Document:

Exhibit 10.1

Exhibit 10.1

NOTE: This Performance Restricted Stock Unit Award Agreement is applicable to performance
restricted stock unit awards made to members of the Managing Committee (“Participants”) of U.S.
Bancorp (the “Company”) on                     . These performance restricted stock unit awards
have the terms and conditions set forth in (a) each Participant’s award summary (the “Award
Summary”), which can be accessed on the Morgan Stanley Smith Barney Benefit Access Website at
www.benefitaccess.com, and (b) the form of Exhibit A hereto (which will be completed to
include all information called for therein) (the “Completed Exhibit A”) provided to such
Participant as soon as administratively feasible following the date on which the award is made.
The Award Summary may be viewed at any time on this Website, and the Award Summary may also be
printed out. In addition to the individual terms and conditions set forth in the Award Summary and
the Completed Exhibit A, each performance restricted stock unit award will have the terms and
conditions set forth in the form of Performance Restricted Stock Unit Award Agreement below. As a
condition of each performance restricted stock unit award, Participant accepts the terms and
conditions of the Performance Restricted Stock Unit Award Agreement, the Award Summary and the
Completed Exhibit A.

U.S. BANCORP

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS AGREEMENT, together with the Award Summary and the Completed Exhibit A which are incorporated
herein by reference (collectively, the “Agreement”), sets forth the terms and conditions of a
performance restricted stock unit award representing the right to receive shares of common stock of
the Company, par value $0.01 per share (the “Common Stock”). The Agreement is issued pursuant to
the Plan and is subject to its terms. Capitalized terms that are not defined in the Agreement
shall have the meaning ascribed to such terms in the Plan.

The Company and Participant agree as follows:

1. Award

Subject to the terms and conditions of the Plan and the Agreement, the Company grants to
Participant a performance restricted stock unit award entitling Participant to the number of
performance restricted stock units (the “Units”) equal to the “Target Award Number” set forth in
Participant’s Award Summary (such number of units, the “Target Award Number”). The Target Award
Number shall be adjusted upward or downward as provided in the Completed Exhibit A. The number of
Units that Participant will receive under this Agreement, after giving effect to such adjustment,
is referred to herein as the “Final Award Number.” Each Unit represents the right to receive one
share of Common Stock, subject to the vesting requirements and distribution provisions of this
Agreement and the terms of the Plan. The shares of Common Stock distributable to Participant with
respect to the Units granted hereunder are referred to as the “Shares.” Participant’s Award
Summary sets forth the date of grant of this award (the “Grant Date”). The Completed Exhibit A
sets forth (a) the performance period over which the Final Award Number will be determined (the
“Performance Period”), and (b) the date on which the Final Award Number will be determined (the
“Determination Date”).

2. Vesting; Forfeiture

(a) Time Based Vesting Conditions. Subject to the terms and conditions of the Agreement, the
Units shall vest in installments on the dates set forth in the Participant’s Award Summary (each
such date, a “Scheduled Vesting Date”), if the Participant remains continuously employed by the
Company or an Affiliate of the Company until any such Scheduled Vesting Date. Except as otherwise
provided in the Agreement, if Participant ceases to be an employee of the Company or any Affiliate
prior to vesting of any Units in accordance with the Award Summary, all of Participant’s unvested
Units shall be immediately and irrevocably forfeited.

 

 

 

(b) Continued Vesting Upon Separation From Service Due to Retirement or Disability. If
Participant has a Separation From Service (as defined in Section 11) with the Company or any
Affiliate by reason of Disability (as defined in Section 11) or Retirement (as defined in Section
11), the Units shall not be forfeited, but shall continue to vest on the Scheduled Vesting Dates in
accordance with Participant’s Award Summary as though such Separation From Service had never
occurred, so long as the Participant has at all times since the Grant Date complied with the terms
of any confidentiality and non-solicitation agreement between the Company or an Affiliate and the
Participant.

(c) Acceleration of Vesting Upon Death. If Participant ceases to be an employee by reason of
death, or if Participant dies after a Separation From Service with the Company or an Affiliate due
to Disability or Retirement but prior to any Scheduled Vesting Date, then the Units will become
vested in accordance with this Section 2(c). If such death occurs prior to the last day of the
Performance Period, a number of Units equal to the Target Award Number will vest upon Participant’s
death. If the death occurs on or after the last day of the Performance Period, then a number of
Units equal to the Final Award Number will vest upon Participant’s death. Notwithstanding the
foregoing, such accelerated vesting shall occur only if the Participant has at all times since the
Grant Date complied with the terms of any confidentiality and non-solicitation agreement between
the Company or an Affiliate and the Participant.

(d) Acceleration of Vesting Upon Qualifying Termination. Notwithstanding the vesting
provisions contained in Sections 2(a) through (c) above, but subject to the other terms and
conditions of this Agreement, if Participant has been continuously employed by the Company or any
Affiliate of the Company until the date of a Qualifying Termination (as defined in Section 11),
then immediately upon such Qualifying Termination, Participant shall be vested in the number of
Units determined in accordance with this Section 2(d). If the Qualifying Termination occurs prior
to the last day of the Performance Period, a number of Units equal to the Target Award Number will
vest upon such Qualifying Termination. If the Qualifying Termination occurs on or after the last
day of the Performance Period, a number of Units equal to the Final Award Number will vest upon
such Qualifying Termination.

(e) Forfeiture on Termination of Employment for Cause and on Breach of Confidentiality
Agreement. If Participant violates the terms of any confidentiality and non-solicitation agreement
between the Company or an Affiliate and the Participant, all of Participant’s unvested Units shall
be immediately and irrevocably forfeited. If Participant’s employment with the Company is
terminated for Cause (as defined in Section 11), all of Participant’s unvested Units shall be
immediately and irrevocably forfeited. Upon forfeiture, Participant shall have no rights relating
to the forfeited Units (including, without limitation, any rights to receive a distribution of
Shares with respect to the Units and the right to receive dividend equivalents).

3. Distribution of Shares with Respect to Units

Subject to the restrictions in this Section 3, following the vesting of Units and following the
payment of any applicable withholding taxes pursuant to Section 8 of this Agreement, the Company
shall cause to be issued and delivered to Participant a certificate or certificates evidencing
Shares registered in the name of Participant or in the name of Participant’s legal representatives,
beneficiaries or heirs, as the case may be, as follows:

(a) Scheduled Vesting Date Distributions. As soon as administratively feasible following each
Scheduled Vesting Date (but in no event later than 60 days following such Scheduled Vesting Date),
all Shares issuable pursuant to Units that become vested as of such Scheduled Vesting Date (and
with respect to which Shares have not been distributed previously) shall be distributed to
Participant, or in the event of Participant’s death, to the representatives of Participant or to
any Person to whom the Units have been transferred by will or the applicable laws of descent and
distribution.

