# EDGAR Filing Document

**Accession Number:** 0000846475
**File Stem:** 0001558370-25-011685
**Filing Date:** 2025-8
**Character Count:** 20061
**Document Hash:** 65c099e9ca56b0fe9aee09fc73155c02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-011685.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001558370-25-011685

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250818

**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**: 20250820

**DATE AS OF CHANGE**: 20250820

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38804
- **FILM NUMBER:** 251233982

**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'?

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**

Date of Report (Date of earliest event reported): August 18, 2025

**Zynex, Inc.**

(Exact Name of Registrant as Specified in its Charter)

&nbsp;&nbsp;&nbsp;&nbsp; Nevada&nbsp;&nbsp;&nbsp;&nbsp; 001-38804 90-0275169 <br> (State or other jurisdiction of incorporation) Commission FileNumber (I.R.S. Employer Identification number)

9655 Maroon Circle, Englewood, CO 80112

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (800) 495-6670

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:

d nan

☐ 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))

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| | | |
|:---|:---|:---|
| Title of each class | Ticker symbol(s) | Name of each exchange on which<br>registered |
| Common Stock, $0.001 par value per share | ZYXI | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

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. ◻

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

*Appointment of Chief Financial Officer; Appointment of Chief Legal Officer*

On August 18, 2025, Zynex, Inc. (the "Company") appointed Vikram Bajaj to serve as Chief Financial Officer and Treasurer of the Company and John Bibb to serve as Chief Legal Officer and Secretary of the Company. Mr. Bajaj will succeed Dan Moorhead, who is resigning from his position as Chief Financial Officer effective August 18, 2025 and will depart the Company effective August 29, 2025.

Vikram Singh Bajaj, 49, has over 20 years of leadership experience in finance, M&A, and strategy within the med-tech sector. Prior to joining the Company, Mr. Bajaj previously served as the Chief Financial for Vyaire Medical, Inc. ("Vyaire"), a multinational respiratory solutions company, from 2023 to 2024. From 2022 to 2023, Mr. Bajaj served as an independent strategic advisor to private and public healthcare companies on strategic transformation and M&A transactions. From 2020 to 2021, Mr. Bajaj served as the Chief Financial Officer for Kepro, a healthcare services company. Prior to joining Kepro, Mr. Bajaj worked at Kinetic Concepts, Inc. ("KCI"), a multinational medical technology company, as Senior Vice President, Strategy & Corporate Development from 2009 to 2019. Prior to joining KCI, Mr. Bajaj, was a healthcare investment banker at J.P. Morgan. He began his career in public accounting with Arthur Andersen and is a Chartered Accountant.

John T. Bibb, 52, has served as an executive leader with companies in private and public environments through M&A, capital markets, complex litigation, government disputes, compliance remediation, and intellectual property exploitation. Prior to joining the Company, Mr. Bibb previously served as the Group CEO for Vyaire from 2023 to 2024. From 2021 to 2023, Mr. Bibb served as their Executive Vice President, Chief Legal and HR Officer. Prior to joining Vyaire, Mr. Bibb worked at KCI from 2003 to 2019. Mr. Bibb served in various leadership positions at KCI, including as Executive Vice President and General Counsel from 2011 to 2019 and Chief Human Resources Officer from 2017 to 2019. Prior to joining KCI, Mr. Bibb practiced law at the law firms of Baker Botts, L.L.P. and Cox Smith Matthews Incorporated.

Effective August 18, 2025, the Company entered into an employment agreement with each of Mr. Bajaj (the "Bajaj Agreement") and Mr. Bibb (the "Bibb Agreement").

Pursuant to the Bajaj Agreement, Mr. Bajaj will receive an annual base salary of $450,000 and be eligible for an annual discretionary bonus in a target amount of 70% of his annual base salary, based on the achievement of Company and individual performance milestone established by the Compensation Committee of the Board of Directors (the "Compensation Committee"). In addition, as an inducement for Mr. Bajaj to commence employment with the Company, Mr. Bajaj will receive inducement equity awards (the "Bajaj Awards") consisting of (i) a grant of shares of restricted stock 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, vesting on the third anniversary of Mr. Bajaj's start date, subject to his continued employment, with accelerated vesting in connection with certain terminations of employment and (ii) a number of 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, with an exercise price equal to the fair market value of the Company's common stock on the grant date and vesting in quarterly installments over a period of four years from Mr. Bajaj's start date, subject to his continued employment.

