Document:

Exhibit 10.6

Exhibit 10.6

Execution Copy

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (the “Agreement”) dated December 19, 2005, is made by and between
SanuWave, Inc., a Delaware corporation (the “Company”), and Christopher M. Cashman (“Executive”).

The Company desires to employ Executive and to enter into an agreement embodying the terms of
such employment; and

Executive desires to accept such employment and to enter into such an agreement; and

In consideration of the premises and mutual covenants herein and for other good and valuable
consideration, the parties agree as follows:

1. Term of Employment. Subject to the provisions of Section 8 of this Agreement,
Executive shall be employed by the Company and its affiliates on the terms and subject to the
conditions set forth in this Agreement. The period of time during which Executive shall be
providing services under this Agreement to the Company and its affiliates shall be known as the
“Employment Term”. The Employment Term shall commence as of the date set forth above and be of no
specific duration. Notwithstanding anything to the contrary herein, Executive shall be an “at
will” employee of the Company during the Employment Term.

2. Position.

a. During the Employment Term, Executive shall serve as the Company’s Chief Executive Officer.
In such position, Executive shall have such duties and authority as shall be determined from time
to time by the Board of Directors of the Company (the “Board”) consistent with such position.
Executive also agrees to serve as a member of the Board without additional consideration.

b. During the Employment Term, Executive will devote substantially all of Executive’s business
time and attention to the performance of Executive’s duties hereunder and will not engage in any
other business, profession or occupation for compensation or otherwise which would conflict or
interfere with the rendition of such services either directly or indirectly, without the prior
written consent of the Board; provided that Executive shall be permitted to serve as a
member of the board of directors or trustees of any charitable organization. Subject to the
provisions of the following sentence, Executive also may serve on the board of directors of any
privately-held business corporation so long as he informs the Company of his intention to do so
prior to commencing the performance of services to such corporation. Notwithstanding any other
provision of this Agreement, Executive agrees that his service to any charitable organization, or
to any other business venture, in each case, and in the aggregate, shall not conflict or interfere
with the performance of Executive’s duties hereunder or conflict with Section 9 of this Agreement.

 

 

3. Base Salary. During the Employment Term, the Company shall pay Executive a base
salary at the annual rate of $275,000, payable in regular installments in accordance with the
Company’s usual payment practices but not less often than monthly. Executive shall be entitled to
a performance and compensation review not less often than
annually and shall be entitled to such increases in Executive’s base salary, if any, as may be
determined from time to time in the sole discretion of the Board. Executive’s annual base salary,
as in effect from time to time, is hereinafter referred to as the “Base Salary.”

4. Annual Bonus. With respect to each full fiscal year during the Employment Term,
Executive shall be eligible to earn an annual bonus award (an “Annual Bonus”) of forty percent
(40%) of Executive’s Base Salary (the “Target”) based upon the achievement of certain performance
goals established by the Board and generally consistent with the Company’s budget and performance
goals established for other management employees. The Annual Bonus, if any, shall be paid to
Executive within two and one-half (2.5) months after the end of the applicable fiscal year.

5. Equity Arrangements.

a. Options. Simultaneously with the execution of this Agreement, Executive shall be
granted options to acquire 4,687 shares of common stock of the Company (“Shares”), which number is
equal to five percent (5%) of the Company on a fully diluted basis (the “Options”). The Options
shall have an exercise price of $100 per Share, which is equal to the price that Prides Capital
Partners, LLC paid in its initial acquisition of Shares (the “Base Price”), and which is the fair
market value of one Share, as determined by the Board in good faith. The Options will vest and
become exercisable as to twenty-five percent (25%) of the total number of Shares subject to the
Option on each twelve (12) month anniversary of the date of grant.

b. Direct Purchase of Shares. Contingent upon Executive’s commencement of employment
with the Company, Executive shall have the opportunity to purchase up to 2,228 Shares at a per
share purchase price equal to $100 (the “Investment Shares”), by providing written notice to the
Company’s Chairman of the Board prior to January 7, 2006. The Investment Shares acquired by
Executive under this Section 5.b shall be fully vested on the date of such acquisition.

c. Supplemental Options. In addition to the foregoing, simultaneously with the
execution of this Agreement Executive shall be granted three (3) options, which will be in addition
to the Option described in Section 5.a above (the “Supplemental Options”), Two Supplemental
Options will provide Executive with the right to acquire 900 Shares, which is intended to equal one
percent (1%) each of the Company on a fully diluted basis (the Supplemental Options described in
this sentence will hereinafter be referred to as “Supplemental Option 1” and “Supplemental Option
2”). The third Supplement Option will provide Executive with the right to acquire 1,350 Shares,
which is intended to equal one and one-half percent (1.5%) of the Company on a fully diluted basis
(the Supplemental Option described in this sentence will hereinafter be referred to as
“Supplemental Option 3”). Supplemental Option 1 will have an exercise price of $400 per Share,
Supplemental Option 2 will have an exercise price of $800 per Share, and Supplemental Option 3 will
have an exercise price of $1,200 per Share. Supplemental Option 1 will vest and become exercisable
as to 100 percent (100%) of the total number of Shares subject to Supplemental Option 1 on the
earlier of (i) the six year anniversary of the date of grant and (ii) the date that the Company or
its shareholders (A) enters into an agreement or adopts a plan of liquidation pursuant to which Prides Capital Partners, LLC

 