 

-2-

 

(b) Qualifying Termination Distributions. As soon as administratively feasible following a
Separation From Service in connection with a Qualifying Termination (but in no event later than 60
days following such Separation From Service), all Shares issuable pursuant to Units that become
vested as a result of such Qualifying Termination (and with respect to which Shares have not been
distributed previously) shall be distributed to Participant. Notwithstanding the foregoing, any
Shares issuable to a Specified Employee (as defined in Section 11) as a result of a Separation From
Service in connection with a Qualifying Termination will not be delivered to such Specified
Employee until the date that is six months and one day after the date of the Separation From
Service.

(c) Distributions Following Retirement or Disability. If a Participant has a Separation From
Service with the Company or its Affiliates due to Retirement or Disability (so long as such
Separation From Service is not in connection with a Qualifying Termination), the distribution of
Shares with respect to Units will not be accelerated, and Shares will be distributed as soon as
administratively feasible following the applicable Scheduled Vesting Dates (but in no event later
than 60 days following any such Scheduled Vesting Date).

(d) Distributions Following Death. As soon as administratively feasible following the death
of a Participant (but in no event later than 90 days following such death) all Shares issuable
pursuant to Units that become vested pursuant to Section 2(c) (and with respect to which Shares
have not been distributed previously) shall be distributed to Participant.

In the event that the number of Shares distributable pursuant to this Section 3 is a number that is
not a whole number, then the number of Shares distributed shall be rounded down to the nearest
whole number.

4. Rights as Shareholder; Dividend Equivalents

Prior to the distribution of Shares with respect to Units pursuant to Section 3, Participant shall
not have ownership or rights of ownership of any Shares underlying the Units; provided,
however, that cash dividend equivalents shall accrue on the Shares underlying the Units,
whether such Units are vested or unvested, if cash dividends are declared by the Company’s Board of
Directors on the Common Stock on or after the Grant Date. Participant shall be entitled to
dividend equivalents with respect to a number of Units equal to the Final Award Number. Such
dividend equivalents will be in an amount of cash per Unit equal to the cash dividend paid with
respect to a share of outstanding Common Stock. The dividend equivalents shall be treated as
earnings on, and as a separate amount from, the Units for purposes of Section 409A of the Code.
Dividend equivalents accrued prior to the Determination Date will be paid to Participant as soon as
administratively feasible after the Determination Date (but in no event later than 30 days
following the Determination Date). After the Determination Date, dividend equivalents will be paid
to Participant with respect to unvested Shares on the same payment dates as dividends to holders of
the Common Stock are paid; provided, however, that, in all events, any dividend
equivalents paid in accordance with this sentence shall be paid in the calendar year in which the
dividends are declared, or, if later, on or before the date that is two and one-half months after
the date on which such dividends are declared. Dividend equivalents paid with respect to dividends
declared before the delivery of the Shares underlying the Units will be treated as compensation
income for tax purposes and will be subject to income and payroll tax withholding by the Company.

5. Restriction on Transfer

Except for transfers by will or the applicable laws of descent and distribution, the Units cannot
be sold, assigned, transferred, gifted, pledged, or in any manner encumbered, alienated, attached
or disposed of, and any purported sale, assignment, transfer, gift, pledge, alienation, attachment
or encumbrance shall be void and unenforceable against the Company. No such attempt to transfer
the Units, whether voluntary or involuntary, by operation of law or otherwise, shall vest the
purported transferee with any interest or right in or with respect to the Units or the Shares
issuable with respect to the Units.

 

-3-

 

6. Securities Law Compliance

The delivery of all or any of the Shares in accordance with this Award shall be effective only at
such time that the issuance of such Shares will not violate any state or federal securities or
other laws. The Company is under no obligation to effect any registration of the Shares under the
Securities Act of 1933 or to effect any state registration or qualification of the Shares. The
Company may, in its sole discretion, delay the delivery of the Shares or place restrictive legends
on such Shares in order to ensure that the issuance of any Shares will be in compliance with
federal or state securities laws and the rules of the New York Stock Exchange or any other exchange
upon which the Company’s Common Stock is traded.

7. Distributions and Adjustments

The Award shall be subject to adjustment, in accordance with Section 4(c) of the Plan, in the event
that any distribution, recapitalization, reorganization, merger or other event covered by Section
4(c) of the Plan shall occur.

8. Income Tax Withholding

In order to comply with all applicable federal or state income tax laws or regulations, the Company
may take such action as it deems appropriate to ensure that all applicable federal or state
payroll, withholding, income or other taxes, which are the sole and absolute responsibility of
Participant, are withheld or collected from Participant. Participant may satisfy any applicable
tax withholding obligations arising from the receipt of Shares, or lapse of restrictions relating
to the Units, by check payable to the Company. In addition, Participant may, at Participant’s
election, satisfy the minimum statutory withholding obligations that arise at the time of delivery
of Shares by electing to have the Company withhold a portion of the Shares otherwise to be
delivered with a Fair Market Value (as such term is defined in the Plan) equal to the amount
necessary to satisfy such obligations. The election must be made on or before the date that the
amount of tax to be withheld is determined.

9. Miscellaneous

(a) This Agreement is issued pursuant to the Plan and is subject to its terms. The Plan is
available for inspection during business hours at the principal office of the Company. In
addition, the Plan may be viewed on the U.S. Bancorp Intranet Website in the Human Resources,
Compensation section of such website.

(b) This Agreement shall not confer on Participant any right with respect to continuance of
employment with the Company or any Affiliate, nor will it interfere in any way with the right of
the Company or any Affiliate to terminate such employment at any time.

(c) Participant acknowledges that the grant, vesting or any payment with respect to this
Award, and the sale or other taxable disposition of the Shares issued with respect to the Units
hereunder may have tax consequences pursuant to the Code or under local, state or international tax
laws. Participant acknowledges that Participant is relying solely and exclusively on Participant’s
own professional tax and investment advisors with respect to any and all such matters (and is not
relying, in any manner, on the Company or any of its employees or representatives). Participant
understands and agrees that any and all tax consequences resulting from the Award and its grant,
vesting or any payment with respect thereto, and the sale or other taxable disposition of the
Shares acquired pursuant to the Award, is solely and exclusively the responsibility of Participant
without any expectation or understanding that the Company or any of its employees or
representatives will pay or reimburse Participant for such taxes or other items.

(d) It is intended that the Plan and the Agreement shall comply with Section 409A of the Code
and Department of Treasury regulations and other interpretive guidance issued thereunder and the
provisions of this Agreement shall be construed and administered accordingly.

 

-4-

 

10. Governing Law; Venue

This Agreement shall be governed by and construed in accordance with the laws of the State of
Minnesota. Any claim or action brought with respect to this Award shall be brought in a federal or
state court located in Minneapolis, Minnesota.

