee Handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Hearing and Decision</u>. The Arbitrator will conduct and preside over an arbitration hearing of reasonable length, to be determined by the Arbitrator. The Arbitrator will provide the Parties with a written decision explaining their findings and conclusions. The Arbitrator's decision will be final and binding upon the Parties. The arbitration will be conducted on a confidential basis, and the Parties shall not disclose the decision, evidence, or award beyond the arbitration proceeding except as necessary for tax purposes, as necessary for compliance with applicable law, or as otherwise mutually agreed in writing by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Motions</u>. The Arbitrator will have jurisdiction to hear and rule on prehearing disputes and is authorized to hold prehearing conferences by telephone or in person as the Arbitrator deems necessary. The Arbitrator will have the authority to set deadlines for completion of discovery and for filing motions for summary judgment, and to set briefing schedules for any motions. The Arbitrator will have the authority to adjudicate any cause of action, or the entire claim, pursuant to a motion for summary adjudication and/or summary judgment, and, in deciding such motions, will apply the substantive law applicable to the cause of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Compelling Arbitration and Enforcing Awards</u>. Either Party may bring an action in court to compel arbitration under this Agreement or to otherwise determine the arbitrability of claims under this Agreement, and to confirm, vacate, or enforce an arbitration award. Each Party shall bear its own attorney fees and costs and other expenses of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Arbitration Fees and Costs</u>. Zynex shall pay the arbitrator's fees and expenses. Each Party shall pay its own costs and attorneys' fees, if any. However, if any Party prevails on a statutory claim that affords the prevailing party attorneys' fees and costs, or if there is a written agreement providing for attorneys' fees and costs, the Arbitrator may award reasonable attorneys' fees and costs to the prevailing party. The Arbitrator will resolve any dispute as to the reasonableness of any fee or cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Term of Agreement</u>. This Agreement is effective as of the Effective Date and continues until terminated as set forth in this Agreement. This Agreement survives the termination of Employee's employment and can only be revoked or modified in a writing signed by both Parties that specifically states an intent to revoke or modify this Agreement. Any modification or revocation of this Agreement must be signed by an Officer of Zynex, such as the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Severability</u>. If any provision of this Agreement is adjudged to be void or otherwise unenforceable, in whole or in part, the void or unenforceable provision will be severed, and such adjudication will not affect the validity of the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Voluntary Agreement</u>. By executing this Agreement, the Parties represent that they have been given the opportunity to fully review, comprehend, and negotiate the terms of this Agreement. The Parties fully understand the terms of this Agreement and freely and voluntarily sign this Agreement.

The Parties have executed this Agreement as of the Effective Date.

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|:---|:---|
| &nbsp;&nbsp;**ZYNEX MEDICAL, INC.** | &nbsp;&nbsp;**EXECUTIVE**<br>_________________________________<br>VIKRAM BAJAJ,<br>an individual  |

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By: _________________________________MICHAEL D. CRESSChair of the Compensation Committee Board of Directors

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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## Exhibit 10.2

**Exhibit 10.2**

![Graphic](zyxi-20250930xex10d2002.jpg)

**EMPLOYMENT AGREEMENT**

This **EMPLOYMENT AGREEMENT** ("Agreement") is effective as of August 18, 2025 ("Effective Date"), between Zynex, Inc., a Nevada corporation headquartered at 9655 Maroon Circle, Englewood, Colorado 80112, USA ("Company"), and John Bibb ("Executive") (collectively, "Parties").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Company is a duly organized Nevada corporation, with its principal place of business within the State of Colorado, and is in the business of developing and marketing medical devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Company desires Executive's experience, skills, abilities, background, and knowledge, and is willing to engage Executive's services under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Executive desires to be in the employ of Company, and is willing to accept such employment under this Agreement.

The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Term</u>. The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with the provisions of this Agreement ("Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Position and Duties</u>. During the Term, Executive shall serve as the Chief Legal Officer of the Company, reporting to the Chief Executive Officer and having such other powers and duties as may from time to time be prescribed by the Board of Directors of the Company ("Board"), provided that such duties are consistent with Executive's position or other positions that he may hold from time to time. Executive shall devote his full working time and efforts to the business and affairs of the Company. While Executive is employed by Company, Executive shall not, other than as listed in **EXHIBIT A**, and without the prior written consent of the Board, accept other employment or perform other services for compensation or engage in any activities that conflict with or interfere with Executive's employment with the Company; provided, however, that Executive may serve on other boards of directors, with the advanced written approval of the Board, or may serve as an officer or director of or otherwise participate in purely educational, welfare, social, religious, and civic organizations only if such activities do not conflict or compete with the Company and do not interfere with Executive's ability to carry out Executive's duties under this Agreement. During the Term, Executive shall not acquire, assume, or participate in, directly or indirectly, any position, investment, or interest known by Executive to be adverse or antagonistic to the Company, its business or prospects, its financial position, or otherwise, or in any company, person, or entity that, directly or indirectly, conflicts or competes with the business of the Company or any of its affiliates. This provision shall encompass any advisory boards of which Executive is or becomes a member of during the Term. Executive shall provide written disclosure to the Compensation Committee of the Board ("Compensation Committee") as to all advisory boards on which Executive sits and shall provide the Company with written notice within 10 business days of Executive agreeing to sit on any additional advisory boards. On termination of Executive's employment, regardless of the reason for such termination, Executive shall immediately (and with contemporaneous effect) resign any directorships, offices, or other positions that Executive may hold in the Company or any affiliate, unless otherwise agreed in writing by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Place of Performance</u>. Executive may work remotely from Executive's primary residence, provided that doing so does not materially interfere with Executive's responsibilities under this Agreement, as reasonably determined by the Company's Chief Executive Officer. Additionally, Executive may be required to travel on Company business during the Term, including travel to Company's corporate offices currently located at 9655 Maroon Circle, Englewood, Colorado 80112, as appropriate or necessary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation and Related Matters .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Base Salary</u>. "Base Salary" means Executive's annual base salary in effect at any given time during the Term. Executive's initial Base Salary shall be four hundred fifty thousand dollars ($450,000.00), less applicable deductions and withholdings. The Compensation Committee or a majority of the independent members of the Board will review Executive's Base Salary at least annually. Base Salary may be modified only by the Compensation Committee or the Board. Base Salary will be payable according to Company's usual payroll policies, practices, and procedures for senior executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Bonus Compensation</u>. During the Term, Executive is eligible for a total annual discretionary bonus with a target amount of seventy percent (70%) of the Base Salary, less applicable deductions and withholdings, if Executive achieves the Performance Milestones ("Annual Bonus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Performance Milestones</u>. "Performance Milestones" means achievement targets, both for Executive individually and for the Company's performance, as determined in good faith by the Compensation Committee in consultation with Executive. Whether Executive has achieved Performance Milestones will be determined in good faith by the Compensation Committee. The Performance Milestones will be based on certain factors including, but not limited to, the Executive's performance and the Company's financial and operational performance. The Board or the Compensation Committee will review the Annual Bonus target amount annually and may adjust the Annual Bonus target amount, provided however, that the Annual Bonus target amount may only be reduced with Executive's written consent. The Annual Bonus will be paid consistent with the terms of the Company's annual bonus plan or as otherwise determined by the Compensation Committee. The Executive must remain employed in good standing throughout the entire applicable bonus period to be eligible for the Annual Bonus, subject to the termination provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>2025 Bonus</u>. For 2025 only, the Annual Bonus will be prorated based on the portion of the year Executive works and the applicable performance goals will be established by the Compensation Committee (in its discretion) no later than September 30, 2025 following good faith consultation with Executive regarding the proposed goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Inducement Equity Awards</u>. In consideration of Executive entering into this Agreement and as a material inducement for Executive to join Company, as soon as practicable following the Effective Date, the Company will grant equity awards to the Executive pursuant to the Nasdaq inducement grant exemption and i ts rules. The following equity awards will be granted outside of the Company's 2017 Stock Incentive Plan, as the same be amended or replaced from time to time (the "2017 Plan") as an inducement grant, but the equity awards will be generally subject to the terms and conditions set forth in the 2017 Plan: (i) a Restricted Stock Award of a number of restricted shares of the Company, reflecting a grant date fair market value of $2.5 million at a Company valuation of $500 million, calculated on the grant date based on the number of Company shares outstanding as of the grant date, which will generally vest on the third anniversary of the Effective Date; <u>provided</u>, that, notwithstanding the provisions of Section 8.1 of the 2017 Plan to the contrary, in the event of a termination of Executive's Service (as defined in the 2017 Plan) (i) by the Company without Cause (as defined in the 2017 Plan), (ii) due to Executive's Disability (as defined in the 2017 plan) or (iii) due to Executive's death while in Service, Executive shall vest in a number of shares of restricted stock and the restrictions on such shares of restricted stock shall lapse in an amount equal to the total number of shares of restricted stock *multiplied by*, a fraction, the numerator of which equals the number of completed calendar quarters from the Effective Date through the date of such termination of Executive's Service, and the denominator of which equals 12 and (ii) a number of Non-Statutory Stock Options, reflecting a grant date fair value of $2,500,000 at a Company valuation of $500,000,000, calculated on the grant date based on the number of Company shares outstanding as of the grant date and the closing price of the Company's common stock on the grant date, which will generally vest quarterly over a period of four (4) years from the Effective Date. All terms and conditions of

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such awards will be governed by the applicable award agreements. In the event of a corporate transaction or other corporate event that materially impairs the Executive's stock ownership in the Company and its Affiliates, the Compensation Committee shall review the terms of this Section 2(c) and take such actions as are appropriate, as determined in good faith by the Compensation Committee, to preserve the economic intent of this Section 2(c). The number of restricted shares and the number of Non-Statutory Stock Options will be finally determined and approved by the Company's Corporate Controller as provided herein based on the number of Company shares outstanding and the closing price of the Company's Common Stock on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Expenses</u>. Company shall reimburse Executive for all reasonable and necessary expenses incurred by Executive during the Term in performing services under this Agreement, in accordance with Company policies and procedures for senior executive officers as determined by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Other Benefits</u>. During the Term, Executive may participate in or receive benefits under the Company's benefit plans for senior executive officers as determined by Company and subject to the terms of such plans. Company may amend or terminate any benefit plan at any time in its sole discretion, subject to the terms of such benefit plan and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Vacations</u>. During the Term, Executive may take paid time off in accordance with Company policies and procedures for executives as determined by Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Indemnification</u>. The Parties have or will, no later than the Effective Date), execute the Zynex, Inc. Indemnification Agreement substantially in the form of **EXHIBIT B** attached to this Agreement ("Indemnification Agreement"). Company agrees that the terms of such Indemnification Agreement are and will be no less favorable than for any other Company officer or director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Clawback Provisions</u>. Notwithstanding any other provision in this Agreement to the contrary, any incentive-based or other compensation paid to Executive under this Agreement or any other agreement or arrangement with Company that is subject to recovery under any law, government regulation, or stock exchange listing requirement will be subject to such deductions and clawback as may be required pursuant to such law, government regulation, or stock exchange listing requirement, or any policy adopted by Company to comply with any such law, government regulation, or stock exchange listing requirement. Company's Clawback Policy and Executive's acknowledgement of Company's Clawback Policy are attached as **EXHIBIT C** to this Agreement. In addition, if a court of competent jurisdiction finally determines, after exhaustion of appeals, that Executive engaged in willful misconduct constituting a crime or willful and knowing actual fraud that (in either case) caused the payment of any material amount that was paid or is payable to Executive, Executive shall promptly repay the Company for, and the Company shall not be liable for, the portion of such amounts (if any) that the court determines resulted from such willful misconduct or willful and knowing fraud. The Company shall advance all fees, costs, and expenses, including reasonable attorneys' fees, incurred by Executive with respect to such action in accordance with the terms of the indemnification Agreement between the Company and the Executive. Any indemnification agreement entered into in the future between the Company and Executive shall apply with full force to this obligation of the Company to advance fees, costs, and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Termination .** Executive's employment with Company is at-will. Either Executive or Company may terminate the employment relationship at any time for any reason. During the Term, Executive's employment under this Agreement may be terminated under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Death</u>. Executive's employment under this Agreement terminates automatically upon Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Disability</u>. Company may terminate Executive's employment on account of Executive's Disability. "Disability" means the Executive's inability, due to physical or mental incapacity, to perform the essential functions of Executive's then-existing position(s) under this Agreement, with or without reasonable accommodation, for a total of one hundred eighty (180) calendar days in any 12-month period or for one hundred twenty (120) consecutive days. If any question arises as to whether the Executive has a Disability,

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the Executive may, and at Company's request shall, submit to the Company a certification in reasonable, clear, and complete detail by a physician selected by the Company to whom the Executive or the Executive's guardian has no reasonable objection as to whether the Executive has a Disability or how long such Disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. Executive shall cooperate with any reasonable request of the physician in connection with such certification. If Executive fails to submit a requested certification, the Company's determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive's rights, if any, under applicable law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Termination by Company for Cause</u>. The Company may terminate the Executive's employment under this Agreement for Cause. For purposes of this Agreement, "Cause" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive's material breach of any material written agreement with the Company, including but not limited to the Confidentiality and Proprietary Rights Agreement attached as **EXHIBIT D** to this Agreement ("Confidentiality Agreement"), this Agreement, the Standards of Conduct, Conflict of Interest, or any other material written Company policy (in all cases that was provided in advance to Executive).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Executive's conviction of, or entry of a plea of guilty to, or entry of a plea of nolo contendere with respect to a felony;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Executive's act of fraud, dishonesty, misappropriation, theft, embezzlement, or intentional misrepresentation in connection with Executive's employment with Company or otherwise that is, or reasonably would be expected to be, materially injurious to the Company and its subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Executive's intentional or willful refusal to follow the reasonable, material, and lawful directions of the Board (excluding any failure resulting from Executive's death, disability, terminal condition, or failure to achieve a business objective following the expenditure by Executive of good faith commercially reasonable efforts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Executive's gross negligence or intentional misconduct which is, or reasonably would be expected to be, materially injurious to the Company and its subsidiaries taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Executive's breach of a fiduciary duty owed to the Company by Executive that has or reasonably would be expected to have a material detrimental effect on the Company and its subsidiaries taken as a whole.

Before any action or inaction described in the clauses above (excluding (ii)) may constitute "Cause", Executive must be provided with written notice thereof and thirty (30) days to cure the same if such action or inaction is curable. If such action or inaction is not curable, no advance notice is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Termination Without Cause</u>. Company may terminate Executive's employment under this Agreement at any time for any reason. Company's termination of Executive's employment under this Agreement other than a termination for Cause or a termination due to Executive's death or Disability will be considered a termination "without Cause" under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Termination by Executive</u>. Executive may terminate Executive's employment under this Agreement at any time for any reason, including but not limited to a Good Reason. For purposes of this Agreement, "Good Reason" means the occurrence of any of the following without Executive's consent:

i.Company materially breaches any term of this Agreement, and such breach causes or is likely to cause material harm to the Executive;

ii.A permanent change in Executive's responsibilities occurs that represents a material reduction or material adverse change from Executive's overall responsibilities, taken as a whole;

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iii.Company requires Executive to relocate Executive's principal place of employment to a location greater than fifty (50) miles from Executive's primary residence within the continental United States; or

iv.Executive's Base Salary or Annual Bonus target amount is substantially reduced or diminished.

Executive's termination for Good Reason occurs under this Agreement only if: (1) Executive provides written notice to the Company within 30 days after Executive becomes aware of circumstances giving rise to Good Reason; (2) Company fails to correct the circumstances giving rise to Good Reason within 30 days following Company's receipt of such notice ("Cure Period"); and (3) Executive resigns within 30 days following the end of the Cure Period. If Company cures the Good Reason condition during the Cure Period or Executive chooses not to resign, termination Good Reason will not occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Termination Notice</u>. Except for termination due to Executive's death, if either Party terminates Executive's employment under this Agreement, the terminating Party shall provide a written Termination Notice to the non-terminating Party ("Termination Notice").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Termination Date</u>. "Termination Date" means: (i) if Executive's employment is terminated by Executive's death, the date of Executive's death; (ii) if Company terminates Executive's employment for Cause or due to Executive's Disability, the date on which the Termination Notice is given; (iii) if Company terminates Executive's employment without Cause, the date on which a Termination Notice is given; (iv) if Executive terminates Executive's employment without Good Reason, 30 days after the date on which a Termination Notice is given; and (v) if Executive terminates Executive's employment with Good Reason, the date on which a timely Termination Notice is given after the end of the Cure Period. However, if Executive gives a Termination Notice to Company, Company may unilaterally accelerate the Termination Date, and such acceleration will not result in Company's termination for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation Upon Termination .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Termination Generally</u>. If Executive's employment with the Company is terminated for any reason, Company shall pay or provide to the Executive (or to Executive's authorized representative or estate) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any Base Salary and Annual Bonus earned through the Termination Date, outstanding reimbursable expenses, and earned, unused PTO that accrued through the Termination Date on or before the time required by law but in no event more than 30 days after the Executive's Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any vested benefits the Executive may have under Company's benefit plans for senior executive officers through the Termination Date, which vested benefits shall be paid or provided in accordance with the terms of such benefit plans

(collectively, "Accrued Benefits").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Termination Without Cause or with Good Reason</u>. If Company terminates Executive's employment without Cause or if Executive terminates Executive's employment with Good Reason, then Company shall pay Executive any Accrued Benefits. In addition, subject to Executive's continued compliance with the Confidentiality Agreement, Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property, and non-disparagement, in a form and manner satisfactory to the Company ("Separation Agreement and Release"), and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Company shall pay Executive an amount equal to six (6) months of the Executive's Base Salary in effect as of the Termination Date ("Severance Amount");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Company shall pay Executive a portion of the Annual Bonus, pro-rated through the Termination Date, calculated in accordance with Section 2(b) of this Agreement, except that for purposes of this Section only, "Performance Milestones" will only include Company

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performance metrics and will not include consideration of Executive's individual performance ("Severance Bonus"). Any Severance Bonus paid pursuant to this provision shall be paid at the same time and in the same manner as other employees under the same bonus plan are paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. If Executive was participating in any Company group health plan immediately prior to the Termination Date and elects COBRA health continuation, then Company shall pay to Executive a monthly cash payment for six (6) months or Executive's COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that Company would have made to provide health insurance to Executive if Executive had remained employed by Company.