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and its affiliates can reasonably be expected to receive 4.0
times Prides Capital Partners, LLC’s initial aggregate investment in the Company, (B) enters into a
transaction with any person or entity (including an issuance of options or the sale of equity
interests in or assets of the Company) that establishes a value for the Company on a per share
basis equal to at least $400 per Share or (C) receives a valuation from the Company’s usual
financial advisor, or from another financial firm retained by the Company for the purpose of
obtaining such valuation, that establishes a value for the Company on a per share basis equal to at
least $400 per Share. Supplemental Option 2 will vest and become exercisable as to 100 percent
(100%) of the total number of Shares subject to Supplemental Option 2 on the earlier of (i) the six
year anniversary of the date of grant and (ii) the date that the Company or its shareholders (A)
enters into an agreement or adopts a plan of liquidation pursuant to which Prides Capital Partners,
LLC and its affiliates can reasonably be expected to receive 8.0 times Prides Capital Partners,
LLC’s initial aggregate investment in the Company, (B) enters into a transaction with any person or
entity (including an issuance of options or the sale of equity interests in or assets of the
Company) that establishes a value for the Company on a per share basis equal to at least $800 per
Share or (C) receives a valuation from the Company’s usual financial advisor, or from another
financial firm retained by the Company for the purpose of obtaining such valuation, that
establishes a value for the Company on a per share basis equal to at least $800 per Share.
Supplemental Option 3 will vest and become exercisable as to 100 percent (100%) of the total number
of Shares subject to Supplemental Option 3 on the earlier of (i) the six year anniversary of the
date of grant and (ii) the date that the Company or its shareholders (A) enters into an agreement
or adopts a plan of liquidation pursuant to which Prides Capital Partners, LLC and its affiliates
can reasonably be expected to receive 12.0 times Prides Capital Partners, LLC’s initial aggregate
investment in the Company, (B) enters into a transaction with any person or entity (including an
issuance of options or the sale of equity interests in or assets of the Company) that establishes a
value for the Company on a per share basis equal to at least $1,200 per Share or (C) receives a
valuation from the Company’s usual financial advisor, or from another financial firm retained by
the Company for the purpose of obtaining such valuation, that establishes a value for the Company
on a per share basis equal to at least $1,200 per Share. For the avoidance of doubt, Executive
shall not have the right to require the Company or Prides Capital Partners, LLC to obtain a
valuation of the Company to determine whether any of the Supplemental Options would vest as
provided above. In the event of any change in the outstanding shares of common stock of the
Company after the date hereof by reason of any share dividend or split, reorganization,
recapitalization, merger, consolidation, spin-off, combination, combination or transaction or
exchange of shares or other corporate exchange, any distribution to stockholders, or any
transaction similar to the foregoing, the Board shall make an equitable adjustment to the specified
per Share values related to the vesting criteria described in this paragraph 5.c.

d. Terms. Executive’s acquisition of Shares under this Section 5 shall be subject to
the stock option agreement pursuant to which the grants are made.

 

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6. Employee Benefits.

a. General. During the Employment Term, Executive shall be entitled to participate in
the Company’s employee benefit plans (other than annual bonus and incentive plans) as in effect
from time to time (collectively “Employee Benefits”), on the same
basis as those benefits are generally made available to other senior executives of the
Company. Executive shall be entitled to four (4) weeks paid vacation per year during the Employment
Term.

b. Life Insurance. In the event of Executive’s death during the Employment Term, in
addition to any death benefit payable under one or more life insurance policies on the life of the
Executive maintained under the Company’s insurance program generally applicable to employees of the
Company, Executive’s heir(s) shall receive a death benefit equal to at least $500,000 (subject to
insurability at standard premium rates) pursuant to a life insurance policy or policies on the life
of Executive, the premiums for which will be paid by the Company. Executive agrees to comply with
all usual or customary requirements that the underwriter of a life insurer may request in order to
evaluate whether to issue the policy, including, without limitation, Executive’s release of
personal medical information to insurer’s underwriter and undergoing medical examinations and/or
tests. If Executive does not cooperate with such requests, the Company shall be released from its
obligation to provide such life insurance under this Section 6.b.

7. Business Expenses and Perquisites.

a. Expenses. During the Employment Term, reasonable business expenses incurred by
Executive in the performance of Executive’s duties hereunder shall be advanced or reimbursed by the
Company in accordance with Company policies. In the event that Executive is required to travel
internationally in performance of his services pursuant to this Agreement, Executive shall be
entitled to book a business class ticket for any international flight in excess of six (6) hours.

b. Moving Expenses. The Company shall reimburse Executive for fifty percent (50%) of
all costs and expenses that Executive is required to pay to Executive’s current employer as a
result of the termination of his current employment as reimbursement for relocation expenses paid
by such employer; provided, however, that the Company’s reimbursement obligation under this Section
7.b shall not exceed $5,000. The Company shall reimburse such costs and expenses following
Executive’s submission of written documentation reasonably satisfactory to the Company evidencing
that Executive has reimbursed his current employer.

 

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8. Termination and Change of Control. The Employment Term and Executive’s employment
hereunder may be terminated by either party at any time and for any reason; provided that Executive
will be required to give the Company at least 30 days advance written notice of any resignation of
Executive’s employment. Notwithstanding any other provision of this Agreement, the provisions of
this Section 8 shall exclusively govern Executive’s rights upon termination of employment with the
Company and its affiliates.

a. By the Company For Cause or By Executive Resignation Without Good Reason.

(i) The Employment Term and Executive’s employment hereunder may be terminated by the Company
for Cause (as defined below) and shall terminate automatically upon
Executive’s resignation without Good Reason (as defined in Section 8(b)); provided that
Executive will be required to give the Company at least 30 days advance written notice of a
resignation without Good Reason.

(ii) For purposes of this Agreement, “Cause” shall mean (A) Executive’s continued failure
substantially to perform Executive’s duties hereunder (other than as a result of total or partial
incapacity due to physical or mental illness) for a period of 20 days following written notice by
the Company to Executive of such failure, (B) dishonesty in the performance of Executive’s duties
hereunder, (C) an act or acts on Executive’s part constituting (x) a felony under the laws of the
United States or any state thereof or (y) a misdemeanor involving moral turpitude that could
reasonably be expected to damage the Company or its reputation, (D) Executive’s willful malfeasance
or willful misconduct in connection with Executive’s duties hereunder or (E) Executive’s breach of
the provisions of Sections 9 or 10 of this Agreement.