11. Definitions

For purposes of this Agreement, the following terms shall have the definitions as set forth below:

(a) “Announcement Date” shall mean the date of the public announcement of the transaction,
event or course of action that results in a Change in Control.

(b) “Cause” shall mean:

(A) the continued failure by Participant to substantially perform Participant’s duties with
the Company or any Affiliate (other than any such failure resulting from Participant’s Disability,
as defined in Section 10(d), after a demand for substantial performance is delivered to Participant
that specifically identifies the manner in which the Company believes that Participant has not
substantially performed Participant’s duties, and Participant has failed to resume substantial
performance of Participant’s duties on a continuous basis;

(B) gross and willful misconduct during the course of employment (regardless of whether the
misconduct occurs on the Company’s premises), including, without limitation, theft, assault,
battery, malicious destruction of property, arson, sabotage, embezzlement, harassment, acts or
omissions which violate the Company’s rules or policies (such as breaches of confidentiality), or
other conduct which demonstrates a willful or reckless disregard of the interests of the Company or
its Affiliates; or

(C) Participant’s conviction of a crime (including, without limitation, a misdemeanor offense)
which impairs Participant’s ability substantially to perform Participant’s duties with the Company.

(c) “Change in Control” shall mean any of the following events occurring after the date of
this Agreement, but only if such event also constitutes a change in ownership or effective control
of the Company, or a change in the ownership of a substantial portion of the assets of the Company,
within the meaning of Section 409A of the Code:

(A) The acquisition by any Person (as defined in Section 11(f))of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (1) the then
outstanding shares of Common Stock (the “Outstanding Company Common Stock”) or (2) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in
the election of directors (the “Outstanding Company Voting Securities”); provided,
however, that, for purposes of this clause (A), the following acquisitions shall not
constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any
acquisition by the Company, (iii) any acquisition by a subsidiary of the Company or any employee
benefit plan (or related trust) sponsored or maintained by the Company or a subsidiary of the
Company (a “Company Entity”) or (iv) any acquisition by any corporation pursuant to a transaction
which complies with clause (i), (ii) or (iii) of this clause (A); or

(B) Individuals who, as of the Grant Date, constitute the Company’s Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors
(except as a result of the death, retirement or disability of one or more members of the Incumbent
Board); provided, however, that any individual becoming a director subsequent to
the date of this Agreement whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, (1) any such individual whose initial assumption of office occurs
as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Incumbent Board, (2) any director designated by or on behalf of a Person who has entered into an agreement with the
Company (or which is contemplating entering into an agreement) to effect a Business Combination (as
defined in paragraph (C) of this Section 11(c)) with one or more entities that are not Company
Entities or (3) any director who serves in connection with the act of the Board of Directors of
increasing the number of directors and filling vacancies in connection with, or in contemplation
of, any such Business Combination; or

 

-5-

 

(C) Consummation of a reorganization, merger or consolidation or sale or other disposition of
all or substantially all of the assets of the Company (a “Business Combination”), in each case,
unless, following such Business Combination, (1) all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common
stock or the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from such
Business Combination (including, without limitation, a corporation which as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either directly or
through one or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any Company
Entity or such corporation resulting from such Business Combination) beneficially owns, directly or
indirectly, 35% or more of, respectively, the then outstanding shares of common stock of the
corporation resulting from such Business Combination or the combined voting power of the then
outstanding voting securities of such corporation except to the extent that such ownership existed
prior to the Business Combination and (3) at least a majority of the members of the board of
directors of the corporation resulting from such Business Combination were members of the Incumbent
Board at the time of the execution of the initial agreement, or of the action of the Board of
Directors, providing for such Business Combination; or

(D) Approval by the shareholders of the Company of a complete liquidation or dissolution of
the Company.

(d) “Disability” means leaving active employment and qualifying for and receiving disability
benefits under the Company’s long-term disability programs as in effect from time to time.

(e) “Notice of Termination” means a written notice which sets forth the date of termination of
Participant’s employment.

(f) “Person” means person as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

(g) “Qualifying Termination” means:

(A) Participant’s Separation From Service with the Company and its Affiliates as a result of
the Company’s termination of Participant’s employment for any reason other than Cause within 12
months following a Change in Control; provided, however, that any such Separation
From Service shall not be a Qualifying Termination if Participant has been notified in writing more
than 30 days prior to the Announcement Date that Participant’s employment with the Company is not
expected to continue for more than 12 months following the date of such notification, but only if
Participant’s employment with the Company is terminated (and employee experiences a Separation From
Service) within such 12 month period; and provided further, however, that any such
Separation From Service shall not be a Qualifying Termination if Participant has announced in
writing, prior to the date the Company provides Notice of Termination to Participant, the intention
to terminate employment, subject to the condition that any such termination by the Company prior to
Participant’s stated termination date shall be deemed to be termination by Participant on such
stated date unless termination by the Company is for Participant’s gross and willful misconduct;

(B) Participant’s Separation From Service with the Company and its Affiliates as a result of
Disability within 12 months following a Change in Control; or

 

-6-

 

(C) Participant’s Separation From Service with the Company and its Affiliates (other than as a
result of Participant’s termination of employment by the Company for Cause) within 12 months
following a Change in Control, if, at the time of the Change in Control, such Participant is age 59
1/2 or older and has had 10 or more years of employment with the Company or its Affiliates
following such Participant’s most recent date of hire by the Company or its Affiliates.

(h) “Retirement” means termination of employment (other than for gross and willful misconduct)
by a Participant who is age 59 1/2 or older and has had 10 or more years of employment with the
Company or its Affiliates following such Participant’s most recent date of hire by the Company or
its Affiliates.

(i) “Separation From Service” means a Participant’s separation from service with the Company
and its affiliates, as determined under Treasury Regulation section 1.409A-1(h)(1), provided, that
the term “affiliate” shall mean a business entity which is affiliated in ownership with the Company
and that is treated as a single employer under the rules of section 414(b) and (c) of the Code
(applying the eighty percent common ownership standard).

(j) “Specified Employee” shall mean any Participant who is a specified employee for purposes
of section 1.409A-1(i) of the U.S. Treasury Regulations, determined in accordance with the rules
set forth in the separate document entitled “U.S. Bank Specified Employee Determination.”

MC Performance RSU Award Agreement (as approved Feb 14, 2011)

 

-7-

 

EXHIBIT A

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT

This Exhibit A to the Performance Restricted Stock Unit Award Agreement sets forth the manner in
which the Final Award Number will be determined for each Participant.

