Zynex Insider Filing Shows New RSA, Tax Withholding Only

Rhea-AI Filing Summary

Zynex Inc. (ZYXI) – Form 4 filing, 29 Jul 2025. Chief Operating Officer Anna Lucsok reported two equity-compensation transactions.

• Restricted Stock Award: On 27 Jul 2025 Lucsok received 7,500 common shares under the 2017 Stock Incentive Plan. The grant vests in equal annual tranches over four years and was issued at $0 cost.
• Tax-Withholding Share Surrender: On 28 Jul 2025 the issuer withheld 3,793 shares (Code F) at an implied value of $2.56 per share to cover payroll taxes related to previously vested RSAs. This is not an open-market sale.

After the transactions, Lucsok directly holds 64,412 shares, most of which remain unvested. No derivatives were involved and there were no cash sales or purchases. The filing modestly increases insider ownership alignment but has immaterial dilution given Zynex’s overall share count. Investor impact is therefore limited and chiefly informative for governance monitoring.

Positive

• No open-market sale; shares withheld solely for taxes, avoiding negative signal.
• Additional 7,500-share grant increases executive’s long-term equity stake, aligning incentives.

Negative

• Minor dilution from new shares, though likely immaterial to float.
• Four-year vesting delays full alignment and could still result in future sales upon vesting.

Insights

Corporate Governance Analyst

TL;DR: Routine equity grant; no open-market selling, negligible dilution; neutral governance signal.

The COO’s 7,500-share RSA aligns compensation with long-term performance while 3,793 shares were automatically withheld for taxes—standard Plan mechanics. Net insider exposure rises slightly, totaling 64,412 shares. Because no sale occurred and the quantity is immaterial to float, market impact should be neutral; nonetheless, continued insider accumulation is a modestly positive alignment factor.

Portfolio Manager

TL;DR: Insider keeps skin in the game; too small to affect valuation.

From a portfolio viewpoint this filing does not change the ZYXI thesis. Grants are typical for C-suite retention and the withholding transaction is tax-driven. With no open-market activity and fewer than 0.2% of shares affected (estimate), liquidity and sentiment remain unchanged. I assign a neutral trading signal.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lucsok Anna

(Last) (First) (Middle)

9655 MAROON CIRCLE

(Street)

ENGLEWOOD CO 80112

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ZYNEX INC [ ZYXI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF OPERATING OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
07/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock (Restricted Stock Award)	07/27/2025		A		7,500(1)	A	$0	64,412(2)	D
Common Stock	07/28/2025		F		3,793(3)	D	$2.56	40,856	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents a restricted stock award issued pursuant to the Issuer's 2017 Stock Incentive Plan (the "Plan") pursuant to which the 7,500 shares vest equally, on an annual basis, over a period of four years beginning one year from the grant date.

2. Represents restricted stock awards under the Plan, which have not vested.

3. Represents the number of shares of Common Stock that have been withheld by the issuer to satisfy its income tax withholding and remittance obligations in connection with the net settlement of Restricted Stock Awards ("RSAs") and does not represent a sale.

	/s/ Anna Lucsok	07/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many ZYXI shares did COO Anna Lucsok acquire?

She received 7,500 restricted shares on 27 Jul 2025.

Were any ZYXI shares sold in the market?

No. 3,793 shares were withheld by the company for tax purposes; no market sale occurred.

What is the executive’s total direct ownership after the filing?

Lucsok now directly holds 64,412 ZYXI shares.

When will the new restricted shares vest?

They vest in four equal annual tranches starting one year from the grant date.

Does the filing involve any derivative securities?

No derivative securities were reported in Table II.