(iii) If Executive’s employment is terminated by the Company for Cause, or if Executive
resigns without Good Reason, or in the event that Executive’s employment terminates due to
Executive’s death or disability, Executive (or Executive’s beneficiaries, in the event of
Executive’s death) shall be entitled to receive:

(A) the Base Salary through the date of termination;

(B) any Annual Bonus earned, but unpaid, as of the date of termination for the
immediately preceding fiscal year, paid in accordance with Section 4 (except to the
extent payment is otherwise deferred pursuant to any applicable deferred compensation
arrangement with the Company);

(C) reimbursement, within 60 days following submission by Executive to the Company
of appropriate supporting documentation) for any unreimbursed business expenses properly
incurred by Executive in accordance with Company policy prior to the date of Executive’s
termination; provided claims for such reimbursement (accompanied by appropriate
supporting documentation) are submitted to the Company within 90 days following the date
of Executive’s termination of employment; and

(D) such Employee Benefits, if any, as to which Executive may be entitled under the
employee benefit plans of the Company (the amounts described in clauses (A) through (D)
hereof being referred to as the “Accrued Rights”).

 

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Following such termination of Executive’s employment by the Company for Cause or resignation
by Executive without Good Reason, or on account of Executive’s death or disability, except as set
forth in this Section 8(a)(iii), Executive shall have no further rights to any compensation or any
other benefits under this Agreement.

b. By the Company Without Cause or Resignation by Executive for Good Reason.

(i) The Employment Term and Executive’s employment hereunder may be terminated by the Company
without Cause or by Executive’s resignation for Good Reason.

(ii) For purposes of this Agreement, “Good Reason” shall mean (A) the Company’s substantial
breach of this Agreement including the failure of the Company to pay or cause to be paid
Executive’s Base Salary or Annual Bonus, hereunder, (B) any substantial and sustained diminution in
Executive’s authority or responsibilities as Chief Executive Officer of the Company or (C) any
relocation of the location at which Executive is required to provide his services to a location
that is more than 45 miles from its location as of the date herof; provided that either of
the events described in clauses (A) and (B) of this Section 8(b)(ii) shall constitute Good Reason
only if the Company fails to cure such event within 30 days after receipt from Executive of written
notice of the event which constitutes Good Reason; provided, further, that “Good
Reason” shall cease to exist for an event on the 60th day following the later of its
occurrence or Executive’s knowledge thereof, unless Executive has given the Company written notice
thereof prior to such date.

(iii) If Executive’s employment is terminated by the Company without Cause or if Executive
resigns for Good Reason, Executive shall be entitled to receive:

(A) the Accrued Rights; and

(B) subject to Executive’s continued compliance with the provisions of Sections 9
and 10, and subject to Executive’s execution of an effective release of claims in a form
reasonably acceptable to the Company, continued payment of the Base Salary in accordance
with the Company’s normal payroll practices, as in effect on the date of termination of
Executive’s employment, until twelve months following the date of such termination; and

(C) continued coverage for Executive and his qualified beneficiaries under the
Company’s health insurance programs for a period of up to twelve (12) months through
Company reimbursement of premiums paid by Executive for coverage required under the
Consolidated Omnibus Budget Reconciliation Act of 1985.

Following Executive’s termination of employment by the Company without Cause or by Executive’s
resignation for Good Reason, except as set forth in this Section 8(b)(iii), Executive shall have no
further rights to any compensation or any other benefits under this Agreement.

c. Change of Control. In addition to the benefits that Executive may be entitled to
receive under Section 8b. above, if a Change of Control of the Company (as defined below) occurs,
then subject to Executive’s continued compliance with the provisions of Sections 9 and 10, and
subject to Executive’s execution of an effective release of claims in a form reasonably acceptable
to the Company, Executive shall be entitled to receive 100% accelerated vesting of the Options.

 

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For purposes of this Agreement, a “Change of Control” means the occurrence of any of the
following events: (1) the sale, exchange, lease or other disposition of all
or substantially all of the assets of the Company to a person or group of related persons, as
such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act of 1934,
as amended (the “Exchange Act”) (other than Prides Capital Partners, LLC and its affiliates,
Nightwatch Capital LLC and its affiliates, or any group controlled by any of the foregoing
persons), that will continue the business of the Company in the future; (2) a merger or
consolidation involving the Company in which the voting securities of the Company owned by the
shareholders of the Company immediately prior to such merger or consolidation do not represent,
after conversion if applicable, more than fifty percent (50%) of the total voting power of the
surviving controlling entity outstanding immediately after such merger or consolidation; provided
that any person who (A) was a beneficial owner (within the meaning of Rules 13d-3 and 13d-5
promulgated under the Exchange Act) of the voting securities of the Company immediately prior to
such merger or consolidation, and (B) is a beneficial owner of more than 20% of the securities of
the Company immediately after such merger or consolidation, shall be excluded from the list of
“shareholders of the Company immediately prior to such merger or consolidation” for purposes of the
preceding calculation; or (3) any person or group (other than Prides Capital Partners, LLC and its
affiliates, Nightwatch Capital LLC and its affiliates, or any group controlled by any of the
foregoing persons) is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of
the total voting power of the voting stock of the Company (including by way of merger,
consolidation or otherwise) and the representatives of Prides Capital Partners, LLC and its
affiliates, Nightwatch Capital LLC and its affiliates, or any group in which any of the foregoing
persons is a member, individually or in the aggregate, cease to have the ability to elect a
majority of the Board (for the purposes of this clause (3), a member of a group will not be
considered to be the Beneficial Owner of the securities owned by other members of the group).

d. Notice of Termination. Any purported termination of employment by the Company or
by Executive (other than due to Executive’s death) shall be communicated by written Notice of
Termination to the other party hereto in accordance with Section 12(h) hereof. For purposes of
this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of employment under the
provision so indicated.

9. Non-Competition.

a. Executive acknowledges and recognizes the highly competitive nature of the businesses of
the Company and its affiliates and accordingly agrees as follows:

(1) During the Employment Term and, for a period of two years following the date Executive
ceases to be employed by the Company (the “Restricted Period”), Executive will not, whether on
Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint
venture, association, corporation or other business organization, entity or enterprise whatsoever
(“Person”), directly or indirectly solicit or assist in soliciting in competition with the Company
the business of any client or prospective client for the purpose of selling or providing a
Competitive Product or Service.