Company shall pay out amounts payable under Section (b)(i) and (iii) in substantially equal installments in accordance with the Company's payroll practice over six (6) months commencing within sixty (60) days after the Termination Date; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, Company will begin to pay the Severance Amount in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment will include a catch-up payment to cover amounts retroactive to the day immediately following the Termination Date. Notwithstanding the foregoing or Section 2(b) of this Agreement, Company shall pay any Severance Bonus due under this Section within seventy-five (75) days of fiscal year end. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). Notwithstanding the foregoing, Executive is not entitled to any Severance Amount if Executive breaches the Confidentiality Agreement, or the confidentiality provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Section 280G.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In the event that it shall be determined that, for any taxable year, Executive would be subject to an excise tax under Section 4999 of the Code or other substitute or similar tax assessment ("Excise Tax") as a result of any payment (including, without limitation, any acceleration of vesting of any equity or equity-based awards, severance payments or any payments made pursuant to any benefit plan of Company applicable to Executive individually or generally to employees of Company) or distribution to or for the benefit of Executive from Company Group ("Payment"), Company will pay, or cause to be paid, to or on behalf of Executive an additional amount ("Gross-Up Payment"). The Gross-Up Payment will be an amount such that the net amount that Executive retains, after deduction of (i) the Excise Tax on the Payments, (ii) any federal, state, and local income tax and the Excise Tax upon the Gross-Up Payment, and (iii) any interest, penalties, or additions to tax payable by Executive with respect thereto, will be equal to the total present value (determined under Section 280G(d)(4) of the Code) of the Payments at the time such Payments are to be made, as determined by Company in good faith. The Gross-Up Payments are subject to tax withholding, and all or a portion may be withheld and paid over to the Internal Revenue Service ("IRS") or any other applicable taxing authority for Executive's benefit at the time when the Excise Tax is required to be withheld from any Payment to Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to the provisions of this Section 5(b), all determinations required to be made under this Section 5, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized certified accounting firm designated jointly by Company and Executive ("Consultant"); provided, however, if Company and Executive are unable to designate jointly the accounting firm, then the firm shall be the accounting firm used by Company at the time of the transaction giving rise to the Excise Tax. The Consultant shall provide detailed supporting calculations to the Parties within 20 business days following the consummation of a transaction or series of transactions to which Section 280G of the Code applies and within 20 business days following Executive's receipt of any other Payment (provided,

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that no additional report shall be provided for each payment of COBRA premiums, unless the cost of such premiums changes). All fees and expenses of the Consultant shall be borne solely by Company. For purposes of making the calculations required by this Section 5, the Consultant may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good-faith interpretations concerning the application of Sections 280G and 4999 of the Code. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Consultant under this Agreement, it is possible that Gross-Up Payments which will not have been made by Company should have been made ("Underpayment"), consistent with the calculations required to be made under this Agreement. If Company exhausts its remedies pursuant to Section 5(c) and Executive thereafter is required to make a payment of any Excise Tax, the Consultant shall determine the amount of the Underpayment that has occurred and any such Underpayment plus any applicable interest or penalties, and such amount shall be paid within ten (10) calendar days of such determination by Company to the IRS or any other applicable taxing authority for Executive's benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Executive shall notify Company in writing of any claim by the IRS that, if successful, would require the payment by Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than 10 business days after Executive is informed in writing of such claim and shall apprise Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which Executive gives such notice to Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Give Company any information reasonably requested by Company relating to such claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Take such action in connection with contesting such claim as Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by any attorney reasonably selected by Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Cooperate with Company in good faith in order effectively to contest such claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Permit Company to participate in any proceeding relating to such claim;

provided, however, that Company shall bear and pay directly all costs and expenses (including additional interest and penalties) in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 5(c), Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings, and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as Company shall determine; provided further, that if Company directs Executive to pay such claim and sue for a refund, Company shall advance the amount of such payment to Executive on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and provided further, that any extension of statute of limitations relating to payment of taxes for Executive's taxable year with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable under this Agreement and Executive shall be entitled to settle or contest, as the case

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may be, any other issue raised by the IRS or any other taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If, after the receipt by Executive of an amount advanced by Company pursuant to Section 5(b) or Section 5(c), Executive becomes entitled to receive, and receives, any refund with respect to such claim, Executive shall promptly pay to Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. If it is established pursuant to a final determination of a court or an IRS proceeding that the Excise Tax is less than the amount previously taken into account under this Agreement, Executive will repay Company the portion of the Gross-Up Payment attributable to such reduction plus any interest received by Executive pursuant to such final determination or from the IRS on the amount of such repayment; provided that if any such amount has been paid by Executive as an Excise Tax or other tax, Executive will cooperate with Company in seeking a refund of any tax overpayments, and Executive will not be required to make repayments to Company until the overpaid taxes and interest thereon are refunded to Executive. Executive will make the repayment to Company no later than 30 days after Executive's receipt of notice of such final determination or, if Executive paid such amounts to the IRS, 30 days after Executive receives a refund of such amounts from the IRS, if later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Section 409A .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Specified Employees</u>. Notwithstanding anything in this Agreement to the contrary, if at the time of the Executive's separation from service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended ("Code"), the Company determines that the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that Executive becomes entitled to under this Agreement on account of the Executive's separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of six months and one day after the Executive's separation from service, or the Executive's death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Reimbursements</u>. All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by Company or incurred by Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. Any payment or benefit paid to Executive hereunder in respect of reimbursement of taxes incurred by Executive shall be paid to Executive no later than the end of the calendar year following the year in which the related taxes are required to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Non-Qualified Deferred Compensation</u>. To the extent that any payment or benefit described in this Agreement constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive's termination of employment, then

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such payments or benefits shall be payable only upon the Executive's "separation from service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>General</u>. The intent of the Parties is that the payments and benefits provided pursuant to this Agreement shall be exempt from or comply with Section 409A of the Code, and this Agreement shall be administered in accordance with such intent. To the extent that any provision of this Agreement is ambiguous as to its compliance with or exemption from Section 409A of the Code, the provision shall be read in such a manner so that all payments under this Agreement comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). This Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations to preserve the payments and benefits provided hereunder without additional cost to either Party. Notwithstanding the foregoing, Company makes no representations or warranties that the payments and benefits provided under this Agreement comply with Section 409A of the Code or do not constitute deferred compensation under Section 409A of the Code, and Company shall not be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidential Information and Cooperation .** The Executive agrees that Executive shall be bound by the terms of the Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Executive agrees that all property (including, without limitation, all equipment, tangible proprietary information, documents, records, notes, contracts, and computer-generated materials) furnished to or created or prepared by Executive incident to Executive's employment or this Agreement belongs to Company, and Executive shall promptly return such property to the Company upon termination of Executive's employment or upon Company's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon termination of Executive's employment, Executive shall be deemed to have resigned from any offices and directorships Executive then held with the Company and its affiliates. Following any termination of employment, Executive shall reasonably cooperate with Company (i) in the winding up of pending work on Company's behalf and the orderly transfer of work to other employees, and (ii) in the defense of any action brought by any third party against the Company relating to Executive's employment by Company; provided, that in each case Company shall reimburse the Executive for any reasonable and documented out-of-pocket fees and expenses incurred by Executive in connection with such cooperation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Non-Solicitation of Employees**. Executive understands and acknowledges that Zynex has expended and continues to expend significant time and expense in recruiting and training its employees and that the loss of employees would cause Zynex significant and irreparable harm. During Employee's employment and for one (1) year following termination of Executive's employment with Zynex, Employee shall not actively, whether directly or indirectly, solicit or attempt to solicit, recruit, induce, encourage, or influence any employee, agent, or representative of Zynex, or any employee who has been employed by Zynex in the one (1) year preceding Employee's last day of employment at Zynex, to terminate their employment with Zynex without Zynex's express written consent. Executive shall not cause, by way of such direct or indirect inducement or attempted inducement, any employee, agent, or representative of Zynex to negatively alter their relationship with the Company. "Negatively alter" means to do any damage whatsoever, even minor, to the Company, with the term "damage" to be broadly construed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Publicity .** Executive irrevocably consents to any uses and displays by Company and its duly authorized agents, representatives and licensees, of Executive's name, voice, likeness, image, appearance, and biographical

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information in, on, or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other printed and electronic forms and media throughout the world, at any time during or after the Term, for all legitimate commercial and business purposes of the Company ("Permitted Uses") without further consent from or royalty, payment, or other compensation to Executive. Executive forever waives and releases the Company and its affiliates, and their directors, officers, employees, and agents from any and all claims, actions, damages, losses, costs, expenses, and liability of any kind, arising under any legal or equitable theory whatsoever at any time during or after the Term, arising directly or indirectly from the exercise of rights in connection with any Permitted Uses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Representations and Warranties.** Executive represents and warrants to Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Executive's acceptance of employment with Company and the performance of duties under this Agreement does not and will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Executive is a party or is otherwise bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Executive's acceptance of employment with Company and the performance of duties under this Agreement will not violate any non-solicitation, non-competition, or other similar covenant or agreement to which Executive is a party or otherwise bound, including agreements with prior employers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Arbitration of Disputes .** Any controversy or claim arising out of or relating to this Agreement, breach or this Agreement, or otherwise arising out of Executive's employment or the termination of employment, will be governed by the Mutual Agreement to Arbitrate attached to this Agreement as **EXHIBIT E** ("Arbitration Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Consent to Jurisdiction .** To the extent that any court action is permitted consistent with or to enforce the Arbitration Agreement, the Parties consent to the jurisdiction of the District Court of Douglas County, Colorado, and the United States District Court for the District of Colorado. With respect to any such court action, Executive submits to the personal jurisdiction of such courts, consents to service of process, and waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Integration .** This Agreement, together with any documents incorporated by reference into this Agreement, constitutes the entire agreement between the Parties with respect to the subject matter of this Agreement and supersedes all prior understandings and agreements between the Parties concerning such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Withholding .** All payments made by Company to Executive under this Agreement shall be net of any tax or other amounts required to be withheld by Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Enforceability .** If any part of this Agreement is declared illegal or unenforceable by a court of competent jurisdiction, the remainder of this Agreement will remain in full force and effect, and each part of this Agreement will be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Survival .** The provisions of this Agreement survive termination of this Agreement or the termination of Executive's employment to the extent necessary to effectuate the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Waiver .** No waiver of any provision of this Agreement is effective unless made in writing and signed by the waiving Party. Any Party's failure to require the performance of any term or obligation of this Agreement, or any Party's waiver of any breach of this Agreement, will not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Notices .** Any notice to be given under this Agreement shall be in writing and delivered personally or sent by overnight courier or registered or certified mail, postage prepaid, return receipt requested, addressed to the Party concerned at the address indicated below, or to such other address of which such party subsequently may give notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>To Executive:</u> 

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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To the address specified in the payroll records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>To Company:</u> 

Zynex, Inc.

ATTN: Board of Directors, Legal

9655 Maroon Circle

Englewood, Colorado 80112 USA

With a copy to: legal@zynex.com

Any notice delivered personally or by overnight courier shall be deemed given on the date delivered and any notice sent by registered or certified mail, postage prepaid, return receipt requested, shall be deemed given on the date mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** <u>Amendment</u>. This Agreement may be amended or modified only with approval of the Board and by a written instrument signed by the Executive and the Chair of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** <u>Governing Law</u>. This is a Colorado contract and shall be construed under and be governed in all respects by the laws of the State of Colorado, without giving effect to conflict of laws principles. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the District of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** <u>Interpretation, Headings</u>. As used in this Agreement, the use of the word "or" means "and/or." This Agreement employs the use of "they" as a singular or plural pronoun as context requires. Headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** <u>Successors and Assigns</u>. This Agreement is personal to Executive and Executive shall not assign this Agreement. Any purported assignment by the Executive is automatically void. Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and its permitted successors and assigns. Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Acknowledgement of Full Understanding . EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS FULLY READ, UNDERSTANDS, AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EXECUTIVE'S CHOICE BEFORE SIGNING THIS AGREEMENT.** 

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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The Parties have executed this Agreement as of the Effective Date.

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| | |
|:---|:---|
| &nbsp;&nbsp;**ZYNEX, INC.**<br>By: <u>/s/ MICHAEL D. CRESS</u>_________________<br>MICHAEL D. CRESS<br>Chair of the Compensation Committee <br>Board of Directors<br>Date: ___<u>8/18/2025</u>______________________ | &nbsp;&nbsp;**EXECUTIVE**<br>_<u>/s/ JOHN BIBB</u>______________________<br>JOHN BIBB, <br>an individual <br>Date: ___<u>8/18/2025</u>___________________ |

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**Exhibit 10.1**

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**EXHIBIT A**

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**EXHIBIT B**

**ZYNEX, INC. INDEMNIFICATION AGREEMENT**

This **INDEMNIFICATION AGREEMENT** ("**Agreement**"), dated as of August 18, 2025 ("**Effective Date**"), is by and between Zynex, Inc., a Nevada corporation ("**Company**") and John Bibb ("**Indemnitee**") (collectively, "**Parties**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Company expects Indemnitee to join Company as an officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Both Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Board of Directors of Company ()"**Board**") has determined that enhancing Company's ability to retain and attract the most capable persons as directors and officers is in Company's best interests, and Company therefore should seek to assure such persons that indemnification and insurance coverage is available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To provide Indemnitee with substantial protection against personal liability, procure Indemnitee's service as an officer of Company, enhance Indemnitee's ability to serve Company effectively, and provide such protection pursuant to express contract rights, Company wishes to provide in this Agreement for indemnification of, and advancement of Expenses to, Indemnitee as set forth in this Agreement and to the extent insurance is maintained for the continued coverage of Indemnitee under Company's directors' and officers' liability insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Parties intend this Agreement to supplement, not substitute, indemnification provided in the Constituent Documents, and this Agreement does not limit, diminish, or abrogate any Indemnitee rights under the Constituent Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Parties intend this Agreement to be enforceable irrespective of any changes to the Constituent Documents, the composition of the Board, or control or business combination transaction relating to Company.

The Parties agree as follows:

<u>Definitions</u>. In this Agreement, the following terms have the following meanings:

"**Beneficial Owner**" means the term "beneficial owner" as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended ("**Exchange Act**").

"**Change in Control**" means the occurrence of any of the following events after the Effective Date:

any Person, excluding the Sandgaard Group, becomes the Beneficial Owner, directly or indirectly, of securities of Company representing thirty percent (30%) or more of the combined voting power of the Company's then outstanding Voting Securities, unless the change in relative Beneficial Ownership of Company's securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

the effective date of a reorganization, merger, or consolidation, other than a reorganization, merger, or consolidation in which the Voting Securities of Company outstanding immediately prior to such transaction will continue to represent (either by remaining outstanding or being converted into voting securities of the surviving entity), fifty percent (50%) or more of the combined voting power of the outstanding voting securities of the entity resulting from such transaction outstanding immediately after

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such transaction and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by Company's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

the stockholders of Company approve a plan of complete liquidation or dissolution of Company or an agreement for the sale or disposition by Company of all or substantially all of Company's assets.

"**Claim**" means any threatened, pending, or completed action, suit, proceeding, arbitration, mediation, alternative dispute resolution mechanism, investigation, inquiry, administrative hearing, or proceeding (including those brought by or in the right of the Company, civil, criminal, administrative, arbitrative, appellate, investigative, formal, informal, or otherwise; pursuant to foreign, federal, state, local, or other law or regulation; and those pending as of the Effective Date in which Indemnitee was, is, or will be involved as a party, potential party, non-party witness, or otherwise) arising by reason of the fact that Indemnitee is or was a director, officer, employee, or agent of Company or any subsidiary of Company, or is or was serving at the request of Company as a director, officer, employee, member, manager, trustee, or agent of any other corporation, limited liability company, partnership, joint venture, trust, or other entity or enterprise (collectively with Company, "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification or advancement of expense can be provided under this Agreement).

"**Constituent Documents**" means Company's Articles of Incorporation and Bylaws, as amended.

"**Disinterested Director**" means a director of Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

"**Expenses**" means any and all reasonable expenses, including attorneys' and experts' fees, retainers, witness fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, postage, delivery fees and all other costs, disbursements and expenses of the types incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness, or participate in, any Claim. Expenses also include (i) expenses incurred in connection with any appeal resulting from any Claim, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 5 of this Agreement only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement, or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

"**Expense Advance**" means any payment of Expenses advanced to Indemnitee by Company pursuant to Section 4 or Section 5 of this Agreement.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five (5) years has performed, services for either: (i) Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other Company indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification under this Agreement. Notwithstanding the foregoing, the term "Independent Counsel" does not include any person who, under the applicable standards of professional conduct, would have a conflict of interest

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in representing either Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal, or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness, or participate in, any Claim.