Definitions

Capitalized terms used but not defined herein shall have the same meanings assigned to them in the
Plan, the Performance Restricted Stock Unit Award Agreement and Participant’s Award Summary. The
following terms used in the text of this Exhibit A and in the ROE Performance Matrix shall have the
meanings set forth below:

“Company ROE Maximum” means
 _____%.

“Company ROE Minimum” means
 _____%.

“Company ROE Result” means the ROE achieved by the Company during the Performance Period.

“Company ROE Target” means
 _____%.

“Determination Date” means the date on which the Final Award Number is determined, which
date shall not be later than 45 days after the last day of the Performance Period.

“Final Award Number” means the “Final Award Number” determined in accordance with this
Exhibit A.

“Peer Group Companies” means the following companies:                                         .

“Peer Group ROE Ranking Maximum” means the
 _____ 

percentile.

“Peer Group ROE Ranking Minimum” means the
 _____ 

percentile.

“Peer Group ROE Ranking Target” means the
 _____ 

percentile.

“Peer Group ROE” means the ROE achieved by the Peer Group Companies during the Performance
Period.

“Peer Group ROE Ranking” means the percentile rank of the Company ROE Result relative to
Peer Group ROE.

“Performance Period” means the year ending December 31,
 _____.

“ROE” means (a) net income applicable to the common shareholders of a company during the
Performance Period, divided by (b) that company’s average common shareholders’ equity during the
Performance Period.

“ROE Performance Matrix” means the ROE Performance Matrix set forth in this Exhibit A.

“Target Award Number” means the “Target Award Number” set forth in a Participant’s Award
Summary.

 

 

 

“Target Award Number Percentage” means the “Target Award Number Percentage” determined in
accordance with the ROE Performance Matrix and the related rules set forth in this Exhibit A.

Determination of Final Award Number

Each Participant has been granted a number of Units equal to the Target Award Number. The Target
Award Number will be adjusted upward or downward depending on (a) whether the Company ROE Result is
greater or less than the Company ROE Target, and (b) the Peer Group ROE Ranking. The Final Award
Number for each Participant will be determined by multiplying (i) the Target Award Number
Percentage by (ii) the Target Award Number. The Target Award Number Percentage will be determined
in accordance with the following ROE Performance Matrix and the related rules below:

ROE PERFORMANCE MATRIX

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Target Award Number Percentage	 
	 	Company ROE Maximum or more
	 	 	—	%	 	 	—	%	 	 	—	%
	Company
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ROE
	Company ROE Target
	 	 	—	%	 	 	—	%	 	 	—	%
	Result
	 	 	 	 	 	 	 	 	 	 	 	 	 
	(Vertical
Axis)
	Company ROE Minimum or less
	 	 	—	%	 	 	—	%	 	 	—	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	Peer Group	 	Peer Group	 	Peer Group
	 
	 	 	ROE Ranking	 	ROE	 	ROE Ranking
	 
	 	 	Minimum	 	Ranking	 	Maximum
	 
	 	 	or below	 	Target	 	or above
	 	 	 	 	 	 	 	 
	 	 	 	Peer Group ROE Ranking
	 	 	 	(Horizontal Axis)

In determining the Target Award Number Percentage in accordance with the ROE Performance Matrix,
the following rules will apply:

	 	•	 	If the Company ROE Result is greater than the Company ROE Minimum and less than the
Company ROE Target, the Target Award Number Percentage on the vertical axis will be
determined by interpolation of the Company ROE Result between the Company ROE Minimum and
the Company ROE Target.

	 	•	 	If the Company ROE Result is greater than the Company ROE Target and less than the
Company ROE Maximum, the Target Award Number Percentage on the vertical axis will be
determined by interpolation of the Company ROE Result between the Company ROE Target and
the Company ROE Maximum.

	 	•	 	If the Peer Group ROE Ranking is greater than the Peer Group ROE Ranking Minimum and
less than the Peer Group ROE Ranking Target, the Target Award Number Percentage on the
horizontal axis will be determined by interpolation of the Peer Group ROE Ranking between
the Peer Group ROE Minimum and the Peer Group ROE Target.

 

-2-

 

	 	•	 	If the Peer Group ROE Ranking is greater than the Peer ROE Group Ranking Target and less
than the Peer Group ROE Ranking Maximum, the Target Award Number Percentage on the
horizontal axis will be determined by interpolation of the Peer Group ROE Ranking between
the Peer Group ROE Target and the Peer Group ROE Maximum.

	 	•	 	After the Target Award Number Percentage on each of the vertical axis and horizontal
axis has been determined, the actual Target Award Number Percentage will be determined by
interpolation of the data points (i.e., the percentages) set forth in the ROE Performance
Matrix.

	 	•	 	In no event shall the Target Award Number Percentage be less than 25.0%.

	 	•	 	In no event shall the Target Award Number Percentage be greater than 150.0%.

The Final Award Number for each Participant shall be determined by the Committee on the
Determination Date. The Award Summary of each Participant shall be amended to reflect the Final
Award Number as soon as administratively feasible after the Final Award Number for such Participant
is determined.

Committee Determinations

The Committee shall make all determinations necessary to arrive at the Final Award Number for each
Participant. The Committee shall determine the Company ROE Result by reference to the Company’s
audited financial statements as of and for the year ending on the last day of the Performance
Period. The Committee shall determine the Peer Group ROE Ranking by reference to publicly
available financial information regarding the Peer Companies. Any determination by the Committee
pursuant to this Exhibit A will be binding upon each Participant and the Company.

No Fractional Units

In the event the Final Award Number is a number of Units that is not a whole number, then the Final
Award Number shall be rounded down to the nearest whole number.

 

-3-Exhibit 10.1

Exhibit 10.1

WAIVER, JOINDER AND FIRST AMENDMENT TO

REVOLVING CREDIT AND SECURITY AGREEMENT

THIS WAIVER, JOINDER AND FIRST AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this
“Amendment”) is made and entered into as of February 11, 2011, by and between each of ZYNEX, INC.,
a Nevada corporation, and ZYNEX MEDICAL, INC., a Colorado corporation (individually and
collectively, “Original Borrower”), and ZYNEX MONITORING SOLUTIONS INC., a Colorado corporation and
ZYNEX NEURODIAGNOSTIC INC., a Colorado corporation (individually and collectively, “New Borrower,”
and collectively with Original Borrower, the “Borrower”), and CAPITALSOURCE BANK, a California
industrial bank (the “Lender”).

RECITALS

A. Pursuant to that certain Revolving Credit and Security Agreement dated March 19, 2010, by
and among the Original Borrower and Lender (as amended hereby and as amended, supplemented,
modified and restated from time to time, collectively, the “Loan Agreement”), the Lender agreed to
make available to the Original Borrower the Revolving Facility.

B. Section 8.14 of the Loan Agreement restricts Original Borrower from forming or
acquiring any new Subsidiary unless such new Subsidiary becomes a co-Borrower under the Loan
Agreement.