Pursuant to the Bibb Agreement, Mr. Bibb will receive an annual base salary of $450,000 and be eligible for an annual discretionary bonus in a target amount of 70% of his base salary, based on the achievement of Company and individual performance milestone established by the Compensation Committee. In addition, as an inducement for Mr. Bibb commence employment with the Company, Mr. Bibb will receive inducement equity awards (the "Bibb Awards") consisting of (i) a grant of shares of restricted stock 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, vesting on the third anniversary of Mr. Bibb's start date, subject to his continued employment, with accelerated vesting in connection with certain terminations of employment and (ii) a number of 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, with an exercise price equal to the fair market value of the Company's common stock on the grant date and vesting in quarterly installments over a period of four years from Mr. Bibb's start date, subject to his continued employment.

Mr. Bajaj and Mr. Bibb are entitled to severance payments and benefits in the event the Company terminates their employment without "cause" or they resign for "good reason" (each as defined in their respective employment agreement). The severance consists of (i) continued payment of base salary for a period of six months, (ii) an amount equal to the monthly employer contributions for health insurance benefits for up to six months and (iii) a pro-rated annual bonus for the year of such termination of employment based solely on the achievement of Company performance objectives. Receipt of severance is subject to the execution of a general release of claims in favor of the Company and continued compliance with applicable restrictive covenants.

The Bajaj Agreement and the Bibb Agreement each include an employee solicitation covenant that applies during employment and for 12 months following termination of employment with the Company, as well as an indefinite covenant of confidentiality. Additionally, the Bajaj Agreement includes non-competition and customer non-solicitation covenants that apply during employment and for 12 months following termination of employment with the Company. The Company has entered into a customary indemnification agreement with Messrs. Bajaj and Bibb in the same form as that which applies to our other executive officers.

*Director Appointment*

#### Item 7.01. Regulation FD Disclosure.
A copy of the press release issued by the Company, dated August 18, 2025, relating to the matters described herein is attached hereto as Exhibit 99.1 to this Form 8-K.

The information under this Item 7.01 and the press release attached to this Form 8-K as Exhibit 99.1 shall be deemed to be "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

#### Item 9.01. Financial Statements and Exhibits.
d) Exhibits. The following exhibits are filed with this report.

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| | | |
|:---|:---|:---|
| **Exhibit No.** |  | **Description** |
| 99.1 |  | [Press Release, dated August 18, 2025, announcing appointment of Chief Financial Officer and Chief Legal Officer.](zyxi-20250818xex99d1.htm) |
| 104 |  | Cover Page Interactive Data File (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 thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ZYNEX, INC.** | **ZYNEX, INC.** |
| Dated: August 20, 2025 | By: | /s/ Steven Dyson |
|  | Name:  | Steven Dyson |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Zynex Announces Arrival of Steven Dyson as CEO and Appointment of New Leadership in Key Roles**

ENGLEWOOD, Colo., August 18, 2025 -- Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, rehabilitation, and patient monitoring, today announced the arrival of newly appointed CEO, Steven Dyson, and the appointment of several new leaders at the Company.

On June 30, 2025, the Company announced the Board's appointment of Steven Dyson as the incoming CEO. Since that time, Mr. Dyson and Thomas Sandgaard, the Chairman of the Board, have been actively working with the Board of Directors to round out the executive team and several critical leadership roles within the company. Today the Company is announcing the addition of the following individuals, all of whom have started with the company as of August 18, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Vikram Bajaj, Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· John T. Bibb, Chief Legal Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ajay Gopal, EVP of Sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Agnes Powell, VP of Billing

Vikram Bajaj joins as Chief Financial Officer with over 20 years of leadership experience in finance, M&A, and strategy within the med-tech sector. Previously, he served as CFO of Vyaire Medical, CFO of Kepro, and as Head of Corporate Development at Kinetic Concepts (KCI). Earlier in his career, Vikram was an investment banker at J.P. Morgan in New York, advising healthcare companies on M&A as well as equity and debt capital markets. He began his career in public accounting with Arthur Andersen and is a Chartered Accountant.