 

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(2) During the Restricted Period, Executive will not directly or indirectly:

	 	(i)	 	engage in any business that competes with the
business of the Company or its affiliates in selling or providing a
Competitive Product or Service (including, without limitation,
businesses which the Company or its affiliates have specific plans to
conduct in the future and as to which Executive is aware of such
planning) in any geographical area that is within 100 miles of any
geographical area where the Company or its affiliates manufactures,
produces, sells, leases, rents, licenses or otherwise provides its
products or services (a “Competitive Business”);
	 
	 	(ii)	 	enter the employ of, or render any services to,
any Person who or which (or any division or controlled or controlling
affiliate of such Person) engages in a Competitive Business; provided,
however, that Executive shall be permitted to become an employee of, or
render services to, a Person that engages in a Competitive Business (or
that is a controlled or controlling affiliate of any Person that
engages in a Competitive Business) if Executive’s employment or
provision of services is limited to a line of business of such Person
that does not constitute a Competitive Business, Executive does not
sell or provide a Competitive Product or Service, and Executive does
not otherwise indirectly violate the restrictive covenants set forth
herein;
	 
	 	(iii)	 	acquire a financial interest in, or otherwise
become actively involved with, any Competitive Business, directly or
indirectly, as an individual, partner, shareholder, officer, director,
principal, agent, trustee or consultant; or
	 
	 	(iv)	 	interfere with, or attempt to interfere with,
business relationships (whether formed before, on or after the date of
this Agreement) between the Company or any of its affiliates and
customers, clients, suppliers partners, members or investors of the
Company or its affiliates with respect to a Competitive Product or
Service.

(3) Notwithstanding anything to the contrary in this Agreement, Executive may, directly or
indirectly own, solely as an investment, securities of any Person engaged in the business of the
Company or its affiliates which are publicly traded on a national or regional stock exchange or on
the over-the-counter market if Executive (i) is not a controlling person of, or a member of a group
which controls, such person and (ii) does not, directly or indirectly, own 5% or more of any class
of securities of such Person.

 

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(4) During the Restricted Period, Executive will not, whether on Executive’s own behalf or on
behalf of or in conjunction with any Person, directly or indirectly:

	 	(i)	 	solicit or encourage any employee of the
Company or its affiliates to leave the employment of the Company or its
affiliates; or
	 
	 	(ii)	 	hire any such employee who is at the time
employed by the Company or its affiliates; provided, however, that
nothing herein shall prevent Executive, whether on Executive’s own
behalf or on behalf of or in conjunction with any Person, from hiring
any such employee if such employee initially contacted Executive and
initially solicited an offer of employment from Executive.

(5) During the Restricted Period, Executive will not, directly or indirectly, solicit or
encourage to cease to work with the Company or its affiliates any consultant then under contract
with the Company or its affiliates.

(6) For purposes of this Agreement, the term “Competitive Product or Service” means the
products that use or incorporate Extracorporeal Shock Wave Technology for orthopedic or urology
procedures, and any services related to such products.

b. It is expressly understood and agreed that although Executive and the Company consider the
restrictions contained in this Section 9 to be reasonable, if a final judicial determination is
made by a court of competent jurisdiction that the time or territory or any other restriction
contained in this Agreement is an unenforceable restriction against Executive, the provisions of
this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum
time and territory and to such maximum extent as such court may judicially determine or indicate to
be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction
contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make
it enforceable, such finding shall not affect the enforceability of any of the other restrictions
contained herein.

 

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10. Confidentiality; Intellectual Property.

a. Confidentiality.

(i) Executive will not at any time (whether during or after Executive’s employment with the
Company) (x) retain or use for the benefit, purposes or account of Executive or any other Person;
or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person
outside the Company (other than its professional advisers who are bound by confidentiality
obligations), any non-public, proprietary or confidential information —including without
limitation trade secrets, know-how, research and development, software, databases, inventions,
processes, formulae, technology, designs and other intellectual property, information concerning
finances, investments, profits, pricing, costs, products, services, vendors, customers, clients,
partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing,
promotions, government and regulatory activities and approvals — concerning the past, current or
future business, activities and operations of the Company, its subsidiaries or affiliates and/or
any third party that has disclosed or provided any of same to the Company on a confidential basis
(“Confidential Information”) without the prior written authorization of the Board.

(ii) “Confidential Information” shall not include any information that is (a) generally known
to the industry or the public other than as a result of Executive’s breach of this covenant; (b)
made legitimately available to Executive by a third party without breach of any confidentiality
obligation; or (c) required by law to be disclosed; provided that Executive shall give
prompt written notice to the Company of such requirement, disclose no more information than is so
required, and cooperate with any attempts by the Company to obtain a protective order or similar
treatment.

(iii) Except as required by law, Executive will not disclose to anyone, other than Executive’s
immediate family and legal or financial advisors, the existence or contents of this Agreement;
provided that Executive may disclose to any prospective future employer the provisions of
Sections 9 and 10 of this Agreement provided they agree to maintain the confidentiality of such
terms.

(iv) Upon termination of Executive’s employment with the Company for any reason, Executive
shall (x) cease and not thereafter commence use of any Confidential Information or intellectual
property (including without limitation, any patent, invention, copyright, trade secret, trademark,
trade name, logo, domain name or other source indicator) owned or used by the Company, its
subsidiaries or affiliates; (y) immediately destroy, delete, or return to the Company, at the
Company’s option, all originals and copies in any form or medium (including memoranda, books,
papers, plans, computer files, letters and other data) in Executive’s possession or control
(including any of the foregoing stored or located in Executive’s office, home, laptop or other
computer, whether or not Company property) that contain Confidential Information or otherwise
relate to the business of the Company, its affiliates and subsidiaries, except that Executive may
retain only those portions of any personal notes, notebooks and diaries that do not contain any
Confidential Information and copies of any agreements to which Executive is a party; and (z) notify
and fully cooperate with the Company
regarding the delivery or destruction of any other Confidential Information of which Executive
is or becomes aware.

