# EDGAR Filing Document

**Accession Number:** 0001417663
**File Stem:** 0001628280-25-029114
**Filing Date:** 2025-6
**Character Count:** 18839
**Document Hash:** fc0a382046f40bbf3e1b5ab4db2002de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-029114.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001628280-25-029114

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250530

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SANUWAVE Health, Inc.
- **CENTRAL INDEX KEY:** 0001417663
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 201176000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42552
- **FILM NUMBER:** 251020610

**BUSINESS ADDRESS:**
- **STREET 1:** 3360 MARTIN FARM RD
- **STREET 2:** SUITE 100
- **CITY:** SUWANEE
- **STATE:** GA
- **ZIP:** 30024
- **BUSINESS PHONE:** 770-419-7525

**MAIL ADDRESS:**
- **STREET 1:** 3360 MARTIN FARM RD
- **STREET 2:** SUITE 100
- **CITY:** SUWANEE
- **STATE:** GA
- **ZIP:** 30024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RUB MUSIC ENTERPRISES, INC.
- **DATE OF NAME CHANGE:** 20071106

?xml version='1.0' encoding='ASCII'? snwv-20250530

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

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| | |
|:---|:---|
| Date of Report (Date of earliest event reported) | **May 30, 2025** |

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| |
|:---|
| **SANUWAVE Health, Inc.** |
| (Exact name of registrant as specified in its charter) |

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| | | |
|:---|:---|:---|
| **Nevada** | **000-52985** | **20-1176000** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

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| | | | |
|:---|:---|:---|:---|
| **11495 Valley View Road,** | **Eden Prairie,** | **Minnesota** | **55344** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

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| | | |
|:---|:---|:---|
| Registrant's telephone number, including area code | **(952)** | **656-1029** |

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| |
|:---|
| **N/A** |
| (Former name or former address, if changed since last report) |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which**<br>**registered** |
| Common stock, par value $0.001 per share | SNWV | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registration is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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. □

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**Item 5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On May 30, 2025, Nanci Gilmore, the Chief Commercial Officer of Sanuwave Health, Inc. (the "Company"), was terminated without cause, effective as of the same date. Pursuant to her offer letter, dated January 11, 2023 (the "Offer Letter"), subject to her execution, delivery and non-revocation of a release of claims and her compliance with the restrictive covenants in her Offer Letter, Ms. Gilmore is entitled to receive an aggregate of $97,916.67 in cash, which is equal to five months of her annual base salary, payable in equal installments on the Company's regular payroll schedule.

The foregoing description of the Offer Letter does not purport to be complete and is qualified by reference to the full text of the Offer Letter, which is filed hereto as Exhibit 10.1 and is incorporated herein by reference.

In connection with Ms. Gilmore's termination, Dustin Libby joined the Company as Executive Vice President of Commercial Operations on June 3, 2025.

**Item 7.01 Regulation FD Disclosure.**

On June 3, 2025, the Company issued a press release announcing the hiring of Mr. Libby.

The information in this Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

**(d)Exhibits.**

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| | |
|:---|:---|
| **Exhibit** <br>**No.** | **Description** |
| <u>[10.1](ex-101sanuwaveofferlettern.htm)</u> | Offer Letter, dated January 11, 2023, between Nanci Gilmore and the Company. |
| <u>[99.1](ex-991pressreleasexdustinl.htm)</u> | Press Release, dated June 3, 2025. |
| 104 | Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document. |

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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 hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | SANUWAVE HEALTH, INC. | SANUWAVE HEALTH, INC. |
| Dated: June 3, 2025 | By: | */s/ Morgan C. Frank* |
|  | Name: | Morgan C. Frank |
|  | Title: | Chief Executive Officer |

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## Exhibit 10.1

**Exhibit 10.1**

January 11, 2023

Nanci Gilmore

Via email: [\*\*\*]

Dear Nanci:

SANUWAVE, Inc. (the "Company") is pleased to extend to you this conditional offer of employment as Vice President Commercial Strategy, Wound Care reporting directly to the Chief Executive Officer. We anticipate your start date will be on February 1, 2023, or such earlier date as you are released from your current employment obligations. You will work primarily from your home office, but will be expected to travel up to 50% of your working time.