C. Original Borrower has requested that Lender (a) make the proceeds of the Revolving Facility
available to New Borrower, (b) waive certain defaults as more particularly described herein, and
(c) consent to (i) the creation of New Borrower, (ii) the making of certain other amendments to the
Loan Agreement as described herein, and (iii) the amendment of Schedules to the Loan Agreement to
reflect the joinder of the New Borrower to the Loan Agreement (collectively, the “Transactions”),
and Lender has agreed to do so upon the terms and subject to the conditions set forth herein and in
the Loan Agreement provided (among other things) that the parties hereto execute and deliver this
Amendment and otherwise comply with the agreements set forth herein and in the Loan Agreement.

D. In furtherance of the foregoing, the parties hereto desire to enter into this Amendment to
amend the Loan Agreement in certain respects as provided herein.

NOW, THEREFORE, in consideration of the foregoing, the terms and conditions, premises and
other mutual covenants set forth in this Amendment, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

Section 1. Definitions. Unless otherwise defined herein, all capitalized terms used
and not defined herein shall have the meanings assigned to such terms in the Loan Agreement.

Section 2. Waiver. Certain Events of Default have occurred and are continuing under
the Loan Agreement as a result of the failure of Original Borrower to satisfy (a) the Minimum
EBITDA covenant set forth in Section 1 of Annex I of the Loan Agreement for the
calendar months ending March 31, 2010, April 30, 2010, May 31, 2010, June 30, 2010, July 31, 2010,
October 31, 2010 and November 30, 2010, in violation of Section 9.1 of the Loan Agreement,
(b) the Minimum Fixed Charge Coverage Ratio set forth in Section 2 of Annex I of
the Loan Agreement for the calendar month ending April 30, 2010, in violation of Section
9.1 of the Loan Agreement, and (c) the Minimum Cash Velocity covenant set forth in Section
3 of Annex I of the Loan Agreement for the calendar months ending March 31, 2010, May
31, 2010, June 30, 2010, September 30, 2010, October 31, 2010 and November 30, 2010, in

 

 

 

violation
of Section 9.1 of the Loan Agreement (collectively, the “Existing Events of Default”).
Subject to the conditions precedent or concurrent, representations and warranties, covenants and other
agreements set forth in this Amendment, Lender hereby waives the Existing Events of Default.
Except as provided in the immediately preceding sentence, such waiver shall not constitute (i) a
modification or alteration of the terms, conditions or covenants of the Loan Agreement or any
document entered into in connection therewith, (ii) a waiver, release or limitation upon the
exercise by Lender of any of its rights, legal or equitable, hereunder or under the Loan Agreement
or any Loan Document other than with respect to the Existing Events of Default or (iii) a waiver of
any future breach or default by any Borrower of any provision of the Loan Agreement or any other
Loan Document. Except as set forth above, Lender reserves any and all rights and remedies that it
has had, has or may have under the Loan Agreement and each Loan Document.

Section 3. Addition and Joinder of New Borrower. Original Borrower, New Borrower and
Lender agree that, by execution and delivery of this Amendment and satisfaction of the other
conditions set forth herein, New Borrower shall constitute and be deemed a Borrower under and for
purposes of the Loan Agreement and all other Loan Documents. Accordingly, by its execution hereof,
New Borrower hereby agrees as of the Effective Date (as defined below) (i) to be a party to the
Loan Agreement as a Borrower thereunder, (ii) that each will be deemed to have made all of the
representations and warranties of a Borrower under the Loan Agreement and to have and be bound,
jointly and severally with Original Borrower, by all of the conditions, obligations, appointments,
covenants, representations, warranties and other agreements of a Borrower under and as set forth in
the Loan Agreement, the Loan Documents and this Amendment, (iii) that it grants and confirms the
grant of a security interest in its Collateral under and pursuant to Section 4.1 of the
Loan Agreement and that it shall execute and deliver all Loan Documents and shall perform all steps
required by the Lender to perfect the Lender’s Liens on the Collateral, and (iv) to promptly
execute all further documentation, amendments, supplements, schedules, agreements and/or financing
statements required by Lender consistent and in connection with the Loan Agreement and this
Amendment, including, without limitation, the New Borrower Loan Documents (as defined below). In
addition, Original Borrower hereby reaffirms and agrees to be bound, jointly and severally with New
Borrower, by all of the conditions, obligations, appointments, covenants, representations,
warranties and other agreements of a Borrower under and as set forth in the Loan Agreement, Loan
Documents and this Amendment, and hereby agrees to promptly execute all further documentation,
amendments, supplements, schedules, agreements and/or financing statements required by Lender
consistent and in connection with the Loan Agreement and this Amendment, including, without
limitation, the New Borrower Loan Documents, as applicable. Notwithstanding anything to the
contrary contained in this Amendment and the inclusion of each New Borrower as a Borrower for
purposes of the Loan Agreement and all other Loan Documents as of the Effective Date, no New
Borrower shall be included for the purpose of determining the Borrowing Base except in accordance
with the provisions of Section 14 of this Amendment.

Section 4. Grant of Security Interest; Collateral.

(a) To secure the payment and performance in full of the Obligations, each New Borrower hereby
grants to Lender a continuing security interest in and Lien upon, and pledges to Lender, all of its
right, title and interest in and to all of the Collateral, which security interest is intended to
be a first priority security interest.

 

2

 

(b) Notwithstanding the foregoing provisions of this Section 4, such grant of a
security interest shall not extend to, and the term “Collateral” shall not include, any General
Intangibles of New Borrower, to the extent that (i) such General Intangibles are not assignable or
capable of being encumbered as a matter of law or under the terms of any government document
applicable thereto (but solely to the extent that any such restriction shall be enforceable under
applicable law) without the consent of the licensor thereof or other applicable party thereto, and
(ii) such consent has not been
obtained; provided, however, that the foregoing grant of a security interest
shall extend to, and the term “Collateral” shall include, each of the following: (a) any General
Intangible which is in the nature of an Account or a right to the payment of money or a proceed of,
or otherwise related to the enforcement or collection of, any Account or right to the payment of
money, or goods which are the subject of any Account or right to the payment of money, (b) any and
all proceeds of any General Intangible to the extent that the proceeds are not themselves General
Intangibles subject to this Section 4.1(b), and (c) upon obtaining the consent of any such
licensor or other applicable party with respect to any such otherwise excluded General Intangible,
such General Intangible as well as any and all proceeds thereof that might theretofore have been
excluded from such grant of a security interest and from the term “Collateral.”

(c) Each New Borrower hereby grants, and ratifies any prior, authorization for Lender to have
filed in any UCC jurisdiction any initial financing statements or amendments thereto indicating
“all assets of the debtor” or similar language as the collateral description.