 

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b. Intellectual Property.

(i) If Executive has created, invented, designed, developed, contributed to or improved any
works of authorship, inventions, intellectual property, materials, documents or other work product
(including without limitation, research, reports, software, databases, systems, applications,
presentations, textual works, content, or audiovisual materials) (“Works”), either alone or with
third parties, prior to Executive’s employment by the Company, that are relevant to or implicated
by such employment (“Prior Works”), Executive hereby grants the Company a perpetual, non-exclusive,
royalty-free, worldwide, assignable, sublicensable license under all rights and intellectual
property rights (including rights under patent, industrial property, copyright, trademark, trade
secret, unfair competition and related laws) therein for all purposes in connection with the
Company’s current and future business. A list of all such material Works, if any, as of the date
hereof is attached hereto as Exhibit A.

(ii) If Executive creates, invents, designs, develops, contributes to or improves any Works,
either alone or with third parties, at any time during Executive’s employment by the Company and
within the scope of such employment and/or with the use of any the Company resources (“Company
Works”), Executive shall promptly and fully disclose same to the Company and hereby irrevocably
assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and
intellectual property rights therein (including rights under patent, industrial property,
copyright, trademark, trade secret, unfair competition and related laws) to the Company to the
extent ownership of any such rights does not vest originally in the Company.

(iii) Executive agrees to keep and maintain adequate and current written records (in the form
of notes, sketches, drawings, and any other form or media requested by the Company) of all Company
Works. The records will be available to and remain the sole property and intellectual property of
the Company at all times.

(iv) Executive shall take all requested actions and execute all requested documents (including
any licenses or assignments required by a government contract) at the Company’s expense (but
without further remuneration) to assist the Company in validating, maintaining, protecting,
enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Prior
Works and Company Works. If the Company is unable for any other reason to secure Executive’s
signature on any document for this purpose, then Executive hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney
in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all
other lawfully permitted acts in connection with the foregoing.

 

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(v) Executive shall not improperly use for the benefit of, bring to any premises of, divulge,
disclose, communicate, reveal, transfer or provide access to, or share with the Company any
confidential, proprietary or non-public information or intellectual property relating to a former
employer or other third party without the prior written permission of such
third party. Executive hereby indemnifies, holds harmless and agrees to defend the Company
and its officers, directors, partners, employees, agents and representatives from any breach of the
foregoing covenant. Executive shall comply with all relevant policies and guidelines of the
Company, including regarding the protection of confidential information and intellectual property
and potential conflicts of interest. Executive acknowledges that the Company may amend any such
policies and guidelines from time to time, and that Executive remains at all times bound by their
most current version.

(vi) The provisions of Section 10 shall survive the termination of Executive’s employment for
any reason.

11. Specific Performance. Executive acknowledges and agrees that the Company’s
remedies at law for a breach or threatened breach of any of the provisions of Section 9 or Section
10 would be inadequate and the Company would suffer irreparable damages as a result of such breach
or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a
breach or threatened breach, in addition to any remedies at law, the Company, without posting any
bond, shall be entitled to cease making any payments or providing any benefit otherwise required by
this Agreement and obtain equitable relief in the form of specific performance, temporary
restraining order, temporary or permanent injunction or any other equitable remedy which may then
be available.

12. Miscellaneous.

a. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Georgia, without regard to conflicts of laws principles thereof.

b. Entire Agreement/Amendments. This Agreement contains the entire understanding of
the parties with respect to the employment of Executive by the Company. There are no restrictions,
agreements, promises, warranties, covenants or undertakings between the parties with respect to the
subject matter herein other than those expressly set forth or referenced herein. This Agreement
may not be altered, modified, or amended except by written instrument signed by the parties hereto.

c. No Waiver. The failure of a party to insist upon strict adherence to any term of
this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive
such party of the right thereafter to insist upon strict adherence to that term or any other term
of this Agreement.

d. Severability. In the event that any one or more of the provisions of this
Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions of this Agreement shall not be affected
thereby.

 

12

 

e. Assignment. This Agreement, and all of Executive’s rights and duties hereunder,
shall not be assignable or delegable by Executive. Any purported assignment or delegation by
Executive in violation of the foregoing shall be null and void ab initio and of
no force and effect. This Agreement may be assigned by the Company to a person or entity
which is an affiliate or a successor in interest to substantially all of the business operations of
the Company. Upon such assignment, the rights and obligations of the Company hereunder shall
become the rights and obligations of such affiliate or successor person or entity.

f. Compliance with IRC Section 409A. Notwithstanding anything herein to the contrary,
(i) if at the time of Executive’s termination of employment with the Company Executive is a
“specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and the deferral of the commencement of any payments or benefits otherwise payable
hereunder as a result of such termination of employment is necessary in order to prevent any
accelerated or additional tax under Section 409A of the Code, then the Company will defer the
commencement of the payment of any such payments or benefits hereunder (without any reduction in
such payments or benefits ultimately paid or provided to Executive) until the date that is six
months following Executive’s termination of employment with the Company (or the earliest date as is
permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits
due to Executive hereunder could cause the application of an accelerated or additional tax under
Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make
such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment
or other benefits shall be restructured, to the extent possible, in a manner, determined by the
Board, that does not cause such an accelerated or additional tax.

g. Successors; Binding Agreement. This Agreement shall inure to the benefit of and be
binding upon personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees.

h. Notice. For the purpose of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered by hand or overnight courier or three days after it has been mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the respective addresses
set forth below in this Agreement, or to such other address as either party may have furnished to
the other in writing in accordance herewith, except that notice of change of address shall be
effective only upon receipt.

If to the Company:

1841 West Oak Parkway, Suite A

Marietta, GA 30662

Attention: Chairman of the Board

If to Executive:

To the most recent address of Executive set forth in the personnel records of the
Company.