"**Nevada Court**" means the District Court of the State of Nevada, Clark County, or the business court of the State of Nevada, if the State of Nevada establishes such a court.

"**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity, or other entity, and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

"**Sandgaard Group**" means (i) Thomas Sandgaard, who as of the Effective Date is a director of Company and a beneficial owner of 30% or more of Company's common stock; (ii) any affiliate, as defined in Rule 12b-2 under the Exchange Act; (iii) a Related Party of Mr. Sandgaard; and (iv) any transferee of common stock owned beneficially by any person described in the foregoing clauses that is approved in advance of a transfer by a majority of the Board of Directors of Company. For this purpose, "**Related Party**" means: (i) a spouse, children (by blood or adoption), and other descendants (by blood or adoption); (ii) any trust primarily for the benefit of Mr. Sandgaard or any of the persons described in clause (i), including the Sandgaard Family Trust; (iii) any entity owned beneficially entirely by Mr. Sandgaard, parties described in clause (i), or parties described in clause (ii), including Sandgaard Holdings LLC; and (iv) in the case of the death of Mr. Sandgaard or any party that was a Related Party immediately prior to the person's death, the heirs, legatees, devisees, distributees, personal representatives, or estate of the deceased person, whether by will or intestacy.

"**Standard of Conduct Determination**" shall have the meaning ascribed to it in Section 9(b) of this Agreement.

"**Voting Securities**" means any securities of Company that vote generally in the election of directors.

<u>Services to Company</u>. Indemnitee agrees to serve as a director or officer of Company, or at Company's request as a director, officer, employee, member, manager, trustee, or agent of an Enterprise, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders their resignation, is removed from such position, or is otherwise no longer serving in such capacity. This Agreement is not an employment agreement between Indemnitee and Company, any of Company's subsidiaries, or Enterprise. Indemnitee specifically acknowledges that their service to Company, any of Company's subsidiaries, or Enterprise is at will and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment agreement between Indemnitee and Company, any of Company's subsidiaries, or Enterprise, other applicable formal severance policies duly adopted by the Board or, with respect to service as a director or officer of Company, by Company's Constituent Documents or the laws of the State of Nevada. This Agreement continues in force after Indemnitee has ceased to serve as a director or officer of Company or, at the request of Company, of any of its subsidiaries or Enterprise, as provided in Section 12 of this Agreement.

<u>Indemnification</u>. Subject to Sections 9 and 10 of this Agreement, Company shall indemnify Indemnitee, to the fullest extent permitted by the applicable law, against all Losses, if Indemnitee was, is, or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim, including Claims brought by or in the right of Company, Claims brought by third parties, and Claims in which Indemnitee is solely a witness.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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<u>Advancement of Expenses</u>. Indemnitee may obtain advancement by Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct or the availability of insurance coverage. Without limiting the generality or effect of the foregoing, within ten (10) business days after receipt of any request by Indemnitee, Company shall either, in accordance with such request, (a) pay such Expenses on Indemnitee's behalf, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee is not required to provide any documentation or information that would undermine or otherwise jeopardize attorney-client privilege. In connection with any request for Expense Advances, Indemnitee shall execute and deliver to Company an undertaking (which need not reference Indemnitee's ability to repay the Expense Advances), in the form of **Exhibit A** attached to this Agreement, to repay any amounts paid, advanced, or reimbursed by Company for such Expenses if and to the extent it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification by the Company. Indemnitee's obligation to reimburse Company for Expense Advances will be unsecured and without interest charged.

<u>Indemnification for Expenses in Enforcing Rights</u>. To the fullest extent allowed under applicable law, Company shall indemnify against, and, if requested by Indemnitee, advance to Indemnitee subject to and in accordance with Section 4 of this Agreement, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification, reimbursement, or advancement of Expenses by Company under this Agreement, or under any other agreement or provision of the Constituent Documents relating to Claims, or (b) recovery under any directors' and officers' liability insurance policies maintained by Company. However, if Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, Indemnitee shall repay to Company all amounts advanced under this Section 5, provided Indemnitee's obligations to repay such amounts will be unsecured and without interest charged. Company is not required to indemnify or advance funds to Indemnitee, and Indemnitee shall reimburse Company for any such funds paid, if a court of competent jurisdiction determines that such action brought by Indemnitee was frivolous or not made in good faith.

<u>Partial Indemnity</u>. If Indemnitee is entitled to indemnification by Company under this Agreement for a portion of any Losses in respect of a Claim, but not for the total amount of Losses, Company shall indemnify Indemnitee for the portion of Losses to which Indemnitee is entitled.

<u>Notification and Defense of Claims</u>.

<u>Notification of Claims</u>. Indemnitee shall notify Company in writing as soon as practicable of any Claim or potential Claim. Indemnitee shall include in the notice a brief description of the nature and underlying facts of such Claim, based on information available to Indemnitee. Indemnitee's failure to timely notify Company does not relieve Company of its obligations under this Agreement, unless such failure materially prejudices Company.

<u>Notice to Insurance</u>. If at the time of the receipt of such notice, Company has directors' and officers' liability insurance in effect under which coverage for Claims is potentially available, Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. Following Indemnitee's request, Company shall provide Indemnitee a copy of such notice to and correspondence between applicable insurers regarding the Claim.

<u>Defense of Claims</u>. Company may participate in the defense of any Claim at its own expense and, except as otherwise provided below, Company may assume the defense of the Claim in Company's sole discretion. After Company provides notice to Indemnitee of such election, Company will not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee may continue to employ its own legal counsel in such Claim at Indemnitee's own expense. However, Indemnitee may

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retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and Company shall bear all Expenses related to such separate counsel if: (i) Company has provided written authorization of Indemnitee's employment of their own legal counsel at Company's expense; (ii) Indemnitee has reasonably determined a conflict of interest may exist between Indemnitee and Company in the defense of such Claim; (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel; or (iv) Company has not retained counsel to defend such Claim within sixty (60) calendar days of Company's receipt of notice from Indemnitee.

<u>Application for Indemnification</u>. In addition to the notice required under Section 7 of this Agreement, to obtain indemnification pursuant to this Agreement, Indemnitee must submit a written request for indemnification to Company that includes documentation and information reasonably available to Indemnitee and reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following final disposition of the Claim. Company shall indemnify Indemnitee insofar as Company determines Indemnitee is entitled to indemnification in accordance with Section 9 of this Agreement.

<u>Determination of Right to Indemnification</u>.

<u>Mandatory Indemnification; Indemnification as a Witness</u>.

If Indemnitee is successful in whole or in part on the merits or otherwise in defense of any Claim or in defense of any issue or matter in the Claim, including dismissal without prejudice, Company shall indemnify Indemnitee against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law.

If Indemnitee's involvement in a Claim is to prepare to serve and serve as a witness, and not as a party, Company shall indemnify Indemnitee against all Losses incurred in connection with such preparation and service as a witness to the fullest extent allowable by law.

<u>Standard of Conduct</u>. If Section 9(a) of this Agreement does not apply to a finally disposed Claim, any determination that Indemnitee has satisfied an applicable standard of conduct under the laws of the State of Nevada that is a legally required condition to indemnification or that Expense Advances must be repaid to Company ("**Standard of Conduct Determination**") shall be made as follows:

if a Change in Control has not occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, or (C) if there are no such Disinterested Directors or if such Disinterested Directors so direct, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

if a Change in Control has occurred, (A) if Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, or (B) by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, reimburse or advance to Indemnitee, within ten (10) business days of receipt of such request, all Expenses incurred by Indemnitee in cooperating with the person or persons making such Standard of Conduct Determination.

<u>Making the Standard of Conduct Determination</u>. Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the person(s)

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designated to make the Standard of Conduct Determination under Section 9(b) do not make a determination within 30 days after the later of (A) Company's receipt of Indemnitee's written request for indemnification pursuant to Section 8 of this Agreement ("**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, and then Indemnitee will be deemed to have satisfied the applicable standard of conduct unless an extension is available. Such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person(s) making such determination in good faith require additional time to obtain or evaluate relevant information. No determination on Indemnitee's entitlement to indemnification under this Agreement is required prior to the final disposition of any Claim.

<u>Payment of Indemnification</u>. If, regarding any Losses:

Indemnitee is entitled to indemnification pursuant to Section 9(a);

no Standard Conduct Determination is legally required as a condition to indemnification under this Agreement; or

Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

then Company shall pay to Indemnitee, within five (5) business days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criteria specified in clauses (i), (ii), or (iii) are satisfied, an amount equal to such Losses.

<u>Independent Counsel Selection for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel, the Board shall select Independent Counsel, and Company shall notify Indemnitee in writing of the identity of Independent Counsel. Indemnitee may, within ten calendar days after receiving written notice of selection, deliver to Company a written objection to such selection specifying with particularity the factual basis of the objection; provided Indemnitee may assert such objection only on the ground that selected counsel does not satisfy the criteria set forth in the definition of "Independent Counsel" in this Agreement. Absent a proper and timely objection, the person or firm selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the selected counsel may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit; and (ii) the Board may select an alternative Independent Counsel in accordance with the provisions of this Section. If applicable, the selection and objection provisions of this Section apply to successive alternative selections. If no Independent Counsel is selected within 20 days after Company gives its initial notice of selection, either Company or Indemnitee may petition the Nevada Court to resolve any objection to the selection of Independent Counsel or to appoint Independent Counsel selected by the Court or such other person as the Court shall designate. Company shall pay all Independent Counsel's reasonable fees and expenses incurred in connection with Independent Counsel's determination.

Presumptions and Defenses.

<u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and Company shall have the burden of proof to overcome that presumption and establish Indemnitee is not so entitled. Indemnitee may challenge in Nevada Court any Standard of Conduct Determination adverse to Indemnitee. Company's determination (including a determination by its directors or Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may not be used as a defense to any legal proceedings brought by Indemnitee to

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secure indemnification or reimbursement or advance payment of Expenses by Company under this Agreement or create a presumption that Indemnitee has not met any applicable standard of conduct.

<u>Reliance as a Safe Harbor</u>. Without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be presumed to have acted in good faith and in a manner they reasonably believe to be in or not opposed to Company's best interests under this Agreement if Indemnitee's actions or omissions are taken in good faith reliance on Company records, including its financial statements, or on information, opinions, reports, or statements furnished to Indemnitee by Company officers or employees or any of Company's subsidiaries in the course of their duties, or by Board committees or by any other Person (including legal counsel, accountants, and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of Company. In addition, the knowledge, actions, or omissions of any Company director, officer, agent, or employee will not be imputed to Indemnitee for purposes of determining the right to indemnity under this Agreement.

<u>No Other Presumptions</u>. The termination of any Claim by judgment, order, settlement (with or without court approval), conviction, or a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification under this Agreement is otherwise not permitted.

<u>Defense to Indemnification and Burden of Proof</u>. Company may bring as a defense to any action brought by Indemnitee to enforce this Agreement (other than an action to enforce a claim for Losses incurred in defending against a Claim in advance of its final disposition) that applicable law does not permit Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, Company shall bear the burden of proving such a defense or that Indemnitee did not satisfy the applicable standard of conduct.

<u>Resolution of Claims</u>. Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption, and uncertainty.

<u>Exclusions from Indemnification</u>. Notwithstanding anything in this Agreement to the contrary, Company is not obligated to:

indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against Company or its directors, officers, employees, or other indemnitees and not by way of defense, except:

funds owed under proceedings referenced in Section 5 of this Agreement; or

proceedings that Company has joined, or that the Board has consented to initiating;

indemnify Indemnitee if a final decision by a court of competent jurisdiction determines such indemnification is prohibited by applicable law;

indemnify or advance funds to Indemnitee for the disgorgement of profits arising from Indemnitee's purchase or sale of Company securities in violation of Section 16(b) of the Exchange Act, or any similar successor statute;

indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to Company of any bonus or other incentive- or equity-based compensation Indemnitee previously received, or payment of any profits Indemnitee realized from the sale of Company securities, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 ("**SOX**") in connection with an accounting

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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restatement of Company or under any Company clawback policy adopted to comply with Rule 10D-1 under the Exchange Act and applicable stock exchange listing requirements, or payment to Company of profits arising from Indemnitee's purchase or sale of securities in violation of Section 306 of SOX).

The Parties acknowledge that in certain circumstances, federal law or applicable public policy may prohibit Company from indemnifying its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that Company has undertaken, or may be required in the future to undertake, with the Securities and Exchange Commission to submit a question of indemnification to a court of competent jurisdiction in certain circumstances to determine Company's right under public policy to indemnify Indemnitee.

<u>Settlement of Claims</u>. Company is not liable to Indemnitee under this Agreement for amounts paid to settle any Claim effected without Company's prior written consent, not to be unreasonably withheld; provided, however, that if a Change in Control has occurred, Company shall indemnify Indemnitee for amounts paid in settlement if Independent Counsel approved the settlement. Company shall not settle any Claim in any manner that would impose Losses on Indemnitee without Indemnitee's prior written consent.

<u>Duration</u>. The terms and conditions of this Agreement remain in effect while Indemnitee serves as a director or officer of Company (or at Company's request as a director, officer, employee, member, trustee, or agent of another Enterprise) and continue during and after such service (i) for so long as Indemnitee may be subject to any possible Claim, including any appeal rights, and (ii) throughout the pendency of any proceeding, including any appeal rights, Indemnitee commences to enforce or interpret their rights under this Agreement.

<u>Non-Exclusivity</u>. Indemnitee's rights under this Agreement are in addition to any other rights Indemnitee may have under the Constituent Documents, the Nevada Business Corporation Act, any other contract, or otherwise (collectively, "**Other Indemnity Provisions**"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right under this Agreement, and (b) if any change is made to any Other Indemnity Provision that permits any greater right to indemnification than that provided under this Agreement as of the date of this Agreement, Indemnitee will be deemed to have such greater right under this Agreement. Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish, or encumber Indemnitee's right to indemnification under this Agreement or any Other Indemnity Provision.

<u>Liability Insurance</u>. During Indemnitee's service as a director or officer of Company, and after such service for so long as Indemnitee is subject to any pending Claim, Company shall use commercially reasonable efforts (considering the scope and amount of coverage available relative to cost) to maintain in effect policies of directors' and officers' liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided by Company's current policies of directors' and officers' liability insurance. In all policies of directors' and officers' liability insurance maintained by Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of Company's directors, if Indemnitee is a director, or of Company's officers, if Indemnitee is an officer and not a director by such policy. Upon request, Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations, endorsements, and other related materials.

<u>No Duplicate Payments</u>. Company is not obligated under this Agreement to make any payment to Indemnitee for any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions, or otherwise of the amounts otherwise indemnifiable by Company under this Agreement.

<u>Subrogation</u>. If Company makes a payment to Indemnitee under this Agreement, Company will be subrogated to the extent of such payment to all Indemnitee's rights of recovery. Indemnitee shall execute all papers required and shall do everything

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that may be necessary to secure such rights, including executing such documents necessary to enable Company to effectively to bring suit to enforce such rights.

<u>Amendments</u>. Any supplement, modification, or amendment of this Agreement must be executed in writing by both Parties. Any waiver of the provisions of this Agreement must be in writing signed by the Party against whom enforcement is sought, such waiver does not operate as a waiver of any other provision of this Agreement and does not constitute a continuing waiver. A Party's failure or delay in exercising any right or remedy under this Agreement does not constitute a waiver of such right or remedy, except as specifically provided in this Agreement.

<u>Binding Effect</u>. This Agreement is binding on, inures to the benefit of, and is enforceable by the Parties and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of Company's business or assets), assigns, spouses, heirs, and personal and legal representatives. Company shall ensure any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all, substantially all, or a substantial part of the business or assets of Company, by written agreement in form and substances satisfactory to Indemnitee, expressly assumes and agrees to perform this Agreement in the same manner and to the same extent that Company would be required to perform if no such succession had taken place.

<u>Severability</u>. If all or part of any provision of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void, or otherwise unenforceable, the remaining provisions of the Agreement remain enforceable to the fullest extent permitted by law. Upon such determination that any provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement in a mutually acceptable manner to effect the Parties' original intent as closely as possible.

<u>Notices</u>. The Parties shall make all notices, requests, demands, and other communications under this Agreement in writing, which are duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified, or registered mail:

If to Indemnitee, to the address set forth on the signature page of this Agreement.

If to Company, to:

Zynex, Inc.

Attn: Julia Thibault, General Counsel

9655 Maroon Cir.

Englewood, CO 80112

The Parties shall provide any notice of change of address in accordance with this Section. All notices complying with this Section are considered received on the date of hand delivery or on the third business day after mailing.

<u>Governing Law and Forum</u>. This Agreement is governed by, construed, and enforced in accordance with the laws of the State of Nevada without effect to conflicts of laws principles. The Parties irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Nevada Court and not in any other state or federal court in the United States, (b) consent to submit to the exclusive jurisdiction of the Nevada Court for purposes of any action or proceeding arising out of or in connection with this Agreement, and (c) waive, and agree not to plead or make, any claim that the Nevada Court lacks venue or that any such action or proceeding brought in the Nevada Court has been brought in an improper or inconvenient forum.