(d) If any New Borrower shall at any time hold or acquire a Commercial Tort Claim, such New
Borrower shall immediately notify Lender in a writing signed by such New Borrower of the
particulars thereof and grant to Lender in such a writing a security interest therein and in the
proceeds thereof, all upon the terms of this Amendment, with such writing to be in form and
substance satisfactory to Lender.

(e) Upon the execution and delivery of this Amendment, and upon the proper filing of the
necessary financing statements, without any further action, each New Borrower represents and
warrants that (i) Lender will have a good, valid and perfected first priority Lien and security
interest in the Collateral, subject to no transfer or other restrictions or Liens of any kind in
favor of any other Person except for Permitted Liens and (ii) no financing statement relating to
any of the Collateral is on file in any public office except those (i) on behalf of Lender and (ii)
in connection with Permitted Liens.

Section 5. Amendment to Loan Agreement.

(a) The definition of “Change of Control” set forth in Section 1.2 of the Loan
Agreement is hereby amended and restated in its entirety to read as follows:

“Change of Control” shall mean, with respect to any Borrower, the occurrence of
any of the following: (i) a merger, consolidation, reorganization, recapitalization or
share or interest exchange, sale or transfer or any other transaction or series of
transactions in which its stockholders, managers, partners or interest holders immediately
prior to such transaction or series of transactions receive, in exchange for the stock or
interests owned by them, cash, property or securities of the resulting or surviving entity
or any Affiliate thereof, and, as a result thereof, Persons who, individually or in the
aggregate, were holders of twenty-five percent or more of its voting stock, securities or
equity, partnership or ownership interests immediately prior to such transaction or series
of transactions hold less than twenty-five percent of the voting stock, securities or other
equity, partnership or ownership interests of the resulting or surviving entity or such
Affiliate thereof, calculated on a fully diluted basis, (ii) a direct or indirect sale,
transfer or other conveyance or disposition, in any single transaction or series of
transactions, of all or substantially all of its assets, (iii) the initial public offering
of its securities (other than Zynex, Inc.), (iv) any “change in/of control” or “sale” or
“disposition” or similar event as defined in any document governing indebtedness of such
Person which gives the holder of such indebtedness the right to accelerate or otherwise
require payment of such indebtedness prior to the maturity date thereof, or (v) the
replacement of a majority of the board of directors of any Borrower over a one-year period
from the directors who constituted the board of directors of such Borrower at the
beginning of such period and such replacement shall not have been approved by a vote of
at least a majority of the board of directors of such Borrower then still in office who
either are members of such board of directors at the beginning of such period or whose
election as a member of such board of directors was previously so approved.

 

3

 

(b) Section 1 of Annex I of the Loan Agreement is hereby amended and
restated in its entirety to read as follows:

1) Minimum EBITDA

For each Test Period, measured as of the last day of each calendar month ending after
the Closing Date, EBITDA shall not be less than the amount set forth opposite such date:

	 	 	 	 	 
	Date	 	EBITDA	 
	March 31, 2010
	 	$	750,000	 
	April 30, 2010
	 	$	850,000	 
	May 31, 2010
	 	$	850,000	 
	June 30, 2010
	 	$	850,000	 
	July 31, 2010
	 	$	1,000,000	 
	August 31, 2010
	 	$	1,000,000	 
	September 30, 2010
	 	$	1,000,000	 
	October 31, 2010
	 	$	1,000,000	 
	November 30, 2010
	 	$	1,000,000	 
	December 31, 2010
	 	$	700,000	 
	January 31, 2011
	 	$	425,000	 
	February 28, 2011
	 	$	425,000	 
	March 31, 2011
	 	$	425,000	 
	April 30, 2011
	 	$	475,000	 
	May 31, 2011
	 	$	475,000	 
	June 30, 2011
	 	$	475,000	 
	July 31, 2011
	 	$	600,000	 
	August 31, 2011
	 	$	600,000	 

 

4

 

	 	 	 	 	 
	Date	 	EBITDA	 
	September 30, 2011
	 	$	600,000	 
	October 31, 2011
	 	$	700,000	 
	November 30, 2011
	 	$	700,000	 
	December 31, 2011
	 	$	700,000	 
	January 31, 2012
	 	$	515,000	 
	February 29, 2012
	 	$	515,000	 
	March 31, 2012
	 	$	515,000	 
	April 30, 2012
	 	$	575,000	 
	May 31, 2012
	 	$	575,000	 
	June 30, 2012
	 	$	575,000	 
	July 31, 2012
	 	$	725,000	 
	August 31, 2012
	 	$	725,000	 
	September 30, 2012
	 	$	725,000	 
	October 31, 2012
	 	$	850,000	 
	November 30, 2012
	 	$	850,000	 
	December 31, 2012
	 	$	850,000	 
	January 31, 2013 and the last day of each
calendar month thereafter
	 	$	625,000	 

(c) Section 3 of Annex I of the Loan Agreement is hereby amended and
restated in its entirety to read as follows:

 

5

 

3) Minimum Cash Velocity

For each Test Period, measured as of the last day of each calendar month ending
after the Closing Date, Collections of Accounts of Borrowers collectively shall not
be less than the greater of (a) 95% of Borrowers’ net revenue for the Revenue Period
and (b) the amount set forth opposite such date:

	 	 	 	 	 
	Date	 	Collections	 
	March 31, 2010
	 	$	3,500,000	 
	April 30, 2010
	 	$	4,000,000	 
	May 31, 2010
	 	$	4,250,000	 
	June 30, 2010
	 	$	4,750,000	 
	July 31, 2010
	 	$	5,250,000	 
	August 31, 2010
	 	$	5,750,000	 
	September 30, 2010
	 	$	6,250,000	 
	October 31, 2010
	 	$	6,750,000	 
	November 30, 2010
	 	$	7,250,000	 

; provided, however, that for each Test Period, measured as of the
last day of each calendar month ending after November 30, 2010, collections of
Accounts of Borrowers collectively shall not be less than 90% of Borrowers’ net
revenue for the Revenue Period, provided that, upon any violation of or
failure to comply with this covenant, Lender shall have the right, in its sole
discretion, to consider for all purposes under the Agreement as though Borrower
actually collected Accounts equal to such minimum required amount.

(d) The Schedules to the Loan Agreement are hereby amended and restated as set forth on
Exhibit 1 hereto, which Exhibit 1 is incorporated herein and made a part
hereof and of the Loan Agreement.

Section 6. Representations and Warranties.

