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Item
5.02.
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
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On May 23, 2016, Mr. Rick Luckenbill will
commence employment at Zynex, Inc. (the “Company”) to serve as the Company’s Vice President of Finance.
Mr. Luckenbill will report to the Company’s Chief Executive Officer, Thomas Sandgaard, be in charge Company’s accounting
operations and support the Company’s finance operations.
Mr. Luckenbill has more than 20 years’
experience in in multiple industries with proven leadership in finance, accounting and system integration roles. Mr. Lukenbill’s
work experience includes debt restructure, cash flow optimization, profitability improvement and system integration. Prior to joining
Zynex, Mr. Luckenbill, during 2015 and 2016, served as Chief Financial Officer / Vice President of Finance with CPP, Inc., an engineering
consulting business in Fort Collins, CO. Previously, Mr. Luckenbill served in various accounting roles with Medtronic, Inc. (2013-2015),
Thermo Fisher Scientific, Inc (2009-2011), Omnitrax, Inc (2009) and Motorola, Inc. (1996-2009) and as director of systems integration
with Motorola Solutions, Inc. (2011-2013). Mr. Luckenbill holds an MBA, Finance from the Keller Graduate School of Management of
DeVry University, Scottsdale, AZ and a BS, Finance/Organizational Development, Elmhurst College, Elmhurst, IL.
On June 1, 2016, Mr. David Mogill will commence
employment at Zynex, Inc. to serve as the Company’s Vice President of Operations. Mr. Mogill will report to the
Company’s Chief Executive Officer, Thomas Sandgaard and be in charge Company’s production and supply chain operations.
Mr. Mogill is replacing Robert Cozart, who is retiring after 9 years of service with the Company
.
Mr. Mogill has more than 30 years’
experience in the medical device industry with proven leadership in production, supply chain and operational process efficiency
roles. Prior to joining Zynex, Mr. Mogill served as Sector SQE with Surgical Technologies (2015-2016) and Solta Medical/SST (2008-2014),
Previously, Mr. Mogill served in various operations management positions with Glucon Inc. (2006-2007), Dentsply International (2004
– 2006) and various other medical device manufacturing companies (1986 – 2006). Mr. Mogill holds a BS in Mechanical
Engineering Technology from Metro State University of Denver.
There were no arrangements or understandings
between Mr. Luckenbill or Mr. Mogill and any other person pursuant to which he was appointed as Vice President of Finance and there
is no family relationship between Mr. Luckenbill and any officer or director of the Company. There have been no transactions between
Mr. Luckenbill and the Company required to be disclosed by Item 404(a) of Regulation S-K.
Effective May 16, 2016, Michael Hartberger
resigned as the Chief Operating Officer of Zynex, Inc. His decision was on account of the Company’s continuing cash constraints.
There were no expressed disagreements with management or Company practices or policies.
C Squared Solutions, who (since October
2015) provided interim Chief Financial Officer services, will, going forward, provide financial consulting services on an “as
requested” basis.
Thomas Sandgaard, the Company’s sole
director, will continue to fulfil the role of principal financial officer and chief financial officer. Mr. Sandgaard founded
the Company in 1996 after a career in the semiconductor, telecommunications and medical equipment industries with ITT, Siemens
and Philips Telecom. Mr. Sandgaard has been the Company’s President, CEO and Chairman since 1996 and also currently serves
as the Company’s sole director. Mr. Sandgaard holds a degree in electronics engineering from University of Southern
Denmark, Denmark and an MBA from the Copenhagen Business School.