 

13

 

i. Executive Representation. Executive hereby represents to the Company that the
execution and delivery of this Agreement by Executive and the Company and the performance by
Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise
contravene, the terms of any employment agreement or other agreement or policy to which Executive
is a party or otherwise bound.

j. Prior Agreements This Agreement supercedes all prior agreements and understandings
(including verbal agreements) between Executive and the Company and/or its affiliates regarding the
terms and conditions of Executive’s employment with the Company and/or its affiliates.

k. Cooperation. Executive shall provide Executive’s reasonable cooperation in
connection with any action or proceeding (or any appeal from any action or proceeding) which
relates to events occurring during Executive’s employment hereunder. This provision shall survive
any termination of this Agreement.

l. Withholding Taxes. The Company may withhold from any amounts payable under this
Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any
applicable law or regulation.

m. Counterparts. This Agreement may be signed in counterparts, each of which shall be
an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

	 	 	 	 	 	 	 
	SANUWAVE, INC.	 	 	 	Christopher M. Cashman
	 
	 	 	 	 	 	 
	By:

	 	/s/ Chris Puscasin
	 	 	 	/s/ Christopher M. Cashman
	 

	 	 
	 	 	 	 
	 

	 	Chris Puscasin	 	 	 	 
	 

	 	Title: Director	 	 	 	 

 

14Exhibit 10.7

Exhibit 10.7

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

FOR CHRISTOPHER M. CASHMAN

This AMENDMENT (the “Amendment”) to that certain Employment Agreement dated December 19, 2005
by and between Sanuwave, Inc. and Christopher M. Cashman (the “Employment Agreement”) is made by
and between SANUWAVE, Inc., a Delaware corporation (the “Company”), and Christopher M. Cashman (the
“Executive”).

WHEREAS, the parties entered into the Employment Agreement and now wish to amend the
Employment Agreement as described in this Amendment;

WHEREAS, if the Company does not engage in a share exchange or reverse merger with a public
shell company on or before October 31, 2009, certain revisions detailed in this Amendment shall be
cancelled in their entirety and shall have no force or effect;

NOW THEREFORE, the parties hereby agree to amend the Employment Agreement as follows,
effective as of the date this Amendment is executed by the parties (the “Effective Date”).
Notwithstanding the foregoing, Items 3-12 of this Amendment (representing revisions to Sections 3,
4, 5c, 5e, 5f, 6b, 8b(iii), 8c and 13 of the Employment Agreement) shall be cancelled in their
entirety and shall have no force or effect if the Company does not engage in a share exchange or
reverse merger with a public shell company on or before October 31, 2009.

1. Section 2.a. is hereby amended by adding the following phrase to the end of the first sentence
in this paragraph:

“and President”

2. Section 2.b. is hereby amended by deleting said paragraph in its entirety and substituting the
following in lieu thereof:

“During the Employment Term, Executive will devote substantially all of Executive’s
business time and attention to the performance of Executive’s duties hereunder and will not
engage in any other business, profession or occupation for compensation or otherwise which
would conflict or interfere with the rendition of such services either directly or
indirectly, without the prior written consent of the Board; provided that Executive
shall be permitted to serve as a member of the board of directors or trustees of any
organization so long as his service to any organization, or to any other business venture,
in each case, and in the aggregate, shall not conflict or interfere with the performance of
Executive’s duties hereunder or conflict with Section 9 of this Agreement.”

 

 

 

3. Section 3. Base Salary. is hereby amended by deleting said paragraph in its entirety and
substituting the following in lieu thereof:

“3. Base Salary. During the Employment Term, the Company shall pay Executive a base salary
at the annual rate of $275,000, payable in regular installments in accordance with the Company’s
usual payment practices but not less often than monthly, provided however that, effective January
1, 2010, the Company shall pay Executive a base salary at the annual rate of $350,000, and
effective January 1, 2011, the Company shall pay Executive a base salary at the annual rate of not
less than $385,000. Executive shall be entitled to a performance and compensation review not less
often than annually and shall be entitled to such increases in Executive’s base salary as may be
determined from time to time in the sole discretion of the Board, provided that such
increase shall be at least one hundred and five percent (105%) of the previous annual base
salary. Executive’s annual base salary, as in effect from time to time, is hereinafter
referred to as the “Base Salary.”

4. Section 4. Annual Bonus. is hereby amended by deleting said paragraph in its entirety
and substituting the following in lieu thereof:

“4. Annual Bonus. With respect to each full fiscal year during the Employment
Term, Executive shall be eligible to earn an annual bonus award (an “Annual Bonus”) of not
less than fifty-percent (50%) and not to exceed two hundred percent (200%) of Executive’s
Base Salary (the “Target”) based upon the achievement of certain performance goals
established by the Board and generally consistent with the Company’s budget and performance
goals established for other management employees. The Annual Bonus shall be paid to
Executive within two and one-half (2 1/2) months after the end of the applicable fiscal year,
provided however, for the payment due in the fiscal year ending in 2010, if timely payment
is administratively impractical or would jeopardize the Company’s ability to continue as a
going concern, the payment may be delayed and/or paid in installments, and shall be paid as
soon as administratively practicable or when such payment would not jeopardize the Company’s
status as a going concern, in compliance with the provisions of Section 409A of the Code.”

5. Section 5.a. Options. is amended by adding the following sentence to the end thereto:

“On an annual basis, the Company, in its discretion, may issue additional Options,
Restricted Stock or other equity arrangements to or for the benefit of Executive.”

 

 

 

6. Section 5.c. Supplemental Options. is amended by deleting said section in its entirety
and substituting the following in lieu thereof:

“c. Supplemental Options. In addition to the foregoing, simultaneously with
the execution of this Agreement, Executive shall be granted three (3) options, which will be
in addition to the Option described in Section 5.a above (the “Supplemental Options”). Two
Supplemental Options will provide Executive with the right to acquire 4,065 Shares, which is
intended to equal one percent (1%) each of the Company on a fully diluted basis (the
Supplemental Options described in this sentence will hereinafter
be referred to as “Supplemental Option 1” and “Supplemental Option 2”). The third
Supplemental Option will provide Executive with the right to acquire 6,098 Shares, which is
intended to equal one and one-half percent (1.5%) of the Company on a fully diluted basis
(the Supplemental Option described in this sentence will hereinafter be referred to as
“Supplemental Option 3”).