**Compensation.** You will be paid an annual base salary of $225,000.00, less withholdings, and payable in 24 semi-monthly installments of $9,375.00 accordance with the Company's normal payroll practices and procedures. This position is full-time, exempt and is not eligible for overtime.

**Bonus.** You will be eligible to earn an annual bonus of up to fifty percent (50%) of your annual salary in accordance with the Company's bonus plans and practices, payable in accordance with the Company's bonus program for 2023 and conditioned upon your employment through the bonus payment date. Currently, 50% of the annual bonus will be based on the achievement of Company goals established by the Board of Directors and the remaining 50% will be based on the achievement of certain personal performance goals established by the Company.

**Equity Grant.** I will recommend you receive an unvested equity grant equal to 3.5 million shares of the primary outstanding shares of the Company. The equity grant will be awarded in accordance with the terms and conditions of the applicable grant agreement and is subject to the approval by the Company's Compensation Committee of the Board of the Directors. The equity award is expected to be issued before the end of February 2023. The shares will vest according to the following schedule: (1) one-third of the shares will vest immediately upon grant, (2) one- third of the shares will vest on January 1, 2024, and (3) the final one-third will vest on January 1, 2025. Should your employment terminate prior to vesting, any unvested equity awards will be forfeited. The equity award value you will ultimately receive upon vesting is not guaranteed and is dependent upon the actual share price on the vesting or exercise date, as appropriate. The structure, form and timing of all awards shall be at the Company's sole discretion.

**Benefits.** You will be eligible for benefits sponsored by the Company from time-to-time, subject to the eligibility and other provisions of the applicable benefit plans or programs. During your employment, the Company will pay the full health insurance premium for your individual coverage. You will be eligible to accrue and use vacation time in accordance with the Company's policies. Your initial annual accrual rate will be 4 weeks of vacation (pro-rated based on your start date).

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You will be eligible for a Company car allowance consistent with the Company's policies and practices in place from time-to-time.

**Severance Eligibility.** Upon any termination of employment with the Company, you will be entitled to receive payment for any compensation earned through your last day of employment with the Company. If your employment is involuntarily terminated by the Company without cause (as determined by the Company in its reasonable discretion), subject to your execution, delivery, and non-revocation of a release of claims in a form to be provided by the Company (the "Release") and your compliance with all restrictive covenants set forth in the Agreements (as defined below) and any other similar covenants, then you will receive severance benefits as follows: a cash severance in an amount equal to five (5) months of your base salary at the rate in effect on your termination date. The severance will be payable to you in equal installments on Company's regular payroll schedule for the 5-month period following the expiration of any rescission periods applicable to the Release after your termination date, and provided that such termination is a "separation from service" for purposes of Internal Revenue Code section 409A and applicable administrative regulations and guidance.

**Offer Contingencies.** This employment offer is contingent upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signing the Company's Non-Compete and Confidentiality Agreement, Insider Trading and Code of Business Conduct/Ethics Acknowledgements (the "Agreements")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Successful completion of, and satisfactory results from, a background investigation, consistent with applicable law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation that you are not subject to any legal restrictions on your employment activities (see below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting this offer in writing no later than 48 hours after delivery

This offer will be withdrawn (whether or not you have already signed it) if any of the above conditions are not satisfied.

**Guidelines for Employment.** If you accept this offer and become an employee of the Company, you will be subject to our employment policies. In addition, the Company reserves the right to modify the compensation or benefits arrangements described in this letter or otherwise maintained by the Company, and also reserves the right to modify your position or duties to meet business needs and to use its discretion in deciding on appropriate discipline.

The Company is an at-will employer. At-will means that an employee may resign at any time with or without advance notice to the Company and with or without cause. Likewise, the Company may terminate an employee at any time with or without advance notice and with or without cause.