<u>Headings</u> <u>and Interpretation</u>. This Agreement's headings are for convenience only, do not constitute part of this Agreement, and do not affect its construction or interpretation. As used in this Agreement, use of the word "or" is not exclusive, "they" is used as a singular or plural pronoun as context requires, and use of "including" or similar words means "including, without limitation."

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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<u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

[signature page follows]

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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The Parties have executed this Agreement as of the Effective Date.

**ZYNEX, INC.**

By: __________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael D. Cress

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chair of the Compensation Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Directors

Date: ________________________________

**INDEMNITEE**

_____________________________________

John Bibb, an individual

Date: ________________________________

Address:

_____________________________________

_____________________________________

_____________________________________

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**Exhibit A to indemnification Agreement**

**FORM OF UNDERTAKING TO REPAY ADVANCEMENT OF EXPENSES**

[Letterhead of Indemnitee]

[Date]

To: Board of Directors

Zynex, Inc.

c/o General Counsel/Corporate Secretary

Ladies and Gentlemen:

This undertaking is being provided pursuant to the resolution(s) of the Board of Directors of Zynex, Inc. ("Company"), dated [Date of Resolution(s)] (the "Resolution(s)"), pursuant to which I am entitled to advancement of expenses in connection with that certain [claim description, including, if applicable, name of adverse parties or government agency, venue, case number, parties involved] (the "Claim").

I am subject to the Claim by reason of my status as an officer, director and employee, of Company and certain of its subsidiaries or by reason of alleged actions or omissions by me in such capacity. During the period of time to which the Claim relates, I was [an officer and/or director] of Company. Pursuant to the Resolution(s), Company has agreed to advance out-of-pockets costs and expenses that are actually and reasonably incurred by or for me in connection with the Claim, including attorneys' fees and certain other costs, provided that I execute and submit to Company this undertaking in which I undertake to repay any such expenses paid by Company on my behalf, if it shall be ultimately determined that I am not entitled to be indemnified therefor.

This letter shall constitute my undertaking to repay to Company any expenses paid by it on my behalf in connection with the Claim if it is ultimately determined that I am not entitled to be indemnified with respect to such expenses as set forth above.

Sincerely,

[Indemnitee]

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**EXHIBIT C**

**ZYNEX, INC.**

**CLAWBACK POLICY**

**EFFECTIVE November 28, 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purpose</u>. The purpose of this Zynex Inc. (the " <u>Company</u> ") Clawback Policy (this " <u>Policy</u> ") is to enable the Company to recover Erroneously Awarded Compensation from Covered Executive Officers in the event that the Company is required to prepare an Accounting Restatement. This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as codified in Section 10D of the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "), Rule10D-1 promulgated under the Exchange Act (" <u>Rule 10D-1</u> ") and Listing Rule 5608 of the corporate governance rules of The Nasdaq Stock Market (" <u>Nasdaq</u> ") (the " <u>Listing Standards").</u> Unless otherwise defined in this Policy, capitalized terms shall have the meaning ascribed to such terms in <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Definitions</u>. As used in this Policy, the following capitalized terms shall have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. " <u>Accounting Restatement</u> " means an accounting restatement of the Company's financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (i.e., a "Big R" restatement), or to correct an error that is not material to the previously issued financial statements, but that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (i.e., a "little r" restatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. " <u>Accounting Restatement Date</u> " means the earlier to occur of (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if the Board's action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement and (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. " <u>Applicable Period</u> " means, with respect to any Accounting Restatement, the three completed fiscal years immediately preceding the Accounting Restatement Date, as well as any transition period (that results from a change in the Company's fiscal year) within or immediately following those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a completed fiscal year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. " <u>Board</u> " means the board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. " <u>Code</u> " means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code or regulation thereunder includes such section or regulation, any valid regulation or other official guidance promulgated under such section, and any comparable provision of any future legislation regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. " <u>Covered Executive Officer</u> " means an individual who is currently or previously served as the Company's principal executive officer, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), vice president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), an officer who performs(or performed) a policy-making function, or any other person who performs (or performed) similar policy-making functions for the Company or is otherwise determined to be an executive officer of the Company pursuant to Item 401(b) of Regulation S-K. An executive officer of the Company's parent or subsidiary is deemed a "Covered Executive Officer" if the executive officer performs (or performed) such policy- making functions for the Company.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. " <u>Erroneously Awarded Compensation</u> " means, in the event of an Accounting Restatement, the amount of Incentive-Based Compensation previously received that exceeds the amount of Incentive-Based Compensation that otherwise would have been received had it been determined based on the restated amounts in such Accounting Restatement, and must be computed without regard to any taxes paid by the relevant Covered Executive Officer; provided, however, that for Incentive-Based Compensation based on stock price or total stockholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement: (i) the amount of Erroneously Awarded Compensation must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total stockholder return upon which the Incentive-Based Compensation was received and (ii) the Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. " <u>Financial Reporting Measure</u> " means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements and any measure that is derived wholly or in part from such measure. A Financial Reporting Measure is not required to be presented within the Company's financial statements or included in a filing with the U.S. Securities and Exchange Commission to qualify as a "Financial Reporting Measure."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. " <u>Incentive-Based Compensation</u> " means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive-Based Compensation is deemed "received" for purposes of this Policy in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Administration</u>. This Policy shall be administered by the Board, the Compensation Committee of the Board (the " <u>Compensation Committee</u> "), the Audit Committee of the Board (the " <u>Audit Committee</u> ") or a special committee comprised of members of the Compensation Committee and Audit Committee. For purposes of this Policy, the body charged with administering this Policy shall be referred to herein as the " <u>Administrator</u>." The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate or advisable for the administration of this Policy, in each case, to the extent permitted under the Listing Standards and in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code. All determinations and decisions made by the Administrator pursuant to the provisions of this Policy shall be final, conclusive and binding on all persons, including the Company, its affiliates, its stockholders and Covered Executive Officers, and need not be uniform with respect to each person covered by this Policy.

In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board or such other committees of the Board as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee). Any action or inaction by the Administrator with respect to a Covered Executive Officer under this Policy in no way limits the Administrator's decision to act or not to act with respect to any other Covered Executive Officer under this Policy or under any similar policy, agreement or arrangement, nor shall any such action or inaction serve as a waiver of any rights the Company may have against any Covered Executive Officer other than as set forth in this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Application of this Policy</u>. This Policy applies to all Incentive-Based Compensation received by a person: (a) after beginning service as a Covered Executive Officer; (b) who served as a Covered Executive Officer at any time during the performance period for such Incentive-Based Compensation; (c) while the Company had a listed class of securities on a national securities exchange; and (d) during the Applicable Period. For the avoidance of doubt, Incentive-Based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered received

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when the relevant Financial Reporting Measure is achieved, even if the Incentive-Based Compensation continues to be subject to the service-based vesting condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Recovery Erroneously Awarded Compensation</u>. In the event of an Accounting Restatement, the Company must recover Erroneously Awarded Compensation reasonably promptly, in amounts determined pursuant to this Policy. The Company's obligation to recover Erroneously Awarded Compensation is not dependent on the filing of restated financial statements. Recovery under this Policy with respect to a Covered Executive Officer shall not require the finding of any misconduct by such Covered Executive Officer or such Covered Executive Officer being found responsible for the accounting error leading to an Accounting Restatement. In the event of an Accounting Restatement, the method for recouping Erroneously Awarded Compensation shall be determined by the Administrator in its sole and absolute discretion, to the extent permitted under the Listing Standards and incompliance with (or pursuant to an exemption from the application of) Section 409A of the Code.

Recovery may include, without limitation, (i) reimbursement of all or a portion of any incentive compensation award, (ii) cancellation of incentive compensation awards and (iii) any other method authorized by applicable law or contract.

The Company is authorized and directed pursuant to this Policy to recover Erroneously Awarded Compensation in compliance with this Policy unless the Compensation Committee has determined that recovery would be impracticable solely for the following limited reasons, and subject to the following procedural and disclosure requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The direct expenses paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered. Before reaching such conclusion, the Administrator must make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to recover, and provide that documentation to Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Recovery would violate home country law where that law was adopted prior to November 28, 2022. Before reaching such conclusion, the Administrator must obtain an opinion of home country counsel, acceptable to Nasdaq, that recovery would result in such a violation, and must provide such opinion to Nasdaq; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a)of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Prohibition on Indemnification and Insurance Reimbursement</u>. The Company is prohibited from indemnifying any Covered Executive Officer against the loss of any Erroneously Awarded Compensation. Further, the Company is prohibited from paying or reimbursing a Covered Executive Officer for the cost of purchasing insurance to cover any such loss. The Company is also prohibited from entering into any agreement or arrangement whereby this Policy would not apply or fail to be enforced against a Covered Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Required Policy-Related Disclosure and Filings</u>. The Company shall file all disclosures with respect to this Policy in accordance with the requirements of the federal securities laws, including disclosures required by U.S. Securities and Exchange Commission filings. A copy of this Policy and any amendments hereto shall be posted on the Company's website and filed as an exhibit to the Company's annual report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Acknowledgement</u>. Each Covered Executive Officer shall sign and return to the Company within thirty (30)calendar days following the later of (i) the effective date of this Policy set forth below or (ii) the date such individual becomes a Covered Executive Officer, the Acknowledgement Form attached hereto as Exhibit A, pursuant to which the Covered Executive Officer agrees to be bound by, and to comply with, the terms and conditions of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendment</u>; Termination. The Board may amend this Policy from time to time in its sole and absolute discretion and shall amend this Policy as it deems necessary to reflect the Listing Standards or to comply with (or maintain an exemption from

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the application of) Section 409A of the Code. The Board may terminate this Policy at anytime; <u>provided</u>, that the termination of this Policy would not cause the Company to violate any federal securities laws, or rules promulgated by the U.S. Securities and Exchange Commission or the Listing Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Other Recovery Obligations; General Rights</u>. The Board intends that this Policy shall be applied to the fullest extent of the law. To the extent that the application of this Policy would provide for recovery of Incentive- Based Compensation that the Company already recovered pursuant to Section 304 of the Sarbanes-Oxley Act or other recovery obligations, any such amount recovered from a Covered Executive Officer will be credited to any recovery required under this Policy in respect of such Covered Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Effective Date</u>. This Policy shall be effective as of November 28, 2023. The terms of this Policy shall apply to any Incentive-Based Compensation that is received by Covered Executive Officers on or after October 2, 2023, even if such Incentive-Based Compensation was approved, awarded or granted to Covered Executive Officers prior to such date.

This Policy shall not limit the rights of the Company to take any other actions or pursue other remedies that the Company may deem appropriate under the circumstances and under applicable law, in each case, to the extent permitted under the Listing Standards and in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code.

This Policy is binding and enforceable against all Covered Executive Officers and their beneficiaries, heirs, executors, administrators or other legal representatives.

**EXHIBIT A TO CLAWBACK POLICY**

**ZYNEX, INC. CLAWBACK POLICY**

**ACKNOWLEDGEMENT FORM**

By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy of the Zynex, Inc. (the "Company") Clawback Policy (the "Policy").

By signing this Acknowledgement Form, the undersigned acknowledges and agrees that the undersigned is and will continue to be subject to the Policy and that the Policy will apply both during and after the undersigned's employment or service with the Company. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation (as defined in the Policy) to the Company to the extent required by, and in a manner consistent with, the Policy.

**EXECUTIVE OFFICER**

Signature _____________________________________

John Bibb

Date _________________________________________

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**EXHIBIT D**

**CONFIDENTIALITY, PROPRIETARY RIGHTS, AND EMPLOYEE NON-SOLICITATION AGREEMENT**

This **CONFIDENTIALITY, PROPRIETARY RIGHTS, AND EMPLOYEE NON-SOLICITATION AGREEMENT** ("Agreement") is made between the undersigned ("Employee") and Zynex, Inc. and its affiliates ("Zynex") (collectively, "Parties"), as of the date of Employee's signature below ("Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Zynex has invested significant time, effort, and resources into developing its valuable Confidential Information, Trade Secrets, and other proprietary material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Together with the Employment Agreement between Employee and Zynex into which this Agreement is incorporated, to protect this information and ensure that it remains secure, Zynex requires all employees to agree to certain guidelines regarding confidentiality and ownership of intellectual property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement also helps to prevent the improper use of Zynex's Confidential Information and Trade Secrets, which ensures the continued success of the business.

In consideration of Employee's employment with Zynex, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Confidentiality .** Employee understands and acknowledges that during Employee's employment with Zynex, Employee will create, have access to, and learn about confidential, secret, and proprietary documents, materials, data, and other information in any form relating to Zynex and its businesses ("Confidential Information"). Employee further understands and acknowledges that Confidential Information is of great importance and commercial value to Zynex, and that any improper use or disclosure of Confidential Information will cause Zynex irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Definitions</u>. "Confidential Information" includes, but is not limited to, all information not generally known to the public, in spoken, printed, electronic, or any other form, relating to Zynex trade secrets, documents, lists, processes, practices, strategies, plans, services, operations, communications, contact information, personal information, protected health information, patients, payors, providers, employees, personnel, customers, contracts, partners, suppliers, vendors, manufacturing, sales, marketing, pricing, billing, billing systems, operating systems, software, data, research, development, engineering, testing, results, technology, devices, supplies, products, inventions, unpublished patent applications, legal matters, internal controls, finance, accounting, investors, and any other confidential or proprietary information of Zynex. "Confidential Information" does not include: (i) information that arises from Employee's general training, knowledge, skill, or experience, whether gained on the job or otherwise; (ii) information that is readily ascertainable to the public; (iii) information Employee otherwise has a right to disclose as legally protected conduct; or (iv) information regarding any alleged discriminatory or unfair employment practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Employee Obligations</u>. Employee shall preserve the confidentiality of all Confidential Information in accordance with this Agreement, Zynex policy, and applicable law. **EMPLOYEE UNDERSTANDS AND ACKNOWLEDGES THAT EMPLOYEE'S OBLIGATIONS UNDER THIS AGREEMENT BEGIN IMMEDIATELY UPON EMPLOYEE FIRST HAVING ACCESS TO CONFIDENTIAL INFORMATION AND CONTINUE BOTH** 

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**DURING AND AFTER EMPLOYEE'S EMPLOYMENT WITH ZYNEX.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employee shall not, directly or indirectly, use or disclose Confidential Information except as required and duly authorized in the scope of their employment with Zynex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Employee shall not access or use any Confidential Information, copy any records containing any Confidential Information, or remove any such records from the premises or control of Zynex except as required and duly authorized in the scope of their employment with Zynex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Employee shall not allow and shall promptly report any suspected unauthorized use or disclosure or improper handling of Confidential Information by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Following termination of employment, Employee shall return all Confidential Information in the Employee's possession or under the Employee's control to Zynex and shall otherwise continue to maintain the confidentiality of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Employee shall not make an improper or unauthorized use or disclosure of confidential and proprietary information of other companies or individuals, including Employee's former employers and Zynex's competitors. Employee shall not use improper means to seek confidential or proprietary information about another company and may not reveal to Zynex or Zynex personnel any confidential or proprietary information of another company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Permitted Disclosures</u>. Nothing in this Agreement prevents disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency. Nothing in this Agreement prevents disclosure of Confidential Information as legally protected conduct, such as disclosure of alleged discriminatory or unfair labor practices or alleged sexual assault or sexual harassment, exercise of Employee rights under the National Labor Relations Act ("NLRA"), or filing complaints with, participating in investigations by, or communicating with federal or state government agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Notice of DTSA Immunity</u>. Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 ("DTSA"), an individual will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If an individual files a lawsuit for retaliation by an employer for reporting a suspected violation of law, the individual may disclose trade secrets to their attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Intellectual Property Rights .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Work Product</u>. "Work Product" means all writings, works of authorship, documentation, technology, inventions, discoveries, ideas, plans, strategies, research, techniques, designs, models, patent