(i) Supplemental Option 1 will have an exercise price of $100 per Share and will
vest and become exercisable as to 100 percent (100%) of the total number of Shares
subject to Supplemental Option 1 on the earlier of (i) December 19, 2011, and (ii)
the date that the Company or its shareholders (A) enters into a transaction with any
person or entity (including an issuance of options or the sale of equity interests
in or assets of the Company) that establishes a value for the Company on a per share
basis equal to at least $300 per Share or (B) receives a valuation from the
Company’s usual financial advisor, or from another financial firm retained by the
Company for the purpose of obtaining such valuation, that establishes a value for
the Company on a per share basis equal to at least $300 per Share. Notwithstanding
the above, if the Common Stock of the Company is or becomes listed on a national
security exchange, Supplemental Option 1 will vest and become exercisable as to 100
percent (100%) of the total number of Shares subject to Supplemental Option 1 if the
future closing price is equal to or exceeds 3.0 times the closing price of the
Company’s Common Stock as of the first date that such Common Stock is listed and
traded on that exchange. Exercise price for the Supplemental Option 1 will be the
closing price of the Company’s Common Stock as of the first date that such Common
Stock is listed and traded on that exchange.

(ii) Supplemental Option 2 will have an exercise price of $100 per Share.
Supplemental Option 2 will vest and become exercisable as to 100 percent (100%) of
the total number of Shares subject to Supplemental Option 2 on the earlier of (i)
December 19, 2011, and (ii) the date that the Company or its shareholders (A) enters
into a transaction with any person or entity (including an issuance of options or
the sale of equity interests in or assets of the Company) that establishes a value
for the Company on a per share basis equal to at least $600 per Share or (B)
receives a valuation from the Company’s usual financial advisor, or from another
financial firm retained by the Company for the purpose of obtaining such valuation,
that establishes a value for the Company on a per share basis equal to at least $600
per Share. Notwithstanding the above, if the Common Stock of the Company is or
becomes listed on a national security exchange, Supplemental Option 2 will vest and
become exercisable as to 100 percent (100%) of the total number of Shares subject to
Supplemental Option 2 if the future closing price is equal to or exceeds 6.0 times
the closing price of the Company’s Common Stock as of the first date that such
Common Stock is listed and traded on that exchange. Exercise price for the
Supplemental Option 2 will be the closing price of the Company’s Common Stock as of
the first date that such Common Stock is listed and
traded on that exchange.

 

 

 

(iii) Supplemental Option 3 will have an exercise price of $100 per Share.
Supplemental Option 3 will vest and become exercisable as to 100 percent (100%) of
the total number of Shares subject to Supplemental Option 3 on the earlier of (i)
December 19, 2011, and (ii) the date that the Company or its shareholders (A) enters
into a transaction with any person or entity (including an issuance of options or
the sale of equity interests in or assets of the Company) that establishes a value
for the Company on a per share basis equal to at least $900 per Share or (B)
receives a valuation from the Company’s usual financial advisor, or from another
financial firm retained by the Company for the purpose of obtaining such valuation,
that establishes a value for the Company on a per share basis equal to at least $900
per Share. Notwithstanding the above, if the Common Stock of the Company is or
becomes listed on a national security exchange, Supplemental Option 3 will vest and
become exercisable as to 100 percent (100%) of the total number of Shares subject to
Supplemental Option 3 if the future closing price is equal to or exceeds 9.0 times
the closing price of the Company’s Common Stock as of the first date that such
Common Stock is listed and traded on that exchange. Exercise price for the
Supplemental Option 3 will be the closing price of the Company’s Common Stock as of
the first date that such Common Stock is listed and traded on that exchange.

For the avoidance of doubt, Executive shall not have the right to require the Company
to obtain a valuation of the Company to determine whether any of the Supplemental Options
would vest as provided above. In the event of any change in the outstanding shares of
common stock of the Company after the date hereof by reason of any share dividend or split,
reorganization, recapitalization, merger, consolidation, spin-off, combination, combination
or transaction or exchange of shares or other corporate exchange, any distribution to
stockholders, or any transaction similar to the foregoing, the Board shall make an
equitable adjustment to the specified per Share values related to the vesting criteria
described in this paragraph 5.c.”

7. A new Section 5.e. Restricted Stock. is added to the end of Section 5 to read as
follows:

“e. Restricted Stock. In addition to the foregoing, simultaneously with the
execution of the First Amendment to the Employment Agreement, Executive shall be granted
annually Shares of Restricted Stock which number is equal to two and one-half (2 1/2) times
his Base Salary in effect on the Effective Date. Such Shares of Restricted Stock shall be
subject to the Restricted Stock Agreement and Award pursuant to which the grant is made. The
Shares of Restricted Stock shall vest as to twenty-five percent (25%) of the total number of
Shares of Restricted Stock on each twelve (12) month anniversary of the date of the grant;
provided that the vesting of the Shares of Restricted Stock may be accelerated upon the
achievement of certain performance goals established by the Board (or the compensation
committee of the Board).”

 

 

 

8. A new Section 5.f. Reverse Merger or Share Exchange. is added to the end of Section 5 to
read as follows:

“f. Reverse Merger or Share Exchange. Upon the effectiveness of the reverse
merger or share exchange contemplated in this Amendment, each outstanding option or right of
Common Stock of the Company, whether or not then exercisable, shall be converted into an
option or right, as applicable, to purchase 34.233 shares of the reverse merger target
company’s common stock (“RTO Company Common Stock”) on the same terms as in effect
immediately prior to the reverse merger and at a price which shall be adjusted
proportionately (i.e. an option to purchase 1 share of SANUWAVE Common Stock for $100 would
be adjusted proportionately to an option to purchase 34.233 shares of RTO Company Common
Stock for [$2.92 ($100/34.233)] per share). ”

9. Section 6.b. Life Insurance. is hereby amended by adding the following text to the
end thereof:

“Notwithstanding the above, as of the first day of the next policy year beginning on or
after the Effective Date of this Amendment, the face value of the life insurance policy or
policies issued under this Section 6.b. shall be equal to $1,500,000.”

