Exhibit 10.1
Dear Andrew,
SANUWAVE, Inc. ("Company") is pleased to offer you the position of President Your start date will be (TBD). We are confident that your acceptance marks the beginning of a challenging and mutually beneficial relationship.
This written offer will expire on M
onday1 July 241 2023, at midnight eastern standard time, if not accepted by you before that time. Acceptance of this offer includes 1) signing and returning this letter as well as 2) completing the enclosed Non-Compete and
Confidentiality Agreement, Statement Regarding Insider Trading and Code of Business Conduct/Ethics.
COMPENSATION Semi-monthly, exempt compensation will
be $230,000 annually, less payroll deductions and required withholdings, paid on the 15th and
last day of each month. Should termination of employment occur through no fault of employee severance allowance would be equal to four (4) months base salary.
BONUS COMPENSATION You will be eligible to earn an annual bonus of 25%, based on the achievement of performance goals established by the Company .
EQUITY COMPENSATION Employee will receive an employee
equity options grant of options to purchase 22.5 million shares (1.5% of current shares outstanding) struck at market price in the quarter employment commences and that will vest on a schedule 10 million each at 12, 24, and 36 months of employment
subject to standard acceleration provisions to provide for full vesting around change of control or other similar events.
BENEFITS As a full-time employee, you are eligible to participate in our benefits package including medical, dental, vision, life insurance, short-term and long-term disability benefits, as well as the Company
401(k) plan. You are eligible starting the first month following your start dat e.
Once you begin employment with SANUWAVE, you will be given access to Paychex Flex self-service. Please visit this site immediately as
there are activities due within 72 business hours of your start date. Information regarding enrollment in benefit plans will be sent in a separate email and must be completed within 30 days of your start date.
CPE REIMBURSEMENT. The Company commits to reimburse you for CPE, (Continuing Professional Education), course expenses, up to $1,500 .00 per fiscal year, for courses taken while you are an active employee in good standing with the Company.
11495 Valley View Road •Eden Prairie, MN 55344 USA• +l 770.419.7525 (p) • +l 770.419.8634 (f) • www.sanuwave.com
VACATION: Paid vacation shall be 3 weeks per annum.
COMPLIANCE WITH RULES . You will be expected to abide by all SANUWAVE rules, regulations, and Company
Policies. Throughout your employment, you are responsible for advising the CEO or Human Resources of any factors that may affect your ability to work for the Company without interrupt ion.
RIGHT OF INSPECTION. You acknowledge and agree that the
Company has unlimited access to your equipment and work product when it's deemed to be necessary and may inspect, with or without notice.
AT-WILL EM PLOYM EN T. As an at-will employee, you may terminate your employment at any time, with or
without cause. Likewise, as an at-will employer, the
Company may terminate your employment at any time, with or without cause. The Company also retains the right to make all other decisions concerning your employment (e.g., promotions, demotions, job responsibilities, or any other managerial
decisions) with or without cause, in the exercise of its
discret ion . This at-will employment relationship cannot
be changed except in a writing signed by you and the CEO .
NON-COMPETE, CONFIDENTIALITY AGREEMENT, INSIDER TRADING AND CODE OF BUSINESS CONDUCT /ETHICS. You are required to sign the enclosed Non-Compete and Confidentiality Agreement, Statement Regarding Insider Trading and Code
of Business Conduct/Ethics and return it with other items included in the complete offer package you will receive.
ENTIRE AGREEMENT; NO MODIFICATIONS. This . l et t er is the final and exclusive embodiment of the entire agreement between you and the Company with respect to the terms and conditions of your employment, and they supersede any promises or
representations made to you by anyone, whether oral or written.
Please sign, date, and EMAIL this letter as acceptance of our offer of employment and in agreement with the terms described in this letter to hr@sanuwave.com. Shortly after accepting this offer, you will be sent a release for Criminal and Employment
Background Check. This offer and start date are contingent upon the successful results of the background check . Please complete the release within 48 hours.
Very truly yours,
Morgan Frank, CEO
Sanuwave, Inc.
11495 Valley View Road •Eden Prairie, MN 55344 USA• +l 770.419.7525 (p) • +l 770.419.8634 (f) • www.sanuwave.com
|
ACCEPTED AND AGREED TO: Andrew Walko
|
|
| |
|
| /s/ Andrew Walko |
|
/s/ Andrew Walko |
|
| Name Printed |
|
Name Signed |
|
11495 Valley View Road •Eden Prairie, MN 55344 USA• +l 770.419.7525 (p) • +l 770.419.8634 (f) • www.sanuwave.com
Exhibit 10.2
Non- Compete and Confidentiality Agreement
In consideration of my employment or continued employment by SANUWAVE Health, Inc. (the "Company"), the
Company's disclosure of certain Proprietary Information (as defined below) to me, any compensation now and/or hereafter paid to me, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
undersigned hereby agrees with the Company as follows:
a. The
term "Proprietary Information" shall mean any and all confidential, proprietary or trade secret knowledge, data or information of the
Company and its affiliated entities, including but not limited to the Company's strategic plans, inventions, new products, product plans, product prices, consumer marketing research, strategies, and information, business results and financial
information, ideas, processes, formulas, source and object codes, data, computer programs, algorithms, database developments, designs and techniques, costs, research and development, know-how, customer lists, and information; potential customer
information, potential acquisitions and divestitures, specialized training, the identity, skills and compensation of employees, contractors, vendors, suppliers, and consultants, and any other confidential, proprietary or trade secret knowledge,
data or information, in whatever form or medium, produced by or for the Company.