(a) Notwithstanding any other provision of this Amendment, each Borrower hereby (i) confirms
and makes all of the representations and warranties set forth in the Loan Agreement and other Loan
Documents with respect to such Borrower, this Amendment and the New Borrower Loan Documents as of
the date hereof and as of the Effective Date and confirms that they are true and correct, (ii)
represents and warrants that they are Affiliates of each other, and (iii) specifically represents
and warrants to Lender that it has good and marketable title to all of its respective Collateral,
free and clear of any Lien or security interest in favor of any other Person (other than Permitted
Liens).

(b) Each Borrower hereby represents and warrants as of the date of this Amendment and as of
the Effective Date as follows: (i) it is duly incorporated, validly existing and in good standing
under the laws of its jurisdiction of incorporation; (ii) the execution, delivery and performance
by it of this Amendment and the New Borrower Loan Documents, as applicable, are within its powers,
have been duly authorized, and do not contravene (A) its articles of incorporation, bylaws, or
other organizational documents, or (B) any applicable law; (iii) no consent, license, permit,
approval or authorization of, or registration, filing or declaration with any Governmental
Authority or other Person, is required in connection with the execution, delivery, performance,
validity or enforceability of this Amendment or the New Borrower Loan Documents, as applicable, by
or against it; (iv) this Amendment and the New Borrower Loan Documents, as applicable, have been
duly executed and delivered by it; (v) this Amendment and the New Borrower Loan Documents, as
applicable, constitute its legal, valid and binding obligations enforceable against it in
accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally or by general principles of equity; and
(vi) it is not in default under the Loan Agreement and no Default or Event of Default exists, has
occurred or is continuing.

 

6

 

Section 7. Expenses. Borrower shall pay all costs and expenses incurred by Lender or
any of its Affiliates, including, without limitation, documentation and diligence fees and
expenses, all search, audit, appraisal, recording, professional and filing fees and expenses and
all other out-of-pocket charges and expenses (including, without limitation, UCC and judgment and
tax lien searches and UCC filings and fees for post-Closing UCC and judgment and tax lien searches)
and reasonable attorneys’ fees and expenses, in connection with entering into, negotiating,
preparing, reviewing and executing this Amendment and the New Borrower Loan Documents contemplated
hereby and all related agreements, documents and instruments, including, without limitation, the
UCC Financing Statements and searches required hereunder and under the Loan Agreement, and all of
the same may be charged to Borrower’s account and shall be part of the Obligations. If Lender or
any of its Affiliates uses in-house counsel for any of the purposes set forth above Borrower
expressly agrees that its Obligations include reasonable charges for such work commensurate with
the fees that would otherwise be charged by outside legal counsel selected by Lender or such
Affiliate in its sole discretion for the work performed. In addition and without limiting the
foregoing, Borrower shall pay all taxes (other than taxes based upon or measured by Lender’s income
or revenues or any personal property tax), if any, in connection with the filing of the financing
statements therefor pursuant to the Loan Documents.

Section 8. References Within Other Documents. (i) Each reference in the Loan
Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall
mean and be a reference to the Loan Agreement, taken together with this Amendment, (ii) each
reference in any other Loan Document to the “Loan Agreement” shall mean and be a reference to the
Loan Agreement, taken together with this Amendment, and (iii) each reference herein to the Loan
Agreements shall be deemed to include this Amendment. Except as specifically amended hereby, the
Loan Agreement and all other Loan Documents shall remain in full force and effect and the terms
thereof are expressly incorporated herein and are ratified and confirmed in all respects. This
Amendment is not intended to be or to create, nor shall it be construed as or constitute, a
novation or an accord and satisfaction but shall constitute an amendment of the Loan Agreement.
The parties hereto agree to be bound by the terms and conditions of the Loan Agreement as amended
by this Amendment as though such terms and conditions were set forth herein in full. The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided in
this Amendment, operate as a waiver of any right, power or remedy of Lender, nor constitute a
waiver of any provision of the Loan Agreement or any other Loan Document or any other documents,
instruments and agreements executed or delivered in connection therewith or of any Default or Event
of Default under any of the foregoing whether arising before or after the Effective Date or as a
result of performance hereunder.

Section 9. Governing Law and Jury Trial. THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE LOAN AGREEMENT AND SHALL BE SUBJECT
TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE LOAN AGREEMENT.

Section 10. Headings and Counterparts. The captions in this Amendment are intended
for convenience and reference only and do not constitute and shall not be interpreted as part of
this Amendment and shall not affect the meaning or interpretation of this Amendment. This
Amendment may be executed in one or more counterparts, all of which taken together shall constitute
but one and the same instrument. This Amendment may be executed by facsimile transmission, which
facsimile signatures shall be considered original executed counterparts for all purposes, and each
party to this Amendment
agrees that it will be bound by its own facsimile signature and that it accepts the facsimile
signature of each other party to this Amendment.

 

7

 

Section 11. Amendments. This Amendment may not be changed, modified, amended,
restated, waived, supplemented, discharged, canceled or terminated orally or by any course of
dealing or in any other manner other than by the written agreement of Lender and Borrower. This
Amendment shall be considered part of the Loan Agreement for all purposes under the Loan Agreement.
The New Borrower Loan Documents shall be considered Loan Documents for all purposes under the Loan
Agreement and other Loan Documents.

Section 12. Entire Agreement. This Amendment, the Loan Agreement other Loan Documents
and New Borrower Loan Documents constitute the entire agreement between the parties with respect to
the subject matter hereof and thereof and supersedes all prior agreements and understandings, if
any, relating to the subject matter hereof and thereof and may not be contradicted by evidence of
prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten
oral agreements between the parties.

Section 13. Miscellaneous. Whenever the context and construction so require, all
words used in the singular number herein shall be deemed to have been used in the plural, and vice
versa, and the masculine gender shall include the feminine and neuter and the neuter shall include
the masculine and feminine. This Amendment shall inure to the benefit of Lender, all future
holders of any note, any of the Obligations or any of the Collateral and all Transferees, and each
of their respective successors and permitted assigns. Borrower may not assign, delegate or
transfer this Amendment or any of its rights or obligations under this Amendment without the prior
written consent of Lender. No rights are intended to be created under this Amendment for the
benefit of any third party, creditor or incidental beneficiary of Borrower. Nothing contained in
this Amendment shall be construed as a delegation to Lender of Borrower’s duty of performance,
including, without limitation, any duties under any account or contract in which Lender has a
security interest or Lien. This Amendment shall be binding upon each Borrower and their
respective successors and assigns.