10. Section 8 b.(iii) is amended by adding the following text to the end thereof:

“Effective as of the first anniversary of the effective date of a share exchange or
reverse merger with a public shell occurring on or before October 31, 2009, if Executive’s
employment is terminated by the Company without Cause or if Executive resigns for Good
Reason, Executive shall be entitled to receive: (A) the Accrued Rights; (B) subject to
Executive’s continued compliance with the provisions of Section 10, and subject to
Executive’s execution of an effective release of claims in a form reasonably acceptable to
the Company, a payment equal to (x) two hundred percent (200%) of the Base Salary then in
effect plus (y) the sum of the cash bonuses paid during the previous two (2) fiscal years
(but in no case less than fifty percent (50%) of the value of (x)); (C) full vesting of all
outstanding stock options, including unvested Options and Supplemental Options, and Shares
of Restricted Stock, provided that such stock options shall be exercisable until the end of
the earlier of (x) the end of the option term specified in the option agreement or (y) the
second anniversary of the date of the Executive’s termination of employment under this
Section 8.b.; and (E) a lump sum payment equal to (x) twenty-four (24) months of the monthly
premium cost of providing continuation coverage for Executive and his qualified
beneficiaries under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended
(“COBRA”), provided that the premium cost of COBRA shall be calculated as of the date of
Executive’s termination of employment, plus (y) an amount to compensate Executive for
applicable U.S., State or local income taxes due by Executive for such COBRA payment.”

 

 

 

11. Section 8.c. is amended by adding the following text to the end thereof:

“Effective as of the first anniversary of the effective date of a share exchange or
reverse merger with a public shell occurring on or before October 31, 2009, Executive shall
be entitled to receive the benefits under Section 8.b. above, if a Change of Control of the
Company (as defined below) occurs, subject to Executive’s continued
compliance with the provisions of Section 10, and subject to Executive’s execution of
an effective release of claims in a form reasonably acceptable to the Company.

For purposes of this Agreement, a “Change of Control” means the occurrence of any of the following
events: (1) the sale, exchange, lease or other disposition of all
or substantially all of the assets of the Company to a person or group of related
persons, as such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the
Exchange Act of 1934, as amended (the “Exchange Act”) (other than Prides Capital Partners,
LLC and its affiliates, Nightwatch Capital LLC and its affiliates, or any group controlled
by any of the foregoing persons), that will continue the business of the Company in the
future; (2) a merger or consolidation involving the Company in which the voting securities
of the Company owned by the shareholders of the Company immediately prior to such merger or
consolidation do not represent, after conversion if applicable, more than fifty percent
(50%) of the total voting power of the surviving controlling entity outstanding immediately
after such merger or consolidation; provided that any person who (A) was a beneficial owner
(within the meaning of Rules 13d-3 and 13d-5 promulgated under the Exchange Act) of the
voting securities of the Company immediately prior to such merger or consolidation, and (B)
is a beneficial owner of more than 20% of the securities of the Company immediately after
such merger or consolidation, shall be excluded from the list of “shareholders of the
Company immediately prior to such merger or consolidation” for purposes of the preceding
calculation; or (3) any person or group (other than Prides Capital Partners, LLC and its
affiliates, Nightwatch Capital LLC and its affiliates, or any group controlled by any of
the foregoing persons) is or becomes the Beneficial Owner, directly or indirectly, of more
than 50% of the total voting power of the voting stock of the Company (including by way of
merger, consolidation or otherwise) and the representatives of Prides Capital Partners, LLC
and its affiliates, Nightwatch Capital LLC and its affiliates, or any group in which any of
the foregoing persons is a member, individually or in the aggregate, cease to have the
ability to elect a majority of the Board (for the purposes of this clause (3), a member of
a group will not be considered to be the Beneficial Owner of the securities owned by other
members of the group).”

 

 

 

12. The following new Section 13. Gross-Up Provisions. is hereby added to the end of
the Employment Agreement:

“13. Gross-Up Provisions. Notwithstanding anything in this Agreement to the
contrary, in the event that any payment made to Executive by or for the Company under this
Agreement, or under any other plan or compensation program maintained by the Company, is
subject to the excise tax imposed by Code §4999 (the “Excise Tax”) (any such payment, or
part thereof, subject to Excise Tax being a “Parachute Payment”), then the Company shall pay
Executive an additional amount (the “Gross-Up”) to compensate Executive for the economic
cost of (i) the Excise Tax on the Parachute Payment, (ii) the U.S., state and local income
tax (as applicable) on the Gross-Up, and (iii) the Excise Tax on the Gross-Up. The
calculation shall insure that Executive, after receipt of the Parachute Payment and the
Gross-Up and the payment of taxes thereon, will be in approximately the same economic
position after all taxes as if the Parachute Payment had been subject only to income tax at
the marginal rate. For purposes of determining the amount of the Gross-Up, Executive shall
be deemed to pay U.S., state and local income
taxes at the highest marginal rate of taxation in the calendar year in which the
Parachute Payment is to be made. State and local taxes shall be determined based upon the
state and locality of Executive’s domicile on the date of Executive’s termination of
employment with the Company. The determination of whether such Excise Tax is payable and
the amount thereof shall be based upon the opinion of tax counsel selected by the Company
and acceptable to Executive. If such opinion is not accepted by the Internal Revenue
Service upon audit, then appropriate adjustments shall be computed (without interest but
with Gross-Up, if applicable) by such tax counsel based upon the final amount of the Excise
Tax so determined.”

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the
 _____ 

day of
                    , 2009.

	 	 	 	 	 	 	 	 	 
	SANUWAVE, Inc.	 	 	 	EXECUTIVE
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Christopher M. Cashman
	 

	 	 	 	 	 	 	 	 
	 

	 	Title:

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