John Bibb, our new Chief Legal Officer, is a seasoned executive leader with over 20 years' experience in legal, compliance and HR roles in the med-tech sector, including roles with Kinetic Concepts, Inc., LifeCell, and most recently Vyaire Medical. He has served as an executive leader with companies in private and public environments through M&A, capital markets, complex litigation, government disputes, compliance remediation, and intellectual property exploitation. In his new role, Mr. Bibb will be responsible for the Company's Legal, HR, Compliance and Communications functions.

Ajay Gopal, our new EVP of Sales, is a proven commercial leader in the healthcare and medical device sectors, with prior successful roles at KCI, Danaher, and Healthium Medtech. He is known for delivering transformative growth, high-integrity team leadership, and improving access to impactful products that improve lives.

Agnes Powell, our new VP of Billing, brings 20 years of experience in leading revenue cycle operations, compliance, and managed care contracting across diverse healthcare settings. She has a proven track record of managing billing processes with a strong commitment to integrity and regulatory compliance. Her background spans hospitals, private practices, and billing companies.

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Agnes has held key roles at HealthOne, Centura Health, and Toxicology Associates, contributing in various capacities.

Steven Dyson's executive leadership team will consist of Messrs. Bajaj and Bibb, together with Anna Lucsok, the Company's COO, and Donald Gregg, President of Zynex Monitoring Solutions. "I am very pleased that we have been able to move quickly to fill critical roles at the Company as we begin to create a new future for all Zynex stakeholders," said Mr. Dyson. "We have a lot to do to improve business performance at the Company over the coming quarters. I believe we now have the right team in place to deliver excellent results in the future, while renewing our commitment to the highest integrity in our business practices and fulfilling our mission to improve the quality of life for patients suffering from debilitating pain and illness."

Thomas Sandgaard, founder and Chairman of the Board, added "The Board is delighted to welcome Steven Dyson as CEO, together with his new executive team to Zynex. We are confident that this group of experienced, proven leaders will take Zynex to new levels of success. The Board and I are looking forward to supporting Steven and the rest of the management team in Zynex's next chapter."

**Safe Harbor Statement**

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended. our results of operations and the plans, strategies and objectives for future operations; the timing and scope of any potential stock repurchase; and other similar statements.

Words such as "anticipate," "believe," "continue," "could," "designed," "endeavor," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "seek," "should," "target," "preliminary," "will," "would" and similar expressions are intended to identify forward-looking statements. The express or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The Company makes no express or implied representation or warranty as to the completeness of forward-looking statements or, in the case of projections, as to their attainability or the accuracy and completeness of the assumptions from which they are derived. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain CE marking of new products; the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources; the need to keep pace with technological changes; our dependence on the reimbursement for our products from health insurance companies; the outcome of the Tricare payment suspension; our dependence on first party manufacturers to

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produce our products on time and to our specifications' implementation of our sales strategy including a strong direct sales force, market conditions; economic factors, such as interest rate fluctuations; and other risks described in our filings with the Securities and Exchange Commission.

These and other risks are described in our filings with the Securities and Exchange Commission including but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024, as well as our quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statements contained in this press release represent Zynex's views only as of today and should not be relied upon as representing its views as of any subsequent date. Zynex explicitly disclaims any obligation to update any forward-looking statements, except to the extent required by law.

**About Zynex, Inc.**

Zynex, founded in 1996, develops, manufactures, markets, and sells medical devices used for pain management and rehabilitation as well as non-invasive fluid, sepsis, and laser-based pulse oximetry monitoring systems for use in hospitals. For additional information, please visit: www.zynex.com.

**Investor Relations Contact:**<br>Vikram Bajaj, CFO

ir@zynex.com

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