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applications, and other work product, including copies and improvements, relating to Zynex business or contemplated business, research, or development, that is conceived, created, prepared, produced, or reduced to practice by Employee individually or with others (i) during Employee's employment, regardless of time, location, or resources used, or (ii) after termination of Employee's employment, if based on proprietary or Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Proprietary Rights</u>. "Proprietary Rights" means all rights, title, and interest in and to copyrights, trademarks, trade secrets, patents, industrial rights, moral rights, associated goodwill, and all other proprietary rights, benefits, privileges, causes of action, and remedies relating to the Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Ownership</u>. Employee acknowledges and agrees that all Work Product is "work made for hire" as defined in 17 U.S.C. § 101 and will be Zynex's sole and exclusive property and proprietary information. If for any reason the Work Product is not considered "work made for hire," Employee hereby irrevocably assigns to Zynex all Proprietary Rights in the Work Product effective immediately upon its creation. Employee acknowledges and agrees that Employee does not retain any rights to use the Work Product, that all Proprietary Rights are the sole and exclusive property of Zynex, and shall not challenge Zynex's ownership of the Work Product. Employee further irrevocably waives, to the extent permitted by applicable law, any claims Employee may have to rights of paternity, integrity, disclosure, withdrawal, and any other moral rights with respect to Work Product and Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>License</u>. If for any reason the Work Product or Proprietary Rights are not assignable or Employee retains any right, title or interest in and to any Work Product or Proprietary Rights, Employee (i) unconditionally and irrevocably waives the enforcement of such rights and all claims and causes of action of any kind against Zynex with respect to such rights; (ii) agrees, at Zynex's request and expense, to consent to and join in any action to enforce such rights; and (iii) grants to Zynex for no additional consideration an exclusive, worldwide, perpetual, irrevocable, royalty free, transferable, and sublicensable license to use, reproduce, disclose, distribute, display, perform, modify, develop, make, sell, offer, import, and otherwise use and exploit all or any part of the Work Product and any materials incorporated into the Work Product. Employee understands that this Agreement does not grant Employee any license or rights with respect to any Confidential Information, work products, proprietary rights, materials, software, or other tools made available to Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Further Assistance</u>. At Zynex's request and expense, both during and after Employee's employment, Employee shall reasonably cooperate with Zynex to perform such acts and execute, acknowledge, and deliver such documents as Zynex reasonably deems necessary or advisable to accomplish the purposes of this Agreement, including obtaining, sustaining, and enforcing Zynex Proprietary Rights in the Work Product. Employee hereby irrevocably appoints Zynex and its officers and agents as Employee's true and lawful agent and attorney in fact, with full power of substitution and delegation, with the right but not the obligation to execute, acknowledge, and deliver such documents as Zynex reasonably deems necessary or advisable to obtain, sustain, and enforce Zynex's Proprietary Rights in the Work Product, including filing registrations or applications with the U.S. Copyright or Patent and Trademark Offices, on Employee's behalf, with the same legal force and effect as if Employee so acted or signed, if Employee does not promptly coordinate with Zynex's request. The power of attorney is coupled with an interest and shall not be impacted by Employee's subsequent incapacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fiduciary Duties and Conflicts of Interest .** While employed by Zynex, Employee shall not take any action that directly or indirectly harms or interferes with Zynex's interests, including working as an employee or independent Employee for any person or entity in competition with Zynex, performing the same or similar kinds of work for any other person or entity as those performed for Zynex, or entering any arrangement with any person or entity to benefit from work performed by Zynex. Employee acknowledges that because

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of the special nature of the employment relationship between Zynex and Employee, Employee has fiduciary duties to Zynex, including fiduciary duties of the highest loyalty, fidelity, and allegiance to act in the best interests of Zynex, to make full disclosure to Zynex of all information pertaining to its business and interests, and to do no act that would injure Zynex's business, interest, or reputation. Notwithstanding the foregoing, nothing in this paragraph shall impose a duty on Employee in addition to, or beyond those already required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Return of Property and Confidential Information .** Employees are entrusted during their employment with property that belongs to Zynex and that has value. Upon termination of Employee's employment, or upon Zynex's request, Employee shall return to Zynex any Zynex property, including electronic equipment, electronic devices, demo devices, keys, access cards, credit cards, documents, files, copies, materials, PHI, Confidential Information, and Work Product, that are in Employee's possession or control. Only after Employee has returned all Zynex property to Zynex, Employee shall permanently delete any copies of documents and materials that remain in Employee's possession or control. Zynex may withhold Employee's final paycheck for up to ten (10) days to audit the return of all property and to determine the value of any property not returned. If Zynex determines it may deduct from Employee's final paycheck, within ten (10) days after Employee's employment terminates, Zynex will provide Employee with notice that Zynex is deducting from Employee's wages for the value of property that Employee failed to return to Zynex. The notice will include a written accounting specifying the specific property Employee failed to return, the replacement value of the property, and, to the extent known, when property was provided to Employee and when Zynex believes Employee should have returned the property to Zynex. If, after Zynex it provides notice and makes a deduction, Employee returns the property within fourteen (14) days after Zynex provides notice, Zynex will pay Employee the amount of the deduction within fourteen (14) days after Employee returns the property. Employee acknowledges that Employee is obligated to repay Zynex for the value of property not returned at termination. Employee shall comply with the terms and conditions of the return of demo devices or other property governed by any agreements Employee signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Acknowledgments . EMPLOYEE REPRESENTS AND WARRANTS THAT EMPLOYEE IS NOT UNDER ANY PRE-EXISTING OBLIGATIONS THAT CONFLICT WITH OR ARE INCONSISTENT WITH EMPLOYEE'S OBLIGATIONS UNDER THIS AGREEMENT.** Employee acknowledges and agrees that the services to be rendered by Employee to Zynex are of a special and unique character, that Employee will obtain knowledge and skill relevant to Zynex's industry, business methods, and marketing strategies, and that the terms and conditions of this Agreement are reasonable under these circumstances. Employee further acknowledges that Employee's compensation reflects, in part, Employee's obligations and Zynex's rights under this Agreement, that Employee has no expectation of any additional compensation, royalties, or other payment, that Employee will not be subject to undue hardship due to Employee's full compliance with this Agreement or Zynex's enforcement of this Agreement. By executing this Agreement, Employee represents that Employee has been given the opportunity to fully review and understand the terms of this Agreement, and that Employee fully understands and freely and voluntarily signs this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **At-Will Employment .** This Agreement is not a contract for employment and is not a commitment by Zynex or Employee to continue an employment relationship for a certain period. **EMPLOYEE'S EMPLOYMENT IS AT-WILL, AND ZYNEX OR EMPLOYEE MAY TERMINATE EMPLOYEE'S EMPLOYMENT AT ANY TIME AND FOR ANY REASON, WITH OR WITHOUT NOTICE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Remedies .** In the event of Employee's breach or threatened breach of this Agreement, Zynex may seek, in addition to other available remedies, a temporary or permanent injunction, or other equitable relief from any court of competent jurisdiction, without the necessity of showing actual damages or that monetary

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damages would not afford an adequate remedy, and without posting bond or other security. This relief is in addition to other available legal remedies. Employee acknowledges that breach of this Agreement may result in disciplinary action, up to and including termination of employment, or civil or criminal liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Assignment .** This Agreement inures to the benefit of Zynex and its permitted successors and assigns. Zynex in its discretion may assign this Agreement to any corporate affiliate or any corporate successor or assign of all or substantially all the business or assets of Employee's employer. Employee may not assign any part of this Agreement. Any purported assignment of this Agreement by Employee in violation of this Agreement is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Governing Law .** This Agreement is governed by and construed in accordance with the laws of the state of Colorado, without regard to conflicts of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Entire Agreement .** This Agreement, together with other documents, policies, and procedures incorporated by reference into this Agreement, is the entire agreement with respect to its subject matter, and supersedes all prior written or verbal understandings and agreements with respect to the subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Modification and Waiver .** The Agreement may only be modified in writing signed by Employee and approved by a duly authorized officer of Zynex other than Employee. Zynex's or Employee's waiver of any breach of this Agreement does not constitute a waiver of any other term or condition of this Agreement, and either Party's failure of or delay in exercising any right, power, or privilege under this Agreement does not constitute a waiver of such right, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Severability .** All provisions of this Agreement will be applicable only to the extent that they do not violate any applicable law and are intended to be limited to the extent necessary to not render this Agreement invalid, illegal, or unenforceable. If any part of this Agreement is invalid, illegal, or unenforceable, the remainder of this Agreement will remain in full force and effect. To the extent permitted by law, the invalid or unenforceable provision may be modified to carry out the intent and agreement of Zynex and Employee. As modified, the Agreement will be binding on and enforceable against Zynex and Employee.

The Parties have executed this Agreement as of the Effective Date.

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| &nbsp;&nbsp;**ZYNEX MEDICAL, INC.**<br>By: _________________________________<br>MICHAEL D. CRESS<br>Chairman of the Compensation Committee <br>Board of Directors | &nbsp;&nbsp;**EXECUTIVE**<br>_________________________________<br>JOHN BIBB, <br>an individual  |

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**EXHIBIT E**

**MUTUAL AGREEMENT TO ARBITRATE**

This **MUTUAL AGREEMENT TO ARBITRATE** ("Agreement") is made and entered into as of the date of Employee's signature below ("Effective Date") by and between Zynex Medical, Inc., a Colorado corporation ("Zynex"), and the undersigned ("Employee") (collectively, "Parties").

The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Intent of Agreement</u>. Employee and Zynex intend this Agreement to govern the resolution of all disputes, claims, and any other matters in question arising out of or relating to the Parties' employment relationship. The Parties shall resolve all disputes arising out of the employment relationship in accordance with the provisions of this Agreement. **EACH PARTY FULLY UNDERSTANDS AND AGREES THAT THEY ARE GIVING UP CERTAIN RIGHTS OTHERWISE AFFORDED TO THEM BY CIVIL COURT ACTIONS, INCLUDING THE RIGHT TO A JURY OR COURT TRIAL AND THE RIGHT TO BRING ANY CLAIM AS A CLASS OR COLLECTIVE ACTION TO THE FULLEST EXTENT ENFORCEABLE UNDER APPLICABLE LAW.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Mandatory Arbitration</u>. Any Covered Claim that relates in any way to the Parties' employment relationship, whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, shall be submitted to binding arbitration administered by the American Arbitration Association ("AAA") in accordance with the AAA's Employment Arbitration Rules and Mediation Procedures ("Rules"). The Rules are available online at www.adr.org/Rules. Employee may email the AAA at CustomerService@adr.org if Employee has any questions about the arbitration process. If the Rules are inconsistent with the terms of this Agreement, the terms of this Agreement control. Zynex will be responsible for all the Arbitrator's fees and expenses, except that if Employee is responsible for initiating arbitration, Employee shall pay an initial filing fee to AAA no greater than an amount equivalent to the cost of initiating an action in court ("Filing Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Covered Claims</u>. This Agreement covers all grievances, complaints, disputes, claims, or causes of action ("Claims") in a federal, state, or local court or agency under applicable federal, state, or local laws, as amended, arising out of or related to Employee's employment or termination of employment with Zynex, including Claims Employee may have against Zynex or Zynex's officers, directors, supervisors, managers, employees, or agents, or that Zynex may have against Employee, that are not otherwise excluded from Covered Claims under this Agreement ("Covered Claims"). "Covered Claims" include but are not limited to Claims arising in or out of tort, breach of any contract or covenant (express or implied), wrongful termination (constructive or actual), overtime, unpaid wages, meal and rest breaks, discrimination or harassment (including Claims based on race, sex, gender, gender identity or expression, religion, national origin, age, ancestry, marital status, medical condition, psychological condition, mental condition, disability, genetic information, reproductive health, military and veteran status, sexual orientation, or any other protected trait), violation of any federal, state, or other governmental law, statute, regulation, or ordinance, including Claims arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act (ADA), the Family and Medical Leave Act (FMLA), the Fair Labor Standards Act (FLSA), the Equal Pay Act, the Employee Retirement Income Security Act (ERISA), the Consolidated Omnibus Budget Reconciliation Act (COBRA), the Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Worker Adjustment and Retraining Notification Act (WARN), the Age Discrimination in Employment Act (ADEA), the Fair Credit Reporting Act, the Uniform Services Employment and Reemployment Rights Act (USERRA), the Genetic Information Nondiscrimination Act (GINA), the Dodd-Frank Act, the Sarbanes-Oxley Act (SOX), biometric privacy laws, antitrust laws, state labor laws and codes, and any other federal, state, local, or foreign law governing any aspect of the Parties' employment relationship or termination that can be arbitrated under applicable federal or state law, and any

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issues and defenses related to Covered Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Claims Not Covered</u>. "Covered Claims" does not include Claims for workers' compensation, unemployment compensation benefits, administrative charges for unfair labor practices brought before the National Labor Relations Board (NLRB), Excluded Claims as defined in Paragraph 5 of this Agreement, sexual harassment or assault (unless the Employee agrees to arbitrate), whistleblower retaliation claims under SOX or the Dodd-Frank Act that cannot be arbitrated as a matter of law, or any other claims that, as a matter of law, the Parties cannot agree to arbitrate. Employee is not precluded from filing complaints with their state's civil rights division, the Equal Employment Opportunity Commission (EEOC), or the NLRB. Either Party may seek provisional remedies, such as an injunction or temporary restraining order, in aid of arbitration from a court of competent jurisdiction or from the arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Waiver of Class Action and Representative Action Claims</u>. Except for representative claims that cannot be waived under applicable law and are therefore excluded from this Agreement ("Excluded Claims"), Employee and Zynex expressly intend and agree that: (a) class action and representative action procedures are hereby waived and shall not be asserted, nor will they apply, in any arbitration pursuant to this Agreement; (b) each will not assert class action or representative action claims against the other in arbitration, court, or any other forum; (c) each shall only submit their own, individual claims in arbitration and shall not bring claims against the other in any representative capacity on behalf of any other individual including, but not limited to, a representative action on behalf of other under the Private Attorney General Act of 2004 (PAGA); and (d) any claims by Employee will not be joined, consolidated, or heard together with claims of any other current or former employee of Zynex. To the extent that the Parties' dispute involves both timely filed Excluded Claims and claims subject to this Agreement, the Parties agree to bifurcate and stay for the duration of the arbitration proceedings any such Excluded Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Waiver of Trial by Jury</u>. Both Parties understand and fully agree that by entering into this Agreement, they are giving up certain rights otherwise afforded to them by civil court actions, including but not limited to, their constitutional right to have a trial by jury, and are giving up their normal rights of appeal following the rendering of a decision except as state law provides for judicial review of arbitration proceedings. The Parties anticipate that by entering into this Agreement, they will gain the benefits of a speedy and less expensive dispute resolution procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Claims Procedure</u>. Either Party may initiate arbitration upon express written notice to the other Party. Written notice of Employee's claim must be mailed by certified or registered mail, return receipt requested, to Zynex's General Counsel at 9655 Maroon Circle, Englewood, CO 80112, or to such other address as Zynex may later designate in writing ("Notice Address"). Written notice of Zynex's claim will be mailed to Employee's last known address. The written notice must identify and describe the nature of all claims asserted and the facts upon which such claims are based. Written notice of arbitration must be initiated within the same time limitations that applicable state law applies to those claim(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Arbitrator Selection</u>. One neutral Arbitrator shall be selected as provided in the AAA's Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Discovery</u>. The Parties may conduct discovery to the full extent authorized by the Federal Rules of Civil Procedure. The Arbitrator selected according to this Agreement will decide all discovery disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Governing and Substantive Law, Limitations</u>. This Agreement and any arbitration are governed by the Federal Arbitration Act ("FAA") to the exclusion of any state law inconsistent with the FAA. The Arbitrator must apply the substantive state or federal law (and the law of remedies, if applicable) applicable to the claim(s) asserted. The Arbitrator will have no power to award punitive damages to either party, except where applicable statute allows for

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punitive damages. The Parties understand and agree that this Agreement does not affect Employee's status as an at-will employee, and the Arbitrator will have no power to award relief that disregards Employee's at-will employment status as provided in this Agreement, Employee's offer letter, or the Zynex Employee Handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Hearing and Decision</u>. The Arbitrator will conduct and preside over an arbitration hearing of reasonable length, to be determined by the Arbitrator. The Arbitrator will provide the Parties with a written decision explaining their findings and conclusions. The Arbitrator's decision will be final and binding upon the Parties. The arbitration will be conducted on a confidential basis, and the Parties shall not disclose the decision, evidence, or award beyond the arbitration proceeding except as necessary for tax purposes, as necessary for compliance with applicable law, or as otherwise mutually agreed in writing by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Motions</u>. The Arbitrator will have jurisdiction to hear and rule on prehearing disputes and is authorized to hold prehearing conferences by telephone or in person as the Arbitrator deems necessary. The Arbitrator will have the authority to set deadlines for completion of discovery and for filing motions for summary judgment, and to set briefing schedules for any motions. The Arbitrator will have the authority to adjudicate any cause of action, or the entire claim, pursuant to a motion for summary adjudication and/or summary judgment, and, in deciding such motions, will apply the substantive law applicable to the cause of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Compelling Arbitration and Enforcing Awards</u>. Either Party may bring an action in court to compel arbitration under this Agreement or to otherwise determine the arbitrability of claims under this Agreement, and to confirm, vacate, or enforce an arbitration award. Each Party shall bear its own attorney fees and costs and other expenses of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Arbitration Fees and Costs</u>. Zynex shall pay the arbitrator's fees and expenses. Each Party shall pay its own costs and attorneys' fees, if any. However, if any Party prevails on a statutory claim that affords the prevailing party attorneys' fees and costs, or if there is a written agreement providing for attorneys' fees and costs, the Arbitrator may award reasonable attorneys' fees and costs to the prevailing party. The Arbitrator will resolve any dispute as to the reasonableness of any fee or cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Term of Agreement</u>. This Agreement is effective as of the Effective Date and continues until terminated as set forth in this Agreement. This Agreement survives the termination of Employee's employment and can only be revoked or modified in a writing signed by both Parties that specifically states an intent to revoke or modify this Agreement. Any modification or revocation of this Agreement must be signed by an Officer of Zynex, such as the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Severability</u>. If any provision of this Agreement is adjudged to be void or otherwise unenforceable, in whole or in part, the void or unenforceable provision will be severed, and such adjudication will not affect the validity of the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Voluntary Agreement</u>. By executing this Agreement, the Parties represent that they have been given the opportunity to fully review, comprehend, and negotiate the terms of this Agreement. The Parties fully understand the terms of this Agreement and freely and voluntarily sign this Agreement.

The Parties have executed this Agreement as of the Effective Date.