Section 14. Effectiveness. This Amendment shall be effective as of the date first set
forth above on the date (the “Effective Date”) upon which the following conditions precedent are
satisfied:

(a) each New Borrower shall have delivered to Lender (i) the Organizational and Good Standing
Documents of such New Borrower (including resolutions of the board of directors or managers (or
other applicable governing body) and, if required, stockholders, members or other equity owners
authorizing the execution, delivery and performance of this Amendment and the transactions
contemplated hereby), all satisfactory in form and substance to Lender, (ii) a certificate of the
secretary as to the incumbency and signature of the Persons executing the Loan Documents, in form
and substance acceptable to Lender, and (iii) the written legal opinion of counsel for New
Borrowers, satisfactory in form and substance to Lender and its legal counsel;

(b) each Borrower shall have delivered to Lender an executed counterpart of this Amendment
duly executed by an authorized officer of each such Borrower and each other document, agreement or
instrument reasonably requested by Lender in connection with this Amendment, each satisfactory in
form and substance to Lender;

(c) no Default or Event of Default shall have occurred and be continuing, unless such Default
or Event of Default has been otherwise specifically waived in writing by Lender;

(d) the representations and warranties contained in this Amendment and in
the Agreement and the other Loan Documents shall be true and correct in all material respects;

 

8

 

(e) receipt by Lender of a Solvency Certificate, in each case duly executed by New Borrowers;

(f) receipt by Lender of an Officer’s Certificate, in each case duly executed by New Borrower;

(g) execution and delivery of a Pledge Agreement by Zynex, Inc. reflecting its ownership of
100% of the capital stock of each New Borrower, satisfactory in form and substance to Lender and
its legal counsel;

(h) review and approval by Lender of an updated Borrowing Certificate which includes
calculations of the Borrowing Base with respect to New Borrowers in addition to Existing Borrowers;

(i) Lender shall have received such consents, approvals and agreements, including, without
limitation, any applicable Landlord Waivers and Consents with respect to any and all leases set
forth on Schedule 7.4A of the Agreement, from such third parties as Lender and its legal
counsel shall determine are necessary or desirable with respect to (i) the Loan Documents and/or
the transactions contemplated thereby, and/or (ii) claims against New Borrowers or any New
Borrower’s Collateral, each satisfactory in form and substance to Lender and its legal counsel;

(j) Borrowers shall be in compliance with Section 8.5 of the Agreement, and Lender
shall have received copies of all insurance policies or binders, original certificates of all
insurance policies of Borrowers, including New Borrowers, confirming that they are in effect and
that the premiums due and owing with respect thereto have been paid in full and naming Lender as
loss payee or additional insured, as appropriate;

(k) the receipt by Lender of a report of the Uniform Commercial Code financing statement, tax
and judgment lien searches performed with respect to each New Borrower in each jurisdiction
determined by Lender in its sole discretion, and such report shall show no liens on the Collateral
(other than Permitted Liens);

(l) each document (including without limitation, any UCC financing statement) required by any
Loan Document or under law or requested by Lender to be filed or recorded in order to create, in
favor of Lender, a perfected first priority security interest in or lien upon such Collateral owned
by New Borrower and evidence of each such filing, registration or recordation and of the payment by
Borrower of any necessary fee, tax or expense relating thereto;

(m) the receipt by Lender of all licenses and permits required for each New Borrower to
conduct its business;

(n) each New Borrower shall have executed an IRS Form 8821 with the appropriate office of the
Internal Revenue Service; and

(o) receipt by Lender of all fees, charges and expense payable to Lender on or prior to the
Effective Date pursuant to this Amendment and the Loan Documents including a fully earned and
non-refundable amendment fee in the amount of $25,000, and each Borrower hereby authorizes Lender
to charge such amounts as an Advance under the Revolving Facility.

 

9

 

Section 15. Release by Borrower. By execution of this Amendment, each Borrower
acknowledges and confirms that Borrower does not have any offsets, defenses or claims against
Lender, or any of their present or former subsidiaries, affiliates, officers, directors,
shareholders, employees, agents, representatives, attorneys, predecessors, successors or assigns
whether asserted or unasserted as of the Effective Date. To the extent that any Borrower may have
such offsets, defenses or claims, such Borrower and each of its successors, assigns, parents,
subsidiaries, affiliates, predecessors, employees, agents, heirs, executors, as applicable, jointly
and severally, knowingly, voluntarily and intentionally waive, release and forever discharge
Lender, and its subsidiaries, affiliates, officers, directors, shareholders, employees, agents,
attorneys, predecessors, successors and assigns, both present and former (collectively the
“Lender Affiliates”) of and from any and all actual or potential claims, demands, damages,
actions, requests for sanctions and causes of action, torts, obligations, suits, debts,
controversies, damages, judgments, executions, claims and demands whatsoever, all other liabilities
whether known or unknown, matured or unmatured, contingent or absolute, of any kind or description
whatsoever, either in law or in equity, asserted or unasserted in which against Lender and/or
Lender Affiliates it ever had, now have, claim to have or may later have originating in whole or in
part on or before the Effective Date, or which any of any Borrower’s successors, assigns, parents,
subsidiaries, affiliates, predecessors, employees, agents, heirs, executors, as applicable, both
present and former ever had, now has, claim to have or may later have, upon or by reason of any
manner, cause, causes or thing whatsoever originating in whole or in part on or before the
Effective Date, including, without limitation, any presently existing claim or defense whether or
not presently suspected, contemplated or anticipated, and each Borrower hereby agrees that such
Borrower is collaterally estopped from asserting any claims against Lender or any of the Lender
Affiliates relating to the foregoing.

[SIGNATURES APPEAR ON NEXT PAGE]

 

10

 

IN WITNESS WHEREOF, the parties have caused this Waiver, Joinder and First Amendment to
Revolving Credit and Security Agreement to be executed by their respective officers thereunto duly
authorized as of the date first written above.

	 	 	 	 	 	 	 
	LENDER:	 	CAPITALSOURCE BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Stephen Klose
 

Name: J. Stephen Klose
	 	 
	 

	 	 	 	Its: Bank Officer	 	 
	 
	 	 	 	 	 	 
	ORIGINAL BORROWER:	 	ZYNEX, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Thomas Sandgaard	 	 
	 	 	 	 	 
	 	 	Name: Thomas Sandgaard	 	 
	 	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ZYNEX MEDICAL, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Thomas Sandgaard	 	 
	 	 	 	 	 
	 	 	Name: Thomas Sandgaard	 	 
	 	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	NEW BORROWER:	 	ZYNEX MONITORING SOLUTIONS INC.	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Thomas Sandgaard	 	 
	 	 	 	 	 
	 	 	Name: Thomas Sandgaard	 	 
	 	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ZYNEX NEURODIAGNOSTIC INC.	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Thomas Sandgaard	 	 
	 	 	 	 	 
	 	 	Name: Thomas Sandgaard	 	 
	 	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices for New Borrower:	 	 
	 
	 	 	 	 	 	 
	 	 	9990 Park Meadows Drive

Lone Tree, CO 80124

Attention: Anthony Scalese, CFO

Telephone: 303-703-4906

Facsimile:

E-mail:	 	 

 

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}]]