b. The term "Third Party Information" means confidential or trade secret information that the Company may from time to time
receive from third parties or information which is subject to a duty on the Company's part to maintain the confidentiality of such Third Party Information and to use it only for certain limited purposes.
2. Recognition of Company's Rights; Nondisclosure: I acknowledge that contemporaneously with my execution of this Agreement,
the Company is providing me with Proprietary Information and/or specialized training. In consideration of the Company's provision of Proprietary Information and initial specialized training, I agree that during my employment and for a period of
(2) years thereafter, pursuant to this Agreement, I will hold in strictest confidence and will not disclose, discuss, transmit, use, lecture upon, or publish any Proprietary Information, unless such disclosure (i) is required in connection with
my work for the Company, or (ii) is expressly authorized in writing by an officer of the Company. I also agree that in connection with this Agreement, I will also be bound by the post-employment provisions of paragraph 9. I further acknowledge
and agree that the Company's conduct in providing me with Proprietary Information in exchange for my Agreement gives rise to the Company's interest in restraining me from competing against the Company after the conclusion of my employment as set
forth in paragraph 9 (the "Non-Compete Clause"), and that my agreement to the Non-Compete Clause is designed to enforce my Agreement. To
the extent that any such Proprietary Information should constitute a trade secret under applicable law, my obligations of confidentiality and non-disclosure as set forth herein shall continue to survive after said (2) year period to the
greatest extent permitted by applicable law.
3. Third Party Information: I understand that the Company has received and in the future will receive from third parties Third Party Information subject to a duty on the
Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of my employment for a period of (2) years and thereafter, I will hold such Third Party Information in the strictest
confidence and will not disclose (to anyone other than Company personnel who need to know such information in connection with their work for the Company) or use, except in connection with my work for the Company, Third Party Information unless
expressly authorized by an officer of the Company in writing. To the extent that any such Third Party Information shall be a trade secret under applicable law, then my obligations of confidentiality and non-disclosure shall survive after said two
(2) year period to the greatest extent permitted by applicable law.
4. Property Rights: All right, title, and interest in and to all results and products of any services I perform for or on behalf of the Company shall
at all times be and remain the sole and exclusive property of the Company, whether such results and products are interim or final, tangible or intangible. Such results and products include, without limitation, every invention, mask work, work of
authorship, formula, trade secret, computer program (including without limitation, object code, source code, listings, routines, flow charts, algorithms and related documentation), manual, specification, technique, product, concept, know-how or
similar property, whether or not patentable or copyrightable and whether or not embodied in any tangible form, that are made, developed, perfected, designed conceived or first reduced to practice by me, either solely or jointly with others, in the
course and scope of services I perform for or on behalf of the Company.
I further agree that any patent, copyright, trade secret, trademark, mask work or
other intellectual property rights that may arise from services I perform for or on behalf of the Company shall be in the name of, and are hereby exclusively assigned to, the Company. I shall without further consideration execute and deliver such
instruments, and take such other actions, as the Company may reasonably require to establish, evidence, maintain, defend or enforce the exclusive ownership by the Company of such intellectual property rights and of any tangible works or property
produced by me in the course of performing services for or on behalf of the Company.
5. No Improper Use of Materials: During my employment by the Company I will not improperly use or disclose any confidential information or trade
secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality. I will not bring onto Company premises any materials belonging to any former employer or any other person to whom I have an obligation of
confidentiality without the consent of the former employer or person and the approval of my direct supervisor.
6. No Conflicting Obligations: I represent that my performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any
agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict herewith.
7. Return of Company Documents and Other Company Property: When I leave the employ of the Company, I will immediately deliver to the Company any and all drawings,
notes, memoranda, specifications, devices, formulas, and documents together with all copies thereof; and any other material containing or disclosing any Third Party Information or Proprietary Information of the Company. I will also immediately
return all Company property, including but not limited to laptops, pagers, cell phones, corporate credit cards, keys, and/or access cards.