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|:---|:---|
| &nbsp;&nbsp;**ZYNEX MEDICAL, INC.** | &nbsp;&nbsp;**EXECUTIVE**<br>_________________________________<br>JOHN BIBB,<br>an individual  |

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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By: _________________________________MICHAEL D. CRESSChair of the Compensation Committee Board of Directors

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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## Exhibit 10.3

**Exhibit 10.3**

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**INDEPENDENT CONTRACTOR AGREEMENT**

This **INDEPENDENT CONTRACTOR AGREEMENT** ("Agreement") is being entered into on September 1, 2025 ("Effective Date") by and between Zynex Medical, Inc., a Colorado corporation located at 9655 Maroon Circle, Englewood, CO 80112 ("Zynex") and Daniel Moorhead, an individual located at 6832 Balsamroot Road, Larkspur, CO 80118 ("Contractor") (collectively, "Parties").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Zynex desires to obtain Services from Contractor as described in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Contractor is in the business of providing such Services and has agreed to prosvide the Services upon the terms and conditions set forth in this Agreement.

The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Performance and Compensation .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Services</u>. Contractor will provide to Zynex the services set forth in **Exhibit A** attached to this Agreement ("Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Compensation</u>. Zynex agrees to pay Contractor for the Services in accordance with the terms set forth in Exhibit A. Zynex will pay undisputed amounts due, at rates set forth in Exhibit A, within thirty (30) days after Zynex's receipt of Contractor's itemized invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Performance</u>. In performing the Services for Zynex, Contractor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Render the Services to the best of Contractor's ability and in a timely and professional manner consistent with industry standards; however, the manner and means by which Contractor renders the Services are in Contractor's sole discretion and control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Provide the materials necessary to perform the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Except as expressly set forth in this Agreement, pay all expenses associated with the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Comply with all security, confidentiality, safety and health policies of Zynex;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Take all necessary precautions to prevent, and will be responsible for, any injury to persons or damage to property arising from or relating to the Services, even if such claim is based upon its condition or on Zynex's alleged negligence in permitting its use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Not in any way impair the rights granted to Zynex under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Comply with all applicable state and federal laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Independent Contractor Status .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Contractor is an independent Contractor of Zynex, and this Agreement does not create any association, partnership, joint venture, employment, or agency relationship between Contractor and Zynex for any purpose. Contractor further agrees and acknowledges that: (i) Contractor will be free from the direction

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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and control of Zynex in connection with the performance of the Services, both under contract and in fact; (ii) Contractor performs work that is outside the usual course of Zynex's business, and Zynex an Contractor's business operations will be kept separate and distinct; and (iii) Contractor is customarily engaged in an independently established trade, occupation, or business of the same nature as the work performed under this Agreement. Zynex is interested only in the results to be achieved by Contractor under this Agreement. The manner and method of performing all duties and Services under this Agreement and achieving the desired results shall be under the exclusive control of Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Contractor has no authority to bind Zynex or incur other obligations on Zynex's behalf. Likewise, Zynex has no authority to bind Contractor or incur obligations on Contractor's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Contractor is not required to work exclusively for Zynex, except that Contractor may choose to work exclusively for Zynex during the Term. Zynex will not oversee Contractor's work or instruct Contractor as to how the work will be performed. Contractor will set Contractor's own schedule for performance of the agreed upon Services, except as otherwise provided by this Agreement. Zynex has no obligation to provide, and will not provide, any training to Contractor in the performance of the Services under this Agreement. Contractor is responsible for providing all of Contractor's own equipment and materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **CONTRACTOR SPECIFICALLY ACKNOWLEDGES THAT CONTRACTOR IS NOT ENTITLED TO UNEMPLOYMENT INSURANCE BENEFITS UNLESS UNEMPLOYMENT COMPENSATION INSURANCE COVERAGE IS PROVIDED BY CONTRACTOR OR SOME OTHER ENTITY THAT IS NOT ZYNEX. CONTRACTOR IS OBLIGATED TO MEET ALL OF CONTRACTOR'S TAX OBLIGATIONS ON ANY MONEYS PAID PURSUANT TO THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO INCOME TAX, PAYROLL TAXES, SOCIAL SECURITY, OR ANY OTHER FEDERAL, STATE, OR LOCAL TAXES.** Contractor is solely responsible for, and shall indemnify Zynex against, all such taxes or contributions, including penalties and interest. Any persons employed or engaged by Contractor in connection with the performance of the Services shall be Contractor's employees or contractors and Contractor shall be fully responsible for them and shall indemnify Zynex against any claims made by or on behalf of any such employee or Contractor. Contractor will not be eligible to participate in any of Zynex's benefits including, without limitation, vacation, group medical or life insurance, disability, profit sharing or retirement benefits, or any other fringe benefits or benefit plans offered by Zynex to its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Term and Termination .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Term</u>. This Agreement commences on the Effective Date and continues until August 31, 2026 ("Term"), unless earlier terminated by either Party as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Either Party may terminate this Agreement by giving the other Party thirty (30) days' written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Either Party may terminate this Agreement, effective immediately upon written notice to the other Party, if the other Party materially breaches this Agreement and such breach is incapable of cure, or if such breach is capable of cure and remains uncured for ten (10) days after receipt of written notice of such breach.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Effect of Termination</u>. Upon expiration or termination of this Agreement for any reason, or at any other time upon Zynex's written request, Contractor shall, within five (5) business days after such expiration or termination: deliver to Zynex all Work Product (whether complete or incomplete) and all materials, equipment, and other property provided for Contractor's use by Zynex; deliver to Zynex all tangible documents and other media, including any copies, containing, reflecting, incorporating, or based on the Confidential Information; permanently erase all of the Confidential Information from Contractor's computer systems; and certify in writing to Zynex that Contractor has complied with the requirements of this clause. Sections that by their nature are intended to survive termination of this Agreement will survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Indemnification .** Contractor will defend, indemnify and hold harmless Zynex and its parents, subsidiaries, and affiliates, and each of their officers, directors, agents, employees, subsidiaries, partners, equity holders, controlling persons, and successors and assigns, from any and all claims, losses, liabilities, damages, expenses and costs (including reasonable attorneys' fees and court costs) arising out of or resulting from (i) Contractor's breach or alleged breach of any obligation or representation or warranty in this Agreement, or (ii) bodily injury, death of any person, or damage to real or tangible personal property resulting from Contractor's acts or omissions. Zynex will give Contractor written notice of any such claim for indemnification. Contractor may defend such claim at Contractor's expense, provided that Zynex may assume defense of such claim if Contractor fails to assume such defense in a timely manner. Zynex may satisfy such indemnity in whole or in part by way of deduction from any payment due to Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Intellectual Property Rights .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Work Product</u>. "Work Product" means all writings, works of authorship, documentation, technology, inventions, discoveries, ideas, plans, strategies, research, techniques, designs, models, patent applications, and other work product, including copies and improvements that is conceived, created, prepared, produced, or reduced to practice in connection with the Services or this Agreement or based on Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Proprietary Rights</u>. "Proprietary Rights" means all rights, title, and interest in and to copyrights, trademarks, trade secrets, patents, industrial rights, moral rights, associated goodwill, and all other proprietary rights, benefits, privileges, causes of action, and remedies relating to the Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Ownership</u>. Contractor acknowledges and agrees that all Work Product is "work made for hire" as defined in 17 U.S.C. § 101 and will be Zynex's sole and exclusive property and proprietary information. If for any reason the Work Product is not considered "work made for hire," Contractor hereby irrevocably assigns to Zynex all Proprietary Rights in the Work Product effective immediately upon its creation. Contractor acknowledges and agrees that Contractor does not retain any rights to use the Work Product, that all Proprietary Rights are the sole and exclusive property of Zynex, and shall not challenge Zynex's ownership of the Work Product. Contractor further irrevocably waives, to the extent permitted by applicable law, any claims Contractor may have to rights of paternity, integrity, disclosure, withdrawal, and any other moral rights with respect to Work Product and Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>License</u>. If for any reason the Work Product or Proprietary Rights are not assignable or Contractor retains any right, title or interest in and to any Work Product or Proprietary Rights, Contractor (i) unconditionally and irrevocably waives the enforcement of such rights and all claims and causes of action of any kind against Zynex with respect to such rights; (ii) agrees, at Zynex's request and expense, to consent to and join in any action to enforce such rights; and (iii) grants to Zynex for no additional consideration an exclusive, worldwide, perpetual, irrevocable, royalty free, transferable, and sublicensable license to use, reproduce, disclose, distribute, display, perform, modify,

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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develop, make, sell, offer, import, and otherwise use and exploit all or any part of the Work Product and any materials incorporated into the Work Product. Contractor understands that this Agreement does not grant Contractor any license or rights with respect to any Confidential Information, work products, proprietary rights, materials, software, or other tools made available to Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Further Assistance</u>. Contractor shall make full and prompt written disclosure to Zynex of any inventions that constitute Work Product, whether or not such inventions are patentable or protected as trade secrets. Contractor shall not disclose to any third party the nature or details of any such inventions without Zynex's prior written consent. At Zynex's request and expense, both during and after Contractor's employment, Contractor shall reasonably cooperate with Zynex to perform such acts and execute, acknowledge, and deliver such documents as Zynex reasonably deems necessary or advisable to accomplish the purposes of this Agreement, including obtaining, sustaining, and enforcing Zynex Proprietary Rights in the Work Product. Contractor hereby irrevocably appoints Zynex and its officers and agents as Contractor's true and lawful agent and attorney in fact, with full power of substitution and delegation, with the right but not the obligation to execute, acknowledge, and deliver such documents as Zynex reasonably deems necessary or advisable to obtain, sustain, and enforce Zynex's Proprietary Rights in the Work Product, including filing registrations or applications with the U.S. Copyright or Patent and Trademark Offices, on Contractor's behalf, with the same legal force and effect as if Contractor so acted or signed, if Contractor does not promptly coordinate with Zynex's request. The power of attorney is coupled with an interest and shall not be impacted by Contractor's subsequent incapacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Confidentiality .** Contractor understands and acknowledges that during the Term, Contractor will create, have access to, and learn about confidential, secret, and proprietary documents, materials, data, and other information in any form relating to Zynex and its businesses ("Confidential Information"). Contractor further understands and acknowledges that Confidential Information is of great importance and commercial value to Zynex, and that any improper use or disclosure of Confidential Information will cause Zynex irreparable harm. Contractor understands and acknowledges that the obligations under this Agreement do not supersede or replace other confidentiality obligations that Contractor may have to Zynex, including but not limited to confidentiality provisions in Contractor's employment agreement with Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Definitions</u>. "Confidential Information" includes, but is not limited to, all information not generally known to the public, in spoken, printed, electronic, or any other form, relating to Zynex trade secrets, documents, lists, processes, practices, strategies, plans, services, operations, communications, contact information, personal information, protected health information, patients, payors, providers, employees, personnel, customers, contracts, partners, suppliers, vendors, manufacturing, sales, marketing, pricing, billing, billing systems, operating systems, software, data, research, development, engineering, testing, results, technology, devices, supplies, products, inventions, unpublished patent applications, legal matters, internal controls, finance, accounting, investors, and any other confidential or proprietary information of Zynex. "Confidential Information" does not include: (i) information that arises from Contractor's general training, knowledge, skill, or experience; (ii) information that is readily ascertainable to the public; or (iii) information Contractor otherwise has a right to disclose as legally protected conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Contractor Obligations</u>. Contractor shall preserve the confidentiality of all Confidential Information in accordance with this Agreement, Zynex policy, and applicable law. **CONTRACTOR UNDERSTANDS AND ACKNOWLEDGES THAT CONTRACTOR'S OBLIGATIONS UNDER THIS AGREEMENT BEGIN IMMEDIATELY UPON CONTRACTOR FIRST HAVING ACCESS TO CONFIDENTIAL INFORMATION AND CONTINUE BOTH DURING AND AFTER THE TERM OF THIS AGREEMENT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Contractor shall not, directly or indirectly, use or disclose Confidential Information except as required and duly authorized in the scope of this Agreement.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Contractor shall not access or use any Confidential Information, copy any records containing any Confidential Information, or remove any such records from the premises or control of Zynex except as required and duly authorized in the scope of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Contractor shall not allow and shall promptly report any suspected unauthorized use or disclosure or improper handling of Confidential Information by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Following the Term, Contractor shall return all Confidential Information in the Contractor's possession or under the Contractor's control to Zynex and shall otherwise continue to maintain the confidentiality of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Contractor shall not make an improper or unauthorized use or disclosure of confidential and proprietary information of other companies or individuals, including Contractor's former employers, clients, and Zynex's competitors. Contractor shall not use improper means to seek confidential or proprietary information about another company and may not reveal to Zynex or Zynex personnel any confidential or proprietary information of another company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Permitted Disclosures</u>. Nothing in this Agreement prevents disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency. Nothing in this Agreement prevents disclosure of Confidential Information as legally protected conduct, such as filing complaints with, participating in investigations by, or communicating with federal or state government agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Notice of DTSA Immunity</u>. Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 ("DTSA"), an individual will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If an individual files a lawsuit for retaliation for reporting a suspected violation of law, the individual may disclose trade secrets to their attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Equitable Relief .** In the event of Contractor's breach or threatened breach of Sections 6, 7, or 8 of this Agreement, the Parties agree that money damages would not afford an adequate remedy and Zynex may seek a temporary or permanent injunction or other equitable relief restraining such breach or threatened breach from any court of competent jurisdiction without the necessity of showing any actual damages, and without the necessity of posting any bond or other security. Any equitable relief will be in addition to other legal remedies, monetary damages, or available forms of relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Representations and Warranties .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Contractor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Contractor has the right and ability to enter into this Agreement, to grant the rights granted in this Agreement, and to perform fully all of Contractor's obligations in this Agreement;

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Contractor's entering into this Agreement with Zynex and the performance of the Services do not and will not conflict with or result in any breach or default under any other agreement to which Contractor is subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Contractor has the required skill, experience, qualifications, licenses, permits, registrations, resources, and materials to perform the Services in a timely and professional manner consistent with best industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Zynex represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Zynex has the full right, power, and authority to enter into this Agreement and to perform its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The execution of this Agreement by its representative whose signature is set forth at the end of this Agreement has been duly authorized by all necessary corporate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Business Associate Agreement .** To the extent Contractor may maintain, transmit, create, or receive data for or from Zynex that constitutes PHI as defined under HIPAA, the Parties shall execute a Business Associate Agreement attached as **Exhibit B** to this Agreement ("BAA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Arbitration.** Any controversy or claim arising out of or relating to this Agreement will be governed by the Mutual Agreement to Arbitrate attached as **Exhibit C** to this Agreement ("Arbitration Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Contractor's Employees and Contractors .** Contractor shall require each of Contractor's employees and contractors to execute written agreements containing obligations of confidentiality and non-use and assignment of inventions and other work product consistent with the provisions of this Agreement prior to such employee or contractor providing any Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Export Laws .** Contractor shall not export, directly or indirectly, any technical data acquired from Zynex, or any products utilizing such data, to any country in violation of any applicable export laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Governing Law, Jurisdiction, and Venue .** This Agreement is governed by the laws of the State of Colorado without regard to conflict of law principles. To the extent any court action is permitted consistent with or to enforce the Arbitration Agreement, the Parties consent to the jurisdiction of the District Court of Douglas County, Colorado, and the United States District Court for the District of Colorado. With respect to any such court action, Contractor submits to the personal jurisdiction of such courts, consents to service of process, and waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Notices .** Any notice to be given under this Agreement shall be in writing and delivered personally or sent by overnight courier or registered or certified mail, postage prepaid, return receipt requested, addressed to the Party concerned at the address indicated in this Agreement, or to such other address of which such party subsequently may give notice in writing. Any notice delivered personally or by overnight courier shall be deemed given on the date delivered and any notice sent by registered or certified mail, postage prepaid, return receipt requested, shall be deemed given on the date mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Waiver .** No waiver by either Party of any breach of this Agreement constitutes waiver of any other breach. No acceptance of payment or performance after any breach constitutes waiver of any breach. No failure or delay to exercise any right by a Party upon another's default prevents that Party from later exercising that right, nor does such failure or delay operate as a waiver of any default.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Assignment .** Contractor shall not assign any rights or delegate or subcontract any obligations under this Agreement without Zynex's prior written consent. Any assignment in violation of this Agreement is void. Zynex may assign its rights and obligations under this Agreement at any time. Subject to the foregoing, this Agreement is binding on and inures to the benefit of the Parties and their respective heirs, executors, administrators, legal representatives, successors, and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Entire Agreement, Severability .** This Agreement sets forth the entire arrangement between the Parties and supersedes all prior oral and written understandings, representations, and discussions between the Parties relating to this Agreement. This Agreement may only be amended in a writing signed by both Parties. If any provision of this Agreement is held invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable.

The Parties have executed this Agreement as of the Effective Date.