**Restrictions on Employment.** By signing below, you confirm that you do not have any type of written or oral non-solicitation or non-competition agreement or any other agreement, which would prevent you from accepting or performing services for the Company. You agree that you will not use or disclose confidential information obtained from previous employers during your

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employment with the Company, unless the information is publicly known or your previous employers have represented to you that you are entitled to use or disclose the information.

**Acceptance.** This offer will remain open for 48 hours after it is provided to you. To indicate your acceptance of the Company's offer on the terms and conditions set forth in this letter, please sign and date this letter in the space provided below and return it to me no later than that date. Upon receipt of your signed acceptance of this offer letter, the Company will contact you to begin your onboarding processes.

In addition, on your first day of employment, please be sure to bring your documentation or an acceptable receipt for a document establishing your identity and eligibility for employment in the

U.S. as required by the Immigration Reform and Control Act of 1986. If you are unable to provide such verification within three business days of the date your employment begins, your employment may be terminated.

This letter and the Agreements constitute the entire agreement and understanding related to your offer of employment and supersedes any and all other agreements, either oral or in writing, between the Company and you related to your offer of employment.

We look forward to your contributions and engagement as a valued member of our team. If you have any questions, please feel free to contact me.

Sincerely,

/s/ Kevin Richardson II

Kevin Richardson II CEO & Chairman Sanuwave Health

By signing below, I acknowledge that I have been furnished with a copy of this conditional offer of employment and that I understand and agree to the terms set forth above. I understand that I will be an at-will employee and that nothing in this document is intended to create a contract of employment or alter the at-will nature of my employment.

Acknowledgement and Acceptance of Terms:

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| | |
|:---|:---|
| /s/ Nanci Gilmore | 1/11/23 |
| Nanci Gilmore | Date |

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## Exhibit 99.1

**Exhibit 99.1**

![image_0.jpg](image_0.jpg)

**Sanuwave Health Appoints Industry Veteran Dustin Libby as Executive Vice President of Commercial Operations**

**Sanuwave Health, Inc.**

June 3, 2025

Libby brings strong team building, growth, and sales operations and systems skills to Sanuwave after a career of growing start ups into mid and large sized companies.

EDEN PRAIRIE, MN, June 3, 2025 (GLOBE NEWSWIRE) **– Sanuwave Health, Inc.** (the "Company" or "Sanuwave") (NASDAQ:SNWV), a leading provider of next-generation FDA-approved wound care products, is pleased to announce the hiring of Dustin Libby as its EVP of commercial operations.

Libby brings 20 years of medical device experience focused on commercial growth, sales operations, and launch execution.

His career includes leadership roles at Abiomed where, as director of commercial operations, he helped scale a $15M surgical business to over $500M in revenue. Other roles include experience at Smith & Nephew, Arthrex, and Hill-ROM, where he directed sales enablement, operational strategy, KOL development, and product launches across multiple therapeutic areas. This depth of experience positions Dustin to drive scale, agility, and growth at Sanuwave.

Dustin earned his B.S. degree in Product Design & Development at Keene State College

"We are pleased to welcome Dustin to Sanuwave at this exciting time in our growth plans," said CEO Morgan Frank. "He brings the experience in scaling

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teams and systems and the 'run through walls' energy that will see us through the next evolutions of our plans to extend our leadership in the wound care market."

"I am thrilled to join Sanuwave and leverage my two decades of medical device experience to drive significant commercial growth. I'm driven to scale our innovative technologies to reach more patients and make a meaningful impact on their lives."

Dustin began work at Sanuwave on June 3, 2025.

**About Sanuwave**

Sanuwave Health is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.

Sanuwave's end-to-end wound care portfolio of regenerative medicine products and product candidates help restore the body's normal healing processes. Sanuwave applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions.

***Forward-Looking Statements***

*This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future financial results, production expectations, plans for future business development activities and expectations regarding the impact of changes in tariff rates. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with regulatory oversight, the Company's ability to manage its capital resources, competition and the other factors discussed in detail in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.*

Contact: investors@sanuwave.com

<br>