8. Non-Solicitation: I agree that during the period of my employment by the Company and for one (1) year after the date of termination of my employment by the Company, I will
not (i) solicit, assist or in any way encourage any current employee or consultant of the Company to terminate his or her employment relationship or consulting relationship with or for the Company, nor will I solicit the services of any former
employee of the Company whose service has been terminated for less than three (3) months; nor will I (ii) solicit to the detriment of the Company and/or for the benefit of any competitor of the Company, take away or attempt to take away, in whole
or in part, any Customer of the Company or otherwise interfere with the Company's relationship with any Customer. For purposes of this paragraph, "Customer"
shall mean each of Company's customers and actively sought prospective customers with whom I had material contact with during my employment, meaning customers (i) with whom I dealt within the past two years of my employment (ii) whose
dealings with Company were coordinated or supervised by me: or (iii) about whom I obtained confidential information in the ordinary course of business through my association with Company. The restrictions contained herein area agreed to be
reasonable, and it is further agreed that if Company ceases to provide any such product or service, the foregoing restriction with respect to such product or service shall terminate as of such date.
9. Non-Competition: During my employment and for a period of one (1) year after the date that my employment is terminated, for any reason, I will not, directly or indirectly, in
the state in which I am employed, (i) compete with the Company in Business or (ii) participate in the ownership,
management, operation, financing, or control of, or be employed in the same or substantially similarly capacity as I was when working for the company or consult for or otherwise render services to, any person, corporation, firm, or other entity
that competes with the Company in Business. Notwithstanding the foregoing, I am permitted to own up to 1% of any class of securities of any corporation in competition with the
Company that is traded on a national securities exchange or through Nasdaq. For the purposes of this Paragraph 9, "Business" shall
mean those portions of the Company's business in which I actively participated or regarding which I received Proprietary Information in the business of developing and utilizing Extracorporeal Shock Wave Technology (ESW) and SANUWAVE's Pulsed
Acoustic Cellular Expression PACE® technology for advanced wound care, orthopedic, cardiovascular, and spine/neurological for human medical purposes (the "Business").
10. Equitable Remedies: Because my services are personal and unique and because I will have access to and become acquainted with Proprietary Information, the Company shall
have the right to enforce this Agreement and any of its provisions by injunction, specific performance, or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach of this
Agreement.
11. Successors and Assigns: This Agreement will be for the benefit of the Company, its successors and assigns. I expressly agree that the Company has
the right to assign this Agreement.
12. Governing Law; Exclusive Forum: This Agreement will be governed by and construed according to the laws of the State of Georgia. I hereby irrevocably agree that the exclusive
forum for any suit, action, or other proceeding arising out of or in any way related to this Agreement shall be in the state or federal courts in Georgia, and I agree to the exclusive personal jurisdiction and venue of any court in Fulton County,
Georgia and waive any defense thereto.
13. Entire Agreement: This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and
supersedes and merges all prior discussions between us. No modification of or amendment to this Agreement, nor any waiver of any rights under this agreement, will be effective unless in writing signed by both parties. Any subsequent change or
changed in my duties or compensation will not affect the validity or scope of this Agreement. As used in this Agreement, the period of my employment includes any time during which I subsequently may be retained by the Company as a consultant.
14. Severability: If one or more of the provisions in this Agreement are deemed unenforceable by law, then the remaining provisions will continue in full force and effect.
Moreover, it is intended by the parties that this Agreement is to be enforced to the fullest extent permitted by law. Accordingly, if a court of competent jurisdiction determines that the scope and/or operation of any provision of this Agreement is
too broad to be enforced as written, the Company and I intend that the court should reform such provision to such narrower scope and/or operation as it determines to be enforceable
15. Survival: The provisions of this Agreement shall survive the termination of my employment and shall inure to the benefit of any successor in
interest of the Company or other assignee.
I AGREE AND UNDERSTAND THAT NOTHING IN THIS AGREEMENT SHALL CONFER ANY RIGHT WITH
RESPECT TO CONTINUATION OF EMPLOYMENT BY THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH MY RIGHT OR THE COMPANY'S RIGHT TO TERMINATE MY EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE.
THIS AGREEMENT SHALL BE EFFECTIVE AS OF THE FIRST DAY OF MY EMPLOYMENT WITH THE
COMPANY.
I UNDERSTAND THAT THIS AGREEMENT RESTRICTS THE DISCLOSURE AND/OR USE OF THE
COMPANY'S PROPRIETARY AND CONFIDENTIAL INFORMATION DURING OR SUBSEQUENT TO MY EMPLOYMENT WITH THE COMPANY, AND THAT IT RESTRICTS MY ABILITY TO SOLICIT CUSTOMERS AND EMPLOYEES OF THE COMPANY AND RESTRICTS MY ABILITY TO COMPETE WITH THE COMPANY
FOLLOWING THE TERMINATION OF MY EMPLOYMENT.
I HAVE READ THIS AGREEMENT CAREFULLY AND UNDERSTAND ITS TERMS.
| July 31, 2023 |
|
Andrew Walko
|
|
Date
|
|
Name
|
ACCEPTED AND AGREED TO:
|
|
SANUWAVE Health, Inc.
|
|
|
|
By:
|
CLARISSA MICHENER |
|
|
ASSOCIATE DIRECTOR OF HR |
|
|
|
Date:
|
July 31, 2023 |
|