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|:---|:---|
|  | &nbsp;&nbsp;<br><u>/s/ Daniel Moorhead</u>________________<br>|
| &nbsp;&nbsp;**ZYNEX MEDICAL, INC.**<br>By: ____<u>/s/ Anna Lucsok</u>________________<br>Anna Lucsok <br>Chief Operating Officer | &nbsp;&nbsp;**CONTRACTOR**<br>__<u>/s/ Daniel Moorhead</u>________________<br>Daniel Moorhead,<br>an individual |

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**EXHIBIT A**

**SERVICES**

This Exhibit A is made a part of the Independent Contractor Agreement to which it is attached. Such Independent Contractor Agreement and all Exhibits are collectively referred to as the "Agreement." Terms used but not defined in this Exhibit A that are defined in the Agreement have the same meanings as set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Services .** The specific services to be provided by Contractor ("Services") are consulting services and support to the Zynex finance team. Contractor acknowledges that Contractor is engaged in providing the Services as determined by the Chief Executive Officer of Zynex, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Transition services for Chief Financial Officer ("CFO") duties, to be allocated between current and future staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Answering general CFO questions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Continued collaboration on open investigations and legal matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Other duties as assigned and agreed upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Compensation .** Zynex shall pay Contractor $200 per hour for the Services, to be billed in increments of one-tenth of one hour. Any of Contractor's time billed in excess of 20 hours per month requires Zynex's prior written approval. Contractor must invoice Zynex for actual time spent with description of services furnished and maintain records to document such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Reimbursement .** Zynex will not separately reimburse Contractor for any expenses incurred in providing the Services, except by Zynex's written consent provided prior to Contractor incurring any such expense.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**EXHIBIT B<br>BUSINESS ASSOCIATE AGREEMENT**

This **BUSINESS ASSOCIATE AGREEMENT** ("BAA") is executed effective as of the Effective Date by and between Zynex Medical, Inc. ("Covered Entity") and Daniel Moorhead ("Business Associate") (collectively, "Parties").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Business Associate may maintain, transmit, create, or receive data for or from Covered Entity that constitutes Protected Health Information to perform the functions and activities described in the Independent Contractor Agreement to which this BAA is attached ("Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Parties intend to comply with the applicable provisions of the Health Insurance Portability and Accountability Act of 1996, as amended and its implementing regulations (collectively, "HIPAA").

The Parties agree as follows to the extent Business Associate is acting as a "Business Associate" of Covered Entity, as defined under HIPAA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. As used in this BAA, "Protected Health Information" and other capitalized terms have the same meaning as defined under HIPAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Business Associate.** Business Associate will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Not use or disclose Protected Health Information other than as permitted or required by this BAA or as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use appropriate safeguards, and comply with 45 CFR Part 164, Subpart C with respect to electronic Protected Health Information, to prevent use or disclosure of Protected Health Information other than as provided for by this BAA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Report to Covered Entity any use or disclosure of Protected Health Information not provided for by this BAA of which it becomes aware, including breaches of unsecured Protected Health Information as required by 45 CFR § 164.410, and any security incident of which it becomes aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In accordance with 45 CFR §§ 164.502(e)(1)(ii) and 164.308(b)(2), if applicable, ensure that any subcontractors that create, receive, maintain, or transmit Protected Health Information on behalf of Business Associate agree to the same restrictions, conditions, and requirements that apply to Business Associate with respect to such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. If Business Associate maintains a designated record set, make available Protected Health Information in a designated record set to the Covered Entity as necessary to satisfy Covered Entity's obligations under 45 CFR § 164.524;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Maintain and make available the information required to provide an accounting of disclosures to Covered Entity as necessary to satisfy Covered Entity's obligations under 45 CFR § 164.528;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. To the extent Business Associate is to carry out Covered Entity's obligation under 45 CFR Part 164, Subpart E, comply with the requirements of Subpart E that apply to the Covered Entity in the performance of such obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Make its internal practices, books, and records available to the Secretary for purposes of determining compliance with HIPAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Permitted Uses and Disclosures by Business Associate** 

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Business Associate may use and disclose Protected Health Information to perform functions or activities as contemplated by the Agreement between the Parties to which this BAA is attached, as permitted by this BAA, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Business Associate shall limit its uses and disclosures of, and requests for, Protected Health Information (i) when practical, to the information making up a limited data set as set forth at 45 CFR § 164.514; and (ii) in all other cases subject to the requirements of 45 CFR § 164.502(b), to the minimum amount of Protected Health Information necessary to accomplish the intended purpose of the use, disclosure, or request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Business Associate may not use or disclose Protected Health Information in a manner that would violate HIPAA if done by Covered Entity. Business Associate may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Use the Protected Health Information for its proper management and administration and to carry out its legal responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Disclose Protected Health Information for its proper management and administration and to carry out its legal responsibilities, if disclosure is required by law, or Business Associate obtains reasonable assurances from the recipient that the Protected Health Information will remain confidential and will be used or further disclosed only as required by law or for the purpose for which it was disclosed to the recipient, and the recipient notifies Business Associate of any instances of which it is aware in which the confidentiality of the information has been breached; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Use and disclose Protected Health Information to report violations of law to appropriate Federal and State authorities, consistent with 45 CFR § 164.502(j).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Covered Entity Notice of Privacy Practices and Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Covered Entity shall notify Business Associate of any limitation(s) in the notice of privacy practices of Covered Entity under 45 CFR § 164.520, to the extent that such limitation may affect Business Associate's use or disclosure of Protected Health Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Covered Entity shall notify Business Associate of any changes in, or revocation of, the permission by an individual to use or disclose their Protected Health Information, to the extent that such changes may affect Business Associate's use or disclosure of Protected Health Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Covered Entity shall notify Business Associate of any restriction on the use or disclosure of Protected Health Information that Covered Entity has agreed to or is required to abide by under 45 CFR § 164.522, to the extent that such restriction may affect Business Associate's use or disclosure of Protected Health Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Covered Entity shall not request that Business Associate use or disclose Protected Health Information in any manner that would not be permissible under 45 CFR Part 164, Subpart E if done by Covered Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Termination.** This BAA is effective as of the Effective Date of the Agreement and continues until the Agreement is terminated. However, Covered Entity may terminate this BAA without cause by providing Business Associate seven (7) days' prior written notice. If Business Associate breaches a material provision under this BAA, Covered Entity may immediately terminate this BAA upon written notice to Business Associate. Upon termination of this BAA, Business Associate shall, if feasible, either return or destroy all Protected Health Information, including copies, received from, or created or received by Business Associate on behalf of Covered Entity that Business Associate still maintains in any form. However, if such return or destruction is not feasible, Business Associate may retain such Protected Health Information, the terms and provisions of this BAA will survive termination of this BAA, and Business Associate shall only use or disclose such Protected Health Information solely for such purpose or purposes that prevented the return or destruction of such Protected Health Information.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **No Agency, Compliance with Laws.** Nothing in this BAA creates any rights or remedies in any third parties or any agency relationship between the Parties. This BAA is intended to comply with all applicable law. If there is a change in any law, regulation, rule, or interpretation relating to Protected Health Information that affects this BAA or its performance, this BAA will be automatically amended to comply as required.

The Parties have executed this BAA as of the Effective Date of the Agreement to which this BAA is attached.

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| &nbsp;&nbsp;**COVERED ENTITY**<br>**Zynex Medical, Inc.**<br>By: _________________________________<br>Anna Lucsok <br>Chief Operating Officer | &nbsp;&nbsp;**BUSINESS ASSOCIATE** <br>_________________________________<br>Daniel Moorhead,<br>an individual |

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**EXHIBIT C**

**MUTUAL AGREEMENT TO ARBITRATE**

This **MUTUAL AGREEMENT TO ARBITRATE** ("Agreement") is made and entered into as of June 10, 2025 ("Effective Date") by and between Zynex Medical, Inc., a Colorado corporation ("Zynex"), and the undersigned ("Contractor") (collectively, "Parties").

The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Intent of Agreement</u>. Contractor and Zynex intend this Agreement to govern the resolution of all disputes, claims, and any other matters in question arising out of or relating to the Independent Contractor Agreement to which this Agreement is attached. The Parties shall resolve all disputes arising out of the Independent Contractor Agreement in accordance with the provisions of this Agreement. **EACH PARTY FULLY UNDERSTANDS AND AGREES THAT THEY ARE GIVING UP CERTAIN RIGHTS OTHERWISE AFFORDED TO THEM BY CIVIL COURT ACTIONS, INCLUDING THE RIGHT TO A JURY OR COURT TRIAL AND THE RIGHT TO BRING ANY CLAIM AS A CLASS OR COLLECTIVE ACTION TO THE FULLEST EXTENT ENFORCEABLE UNDER APPLICABLE LAW.**

&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Mandatory Arbitration</u>. Any Covered Claim that relates in any way to the Independent Contractor Agreement or the Services provided under such agreement, whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, shall be submitted to binding arbitration administered by the American Arbitration Association ("AAA") in accordance with the AAA's Employment Arbitration Rules and Mediation Procedures ("Rules"). The Rules are available online at www.adr.org/Rules. Contractor may email the AAA at CustomerService@adr.org if Contractor has any questions about the arbitration process. If the Rules are inconsistent with the terms of this Agreement, the terms of this Agreement control. Zynex will be responsible for all the Arbitrator's fees and expenses, except that if Contractor is responsible for initiating arbitration, Contractor shall pay an initial filing fee to AAA no greater than an amount equivalent to the cost of initiating an action in court ("Filing Fee").

&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Covered Claims</u>. This Agreement covers all grievances, complaints, disputes, claims, or causes of action ("Claims") in a federal, state, or local court or agency under applicable federal, state, or local laws, as amended, arising out of or related to the Independent Contractor Agreement, including Claims Contractor may have against Zynex or Zynex's officers, directors, supervisors, managers, employees, or agents, or that Zynex may have against Contractor, that are not otherwise excluded from Covered Claims under this Agreement ("Covered Claims"). "Covered Claims" include but are not limited to Claims arising in or out of tort, breach of any contract or covenant (express or implied), or any alleged violation of federal, state, or local statute, regulation, common law, public policy, or otherwise that can be arbitrated under applicable federal or state law, and any issues and defenses related to Covered Claims.

&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Claims Not Covered</u>. "Covered Claims" does not include Claims for whistleblower retaliation under SOX or the Dodd-Frank Act that cannot be arbitrated as a matter of law, or any other claims that, as a matter of law, the Parties cannot agree to arbitrate. Either Party may seek provisional remedies, such as an injunction or temporary restraining order, in aid of arbitration from a court of competent jurisdiction or from the arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Waiver of Class Action and Representative Action Claims</u>. Except for representative claims that cannot be waived under applicable law and are therefore excluded from this Agreement ("Excluded Claims"), Contractor and Zynex expressly intend and agree that: (a) class action and representative action procedures are hereby waived and shall not be asserted, nor will they apply, in any arbitration pursuant to this Agreement; (b) each will not assert class action or representative action claims against the other in arbitration, court, or any other forum; (c) each shall only submit their own, individual claims in arbitration and shall not bring claims against the other in any representative capacity on behalf of any other individual; and (d) any claims by Contractor will not be joined, consolidated, or heard together with claims of

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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any other person. To the extent that the Parties' dispute involves both timely filed Excluded Claims and claims subject to this Agreement, the Parties agree to bifurcate and stay for the duration of the arbitration proceedings any such Excluded Claims.

&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Waiver of Trial by Jury</u>. Both Parties understand and fully agree that by entering into this Agreement, they are giving up certain rights otherwise afforded to them by civil court actions, including but not limited to, their constitutional right to have a trial by jury, and are giving up their normal rights of appeal following the rendering of a decision except as state law provides for judicial review of arbitration proceedings. The Parties anticipate that by entering into this Agreement, they will gain the benefits of a speedy and less expensive dispute resolution procedure.

&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Claims Procedure</u>. Either Party may initiate arbitration upon express written notice to the other Party. Written notice of Contractor's claim must be mailed by certified or registered mail, return receipt requested, to Zynex's General Counsel at 9655 Maroon Circle, Englewood, CO 80112, or to such other address as Zynex may later designate in writing ("Notice Address"). Written notice of Zynex's claim will be mailed to Contractor's last known address. The written notice must identify and describe the nature of all claims asserted and the facts upon which such claims are based. Written notice of arbitration must be initiated within the same time limitations that applicable state law applies to those claim(s).

&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Arbitrator Selection</u>. One neutral Arbitrator shall be selected as provided in the AAA's Rules.

&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Discovery</u>. The Parties may conduct discovery to the full extent authorized by the Federal Rules of Civil Procedure. The Arbitrator selected according to this Agreement will decide all discovery disputes.

&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Governing and Substantive Law, Limitations</u>. This Agreement and any arbitration are governed by the Federal Arbitration Act ("FAA") to the exclusion of any state law inconsistent with the FAA. The Arbitrator must apply the substantive state or federal law (and the law of remedies, if applicable) applicable to the claim(s) asserted. The Arbitrator will have no power to award punitive damages to either party, except where applicable statute allows for punitive damages. The Parties understand and agree that this Agreement does not affect Contractor's status as an independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Hearing and Decision</u>. The Arbitrator will conduct and preside over an arbitration hearing of reasonable length, to be determined by the Arbitrator. The Arbitrator will provide the Parties with a written decision explaining their findings and conclusions. The Arbitrator's decision will be final and binding upon the Parties. The arbitration will be conducted on a confidential basis, and the Parties shall not disclose the decision, evidence, or award beyond the arbitration proceeding except as necessary for tax purposes, as necessary for compliance with applicable law, or as otherwise mutually agreed in writing by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Motions</u>. The Arbitrator will have jurisdiction to hear and rule on prehearing disputes and is authorized to hold prehearing conferences by telephone or in person as the Arbitrator deems necessary. The Arbitrator will have the authority to set deadlines for completion of discovery and for filing motions for summary judgment, and to set briefing schedules for any motions. The Arbitrator will have the authority to adjudicate any cause of action, or the entire claim, pursuant to a motion for summary adjudication and/or summary judgment, and, in deciding such motions, will apply the substantive law applicable to the cause of action.

&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Compelling Arbitration and Enforcing Awards</u>. Either Party may bring an action in court to compel arbitration under this Agreement or to otherwise determine the arbitrability of claims under this Agreement, and to confirm, vacate, or enforce an arbitration award. Each Party shall bear its own attorney fees and costs and other expenses of such action.

&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Arbitration Fees and Costs</u>. Zynex shall pay the arbitrator's fees and expenses. Each Party shall pay its own costs and attorneys' fees, if any. However, if any Party prevails on a statutory claim that affords the prevailing party attorneys'

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fees and costs, or if there is a written agreement providing for attorneys' fees and costs, the Arbitrator may award reasonable attorneys' fees and costs to the prevailing party. The Arbitrator will resolve any dispute as to the reasonableness of any fee or cost.

&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Term of Agreement</u>. This Agreement is effective as of the Effective Date and continues until terminated as set forth in this Agreement. This Agreement survives the termination of the Independent Contractor Agreement and can only be revoked or modified in a writing signed by both Parties that specifically states an intent to revoke or modify this Agreement. Any modification or revocation of this Agreement must be signed by an Officer of Zynex, such as the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Severability</u>. If any provision of this Agreement is adjudged to be void or otherwise unenforceable, in whole or in part, the void or unenforceable provision will be severed, and such adjudication will not affect the validity of the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Voluntary Agreement</u>. By executing this Agreement, the Parties represent that they have been given the opportunity to fully review, comprehend, and negotiate the terms of this Agreement. The Parties fully understand the terms of this Agreement and freely and voluntarily sign this Agreement.

The Parties have executed this Agreement as of the Effective Date.

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| &nbsp;&nbsp;**ZYNEX MEDICAL, INC.**<br>By: __________________________________<br>Anna Lucsok <br>Chief Operating Officer | &nbsp;&nbsp;**CONTRACTOR**<br>__________________________________<br>Daniel Moorhead,<br>an individual |

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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## Exhibit 10.4

**Exhibit 10.4**

![Graphic](zyxi-20250930xex10d4002.jpg)

**SEPARATION AGREEMENT AND RELEASE OF CLAIMS**

This Separation Agreement and Release of Claims ("Agreement") is entered on October 27, 2025 ("Effective Date") by and between Anna Lucsok ("Executive" "you," or "your") and Zynex Medical, Inc. ("Company") (collectively, "Parties").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. WHEREAS, the Parties are parties to an Employment Agreement effective January 27, 2021 attached to this Agreement as **Exhibit C** ("Employment Agreement"), pursuant to which you may be entitled to compensation upon termination of your employment of one hundred seventy-five thousand dollars ($175,000), reflecting six (6) months of your Base Salary, plus six (6) months of COBRA benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. WHEREAS, Company has recently undergone changes in upper management and realignment of duties and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. WHEREAS, under the terms of the Employment Agreement, Executive has the option to resign for Good Reason under specified circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. WHEREAS, Executive wishes to voluntarily resign for Good Reason under the Employment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. WHEREAS, the Parties have mutually agreed that Executive's resignation for Good Reason is desirable to allow her and the Company to move forward in each of their best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. WHEREAS, Executive offered her resignation for Good Reason on October 8, 2025, the Company relieved Executive of her duties and placed Executive on a paid leave as of October 10, 2025 during the pendency of negotiations for this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. WHEREAS, the Parties desire to enter into this Agreement to resolve all matters between the Parties, including without limitation compensation owed under the Employment Agreement.

The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Separation.** Your last day of employment will be reflected in our system as October 27, 2025. ("Separation Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Severance Benefit.** If you sign this Agreement, return it by the deadline specified below, do not revoke it, and comply with its terms, the Company will pay you a total severance of one hundred seventy-five thousand dollars ($175,000), less all applicable taxes and withholdings ("Severance Amount"). Company shall pay out amounts payable under this Section in substantially equal installments in accordance with the Company's payroll practice over six (6) months commencing on the next applicable pay period following execution and non-revocation of this Agreement, but in no case later than sixty (60) days after the Separation Date; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, Company will begin to pay the Severance Amount in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment will include a catch-up payment to cover amounts retroactive to the day immediately following the Separation Date. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). Notwithstanding the foregoing, Executive is not entitled to any Severance Amount if Executive breaches a material term of the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Health Insurance.** Please be advised that your group medical and dental coverage will cease effective October 31, 2025. Upon cessation of coverage, you have the right to choose continuation of your medical coverage under the provisions of the Consolidated Omnibus Budget Reconciliation ACT (COBRA), as amended and, as applicable, state insurance laws. You will be provided a separate Summary of Health and Other Benefits ("Benefits Summary") which contains important information with regard to your group health, welfare and retirement benefits, if applicable. The Company shall pay a monthly cash payment for six (6) months or Executive's COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that Company would have made to provide health insurance to Executive if Executive had remained employed by Company, in accordance with the terms

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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of the Employment Agreement. Executive will be responsible for arranging ongoing healthcare coverage if she elects to have coverage whether COBRA or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Tax Matters.** You will be responsible for the Executive's share of any and all taxes, interest, and penalties that may be imposed with respect to the payments contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Stock Incentive Plan .** Any unvested equity compensation previously awarded to Executive shall vest on the Separation Date, subject to execution and non-revocation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Other Compensation or Benefits.** You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, commissions, benefits or separation pay after the Separation Date. For any employee benefits sponsored by the Company not specifically referenced in this Agreement, you will be treated as a terminated employee effective on your Separation Date. Neither this Paragraph or any other provision of this Agreement shall modify or affect in any manner Executive's or Company's rights under any policy or provision providing for indemnification of Executive or Company or Executive's or Company's rights under the Company's Director and Officers' Liability Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Return of Company Property.** By the Separation Date, you agree to return to the Company all hard copy and electronic documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to, files, notes, drawings, records, business plans and forecasts, financial information, computer-recorded information (including email), tangible property (laptop computer, cell phone, PDA, etc.), credit cards, entry cards, identification badges and keys; and any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). If you discover after the Separation Date that you have retained any Company proprietary or confidential information, you agree, immediately upon discovery, to contact the Company and make arrangements for returning the information. The Severance Benefits under this Agreement will not be paid until all Company property has been returned to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Post-Employment Restrictions.** You acknowledge your continuing obligations under the Employment Agreement which imposes restrictive covenants and prohibits disclosure of any confidential or proprietary information of the Company and solicitation of Company employees and customers. The restrictive covenants in your Employment Agreement will begin on your Separation Date and continue for six (6) months, consistent with the term of your Severance Benefits. Notwithstanding the provisions of any agreement with the Company governing confidentiality, including Section 14 of this Agreement, the Company hereby notifies you that in accordance with 18 U.S.C. § 1833(b), you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret where the disclosure (a) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. For clarification, Company acknowledges that "Confidential Information," as defined in the Confidentiality Agreement, does not include information arising from your general training, knowledge, skill, or experience, whether gained on the job or otherwise, information that is readily ascertainable to the public, information that you otherwise have a right to disclose as legally protected conduct, or information regarding any alleged discriminatory or unfair employment practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Mutual Continued Assistance and Cooperation.** In addition to compliance with Section 6.5 of the Employment Agreement, following termination of employment, Executive shall reasonably cooperate with Company and Company shall reasonably cooperate with Executive (i) in the winding up of pending work on Company's behalf and the orderly transfer of work to other employees, and (ii) in the defense of any action by any third party against the Company or Executive relating to Executive's employment by Company, including without limitation any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative; provided, that in each case Company shall reimburse the Executive for any reasonable and documented out-of-pocket fees and expenses incurred by Executive in connection with such cooperation. Such cooperation shall include permitting Executive to access and retain subject to mutually agreeable security protocols any information provided by Company to the Government, information produced in civil discovery, and information reasonably requested by Executive and contained in Company data bases or under the Company's control, subject to review and consent by Company's outside legal counsel, such consent not to be

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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unreasonably withheld. Such cooperation shall not require Executive to waive or surrender any of her legal rights or privileges. The Parties acknowledge that there is a presently existing investigation and that responding to that investigation may require a significant expenditure of time. The Parties acknowledge and agree that nothing in this Agreement impacts the Parties' rights and obligations under the Zynex, Inc. Indemnification Agreement between the Parties dated July 2, 2025, attached to this Agreement as **Exhibit D** ("Indemnification Agreement") and that the Indemnification Agreement will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Confidentiality**. Unless you are engaged in a Protected Activity as defined below, the existence of this Agreement and its provisions will be held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that you may disclose this Agreement in confidence to your immediate family, religious advisors, medical or mental health providers or support groups, your attorneys, accountant, auditor, tax preparer, and financial advisor, any local, state or federal government agency for any reason or in response to legal process or for other purposes as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Mutual Non-disparagement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Statement of Rights</u>. The law protects your ability to comment on or critique Company policies, publicize labor disputes, discuss the terms of this Agreement with former coworkers, discuss the terms of this Agreement with a Union, participate in organizing and discussion with future co-workers, assist coworkers with workplace issues concerning the Company, and communicate with others, including a union and the National Labor Relations Board (NLRB), about your employment ("Protected Activity"). You cannot be retaliated against for engaging in Protected Activity, and nothing in this Agreement is conditioned on you refraining from engaging in Protected Activity. Protected Activity does not include communications that are maliciously untrue, or activities that in fact do not relate in any way to labor organizing, collective bargaining, or other mutual aid or protection of employees. You acknowledge and agree that you understand that this provision does not in any way have a chilling effect on your willingness to engage in Protected Activity. You have read and understand the above statement of your rights. _<u>/s/ AL</u>_ (initials).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mutual Non-Disparagement</u>. Unless you are engaged in Protected Activity, you agree not to disparage the Company, and its officers, directors, employees or agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation. Likewise, the Company agrees to instruct its directors and officers not to, and not to disparage you in any manner likely to be harmful to you, your business or personal reputation. Truthful statements which are required by legal process shall not violate this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, you may disclose the underlying facts of any alleged discriminatory or unfair employment practices to your immediate family members, religious advisors, medical or mental health providers or support groups, legal counsel, financial advisors and tax preparers, any local, state or federal government agency for any reason or in response to legal process or for other purposes as required by law (in each case, without prior notice to the other party). Such disclosures of underlying facts as outlined above does not constitute disparagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Company disparages you to a third party, the Company may not seek to enforce the confidentiality and non-disparagement provisions of this Agreement or seek damages against you for violating those provisions; however, all other remaining terms of the Agreement will remain enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties have executed **Exhibit A** attached to this Agreement to certify compliance with C.R.S. Section 24-34-407(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Mutual Release of All Claims.** Except as otherwise set forth in this Agreement, including the retention of rights and responsibilities with respect to the indemnification of executive by both Parties, including rights and obligations under the Indemnification Agreement, you and the Company hereby release, acquit and forever

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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discharge each other and our respective affiliates, officers, agents, administrators, servants, employees, attorneys, successors, parent, subsidiaries, assigns, heirs, spouses, beneficiaries, personal representatives, and affiliates (the "Released Party" or "Released Parties"), of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys' fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts, omissions, or conduct at any time prior to and including the date you sign this Agreement. This general release includes, but is not limited to: (i) claims and demands arising out of or in any way connected with your employment with the Company, or the termination of that employment; (ii) claims or demands related to your compensation or benefits with the Company, including but not limited to, wages, salary, bonuses, commissions, vacation pay, fringe benefits, expense reimbursements, incentive pay, severance pay, or any other form of compensation; (iii) claims pursuant to any federal, state or local law, statute, or cause of action including, but not limited to, claims for discrimination, harassment, retaliation, attorneys' fees or other claim arising under the federal Civil Rights Act of 1964, as amended; the federal Americans with Disabilities Act of 1990, as amended; the federal Age Discrimination in Employment Act of 1967, as amended (the "ADEA"); the federal Family Medical Leave Act, as amended; the federal Worker Adjustment and Retraining Notification Act, as amended; the Employee Retirement Income Security Act of 1974, as amended; (iv) all tort claims, including without limitation, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing, including claims arising out of an employment agreement, commission plan or incentive compensation plan applicable to your employment with the Company. This release shall not affect either Parties' rights under the Indemnification Agreement or other indemnification agreements or obligations between the Parties. This release shall not apply to claims You or Company may have against each other now or in the future relating to any non-indemnifiable conduct under applicable law upon a final adjudication of such conduct. This release shall not limit Company's right to participate and recover as permitted by law in any governmental proceeding.

You further state that you have not experienced any illness, injury or disability compensable or recoverable under the workers compensation laws of any state and that you have not reported the same to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **ADEA Waiver.** You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA, as amended. You also acknowledge that the consideration given for the waiver and release herein is in addition to anything of value to which you were already entitled. You further acknowledge that you have been advised by this writing, as required by the ADEA, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) your waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) you have been advised to consult with an attorney prior to executing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) you have up to twenty-one (21) days from the date of this Agreement to execute this Agreement (although you may choose to voluntarily execute this Agreement earlier);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) you have seven (7) days following the execution of this Agreement by the parties to revoke the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after this Agreement is executed by you, provided that the Company has also executed this Agreement by that date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement does not affect your ability to contest the knowing and voluntary nature of this Agreement.

To the extent allowed by applicable statutory and regulatory law, the release contained in the preceding paragraph includes a waiver of rights and claims which you may have arising under the Age Discrimination in Employment Act of 1967 (Title 29, United States Code, 621 et seq.) (the "ADEA"). Pursuant to the Older Workers Benefit Protection Act (Public Law 101-433; 1990 S. 1511), you acknowledge that this Release is intended to apply, and you expressly agree that it will be effective, as a waiver of rights and claims arising under

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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![Graphic](zyxi-20250930xex10d4002.jpg)

the ADEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Exclusions**. Notwithstanding the foregoing, nothing contained in this Agreement is intended to prohibit or restrict you in any way from (a) making any disclosure of information required by law; (b) providing information to, or testifying or otherwise assisting in or defending against any investigation or proceeding brought by any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company's legal, compliance or human resources officers provided you will not be entitled to recover monetary relief as a plaintiff in connection with such investigation or proceeding; (c) testifying or participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization provided you will not be entitled to recover monetary relief in connection with such proceeding; (d) filing or making any whistleblower claim or report (although you shall, to the maximum extent permitted by law, disgorge to the Company upon receipt any monies received by you as a result of making any such claim or report); or (e) filing any claims that are not permitted to be waived or released under applicable law (although your ability to recover damages or other relief is still waived and released to the extent permitted by law). The Company also acknowledges and agrees that the waiver and release provided by this Agreement will not apply to or affect in any manner the Indemnification Agreement, your right to indemnification as an executive or officer of the Company, your rights under any policy of insurance covering officers, directors or employees of the Company, any claim relating to an unfair labor practice under the National Labor Relations Act ("NLRA"), any worker's compensation claim (although you acknowledge that you are not aware of any illness, injury or disability recoverable under worker compensation laws), or any claim submitted by you for unemployment insurance benefits provided by the State of Colorado or the federal government. In responding to any inquiry or request related to your claim for such unemployment insurance benefits, the Company will respond truthfully and accurately and will not request the denial of your claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Waiver**. You understand and agree that, to the fullest extent permitted by law, you are releasing and waiving claims that you do not know exist or may exist in your favor at the time you sign this Agreement which, if known by you, would materially affect your decision to sign this Agreement. Nonetheless, for the purpose of implementing a full and complete release and discharge of the Released Parties, you expressly acknowledge that the release set forth in this Agreement is intended to include all claims which you do not know or suspect to exist in your favor at the time of execution of this Agreement and that the release set forth in this Agreement contemplates the extinguishment of any such claims, except for claims for any unemployment benefits to which you may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Acknowledgements and Representations**. You acknowledge and represent that you have not suffered any discrimination or harassment by any of the Released Parties on account of your race, gender, national origin, religion, marital or registered domestic partner status, sexual orientation, age, disability, medical condition or any other characteristic protected by law. You acknowledge and represent that you have not been denied any leave, benefits or rights to which you may have been entitled under the FMLA or any other federal or state law, and that you have not suffered any job-related wrongs or injuries for which you might still be entitled to compensation or relief. You further acknowledge and represent that, except as expressly provided in this Agreement, you have been paid all wages, bonuses, compensation, benefits and other amounts that any of the Released Parties have ever owed to you, and you understand that you will not receive any additional compensation, severance, or benefits after the Separation Date, with the exception of any vested right you may have under the terms of a written ERISA- qualified benefit plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Not an Admission.** This Agreement does not constitute an admission by the Released Parties, and each Released Party denies that it has violated any contract, law, or regulation or that it has discriminated against you or otherwise infringed on your rights and privileges or done any other wrongful act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Knowing and Voluntary Execution.** You acknowledge that you have read this Agreement carefully and fully understand

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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![Graphic](zyxi-20250930xex10d4002.jpg)

the meaning of the terms of this Agreement. You acknowledge that you have signed this Agreement voluntarily, that you have not been pressured into accepting the Separation Benefit and that you knowingly and voluntarily release and waive all claims as described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Opportunity to Consult with Counsel.** You further acknowledge that you have been advised by this Agreement, and have had the opportunity, to consult with an attorney of your choice prior to signing this Agreement. You understand that any attorney's fees incurred by you in the negotiation and execution of this Agreement are your responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Miscellaneous.** This Agreement constitutes the complete, final, and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties, or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable. This Agreement will be deemed to have been entered into and will be construed and enforced in the federal or state courts located in Denver, Colorado, in accordance with the laws of the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Arbitration of Disputes.** Any controversy or claim arising out of or relating to this Agreement, breach or this Agreement, or otherwise arising out of Executive's employment or the termination of employment, will be governed by the Mutual Agreement to Arbitrate attached to this Agreement as **Exhibit B** ("Arbitration Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Review and Revocation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) You acknowledge that you have 21 calendar days from the date you receive this Agreement to decide whether you wish to agree to its terms and that you are under no obligation to communicate your decision whether or not to execute this Agreement before the 21-day period has expired. You acknowledge that you may waive this 21-day review period, and by signing, dating, and returning this Agreement to Anna Lucsok for the Company's signature prior to the expiration of the 21-day period, you will affect such waiver.

You further acknowledge that you may revoke this Agreement for a period of up to 7 calendar days after you sign it (not counting the day it was signed) and that the Agreement will not become effective or enforceable until the 7-day revocation period has expired. To revoke this Agreement, you must give written notice within the 7-day period stating that you wish to revoke the Agreement to:

General Counsel

9655 Maroon Circle

Englewood, CO 80112

If you mail a notice of revocation, it must be postmarked no later than 7 days following the date on which you signed this Agreement (not counting the day it was signed) or such revocation will not be effective. If the last day of the revocation period is a Saturday, Sunday, or legal holiday in the state of Colorado, then the revocation period will not expire until the next following day which is not a Saturday, Sunday, or legal holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) You acknowledge and agree that if you effectively revoke this Agreement under the procedures described above, this Agreement will be unenforceable in its entirety, and the Company will be released from its obligation under this Agreement to pay you the Separation Benefit.

You acknowledge that you fully and completely understand the meaning and intent of this Agreement, including these provisions regarding your right to review and revoke the Agreement.

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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**THIS AGREEMENT IS INVALID IF EXECUTED PRIOR TO YOUR SEPARATION DATE.**

You may signify your acceptance of the terms and conditions of this Agreement by signing the "duplicate original" of this Agreement. The "duplicate original" should be signed and returned to Company's General Counsel. You may retain the "original" of this Agreement for your files.

The Parties have executed this Agreement as of the Effective Date.

**ZYNEX MEDICAL, INC.** **EXECUTIVE**

By: _<u>/s/ Steven Dyson</u>__________________<u>_/s/ Anna Lucsok</u>______________________

Steven DysonAnna Lucsok,

Chief Executive Officer an individual

Date: __<u>10/27/2025</u>____________________Date: __<u>10/27/2025</u>____________________

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9655 Maroon Circle, Englewood, CO 80112 \| Phone: (800) 495-6670 \| Fax: (800) 495-6695 \| Zynex.com

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## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION

I, Steven Dyson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Zynex, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 17, 2025

---

| |
|:---|
| /s/ Steven Dyson |
| Steven Dyson |
| Chief Executive Officer and Principal Executive Officer |

---

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## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION

I, Vikram Bajaj, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Zynex, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 17, 2025

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| |
|:---|
| /s/ Vikram Bajaj |
| Vikram Bajaj |
| Chief Financial Officer and Principal Financial and Accounting Officer |

---

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## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

The undersigned hereby certifies, for the purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Zynex, Inc. ("Zynex"), that to his knowledge:

1. This Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such Report fairly presents, in all material respects, the financial condition and results of operations of Zynex for the period covered by this Report.

Dated: November 17, 2025

---

| |
|:---|
| /s/ Steven Dyson |
| Steven Dyson |
| Chief Executive Officer and Principal Executive Officer |

---

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## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

The undersigned hereby certifies, for the purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Zynex, Inc. ("Zynex"), that to his knowledge:

1. This Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such Report fairly presents, in all material respects, the financial condition and results of operations of Zynex for the period covered by this Report.

Dated: November 17, 2025

---

| |
|:---|
| /s/ Vikram Bajaj |
| Vikram Bajaj |
| Chief Financial Officer and Principal Financial and Accounting Officer |

---

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