SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1/A
Document Type: EX-10.4
Date Filed: 2026-03-18
Accession Number: 0001493152-26-010642
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226010642/ex10-4.htm

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subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). If the Total Payments are so reduced, the Company shall reduce or eliminate the Total Payments (A) by first reducing or eliminating the portion of the Total Payments which are not payable in cash (other than that portion of the Total Payments subject to clause (C) hereof), (B) then by reducing or eliminating cash payments (other than that portion of the Total Payments subject to clause (C) hereof) and (C) then by reducing or eliminating the portion of the Total Payments (whether payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.

Certain Exclusions. For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise
Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such
manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account; (ii)
no portion of the Total Payments shall be taken into account which, in the written opinion of an independent, nationally recognized accounting
firm (the “Independent Advisors”) selected by the Company, does not constitute a “parachute payment”
within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the
Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes
reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base
amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash
benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance
with the principles of Sections 280G(d)(3) and (4) of the Code.

Restrictive Covenants.

Confidential and Proprietary Information. The Executive agrees that all materials and items produced or developed by the Executive
for the Company or any of its Affiliates, or obtained by the Executive from the Company or any of its Affiliates either directly or indirectly
pursuant to this Agreement, shall be and remain the property of the Company and its Affiliates. The Executive acknowledges that the Executive
will, during the Executive’s association with the Company, acquire, or be exposed to, or have access to, materials, data and information
that constitute valuable, confidential and proprietary information of the Company and its Affiliates, including, without limitation,
any or all of the following: business plans, practices and procedures, pricing information, sales figures, profit or loss figures, this
Agreement and its terms, information relating to customers, clients, intellectual property, suppliers, technology, sources of supply
and customer lists, research, technical data, trade secrets or know-how, software, developments, inventions, processes, formulas, technology,
designs, drawings, engineering, hardware configuration information, marketing, finances, policies, training manuals and similar materials
used by the Company in conducting its business operations, personnel information of any Person employed by the Company, potential business
combinations, and such other information or material as the Company may designate as confidential and/or proprietary from time to time
(collectively hereinafter, the “Confidential and Proprietary Information”). Notwithstanding the foregoing,
“Confidential and Proprietary Information” does not include information that is or becomes publicly available, other than
information made publicly available by the Executive or another person in violation of the Executive’s obligations in this Section
7(a). During the Executive’s employment with the Company and at all times thereafter, the Executive shall not, directly or indirectly,
use, misuse, misappropriate, disclose or make known, without the prior written approval of the Board, to any party, firm, corporation,
association or other entity any such Confidential and Proprietary Information for any reason or purpose whatsoever, except as may be
required in the course of the Executive’s performance of the Executive’s duties hereunder. In consideration of the unique
nature of the Confidential and Proprietary Information, all obligations pertaining to the confidentiality and nondisclosure thereof shall
remain in effect until the Company and its Affiliates have released such information; provided that the provisions of this Section 7(a)
shall not apply to the disclosure of Confidential and Proprietary Information to the Company’s Affiliates together with each of
their respective shareholders, directors, officers, accountants, lawyers and other representatives or agents in furtherance of the Executive’s
duties hereunder, nor to a Permitted Disclosure. In addition, it shall not be a breach of the confidentiality obligations hereof if the
Executive is required by applicable law to disclose any Confidential and Proprietary Information; provided that in such case, the Executive
shall (x) give the Company the earliest notice possible that such disclosure is or may be required and (y) cooperate with the Company,
at the Company’s expense, in protecting to the maximum extent legally permitted, the confidential or proprietary nature of the
Confidential and Proprietary Information which must be so disclosed. Upon the termination of the Executive’s employment, the Executive
agrees that all Confidential and Proprietary Information, directly or indirectly, in the Executive’s possession that is in writing
or other tangible form (together with all duplicates thereof) will promptly (and in any event within 10 days following such termination)
be returned to the Company and will not be retained by the Executive or furnished to any person, either by sample, facsimile, film, audio
or video cassette, electronic data, verbal communication or any other means of communication.

Inventions.

The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, and developments,
whether patentable or unpatentable, (x) that relate to the Executive’s work with the Company, made or conceived by the Executive,
solely or jointly with others, prior to or during the Employment Period, or (y) suggested by any work that the Executive performs in
connection with the Company, either while performing the Executive’s duties with the Company or on the Executive’s own time,
but only insofar as such ideas, methods, inventions, discoveries, improvements, work products, and developments are related to the Executive’s
work as an employee or other service provider to the Company (the “Inventions”), shall belong exclusively to
the Company (or its designee), whether or not patent applications are filed thereon. The Executive will keep full and complete written
records (the “Records”), in the manner prescribed by the Company of all Inventions and will promptly disclose
all Inventions completely and in writing to the Company. The Records shall be the sole and exclusive property of the Company and the
Executive will surrender them upon the termination of the Employment Period, or upon the Company’s request. The Executive hereby
assigns to the Company the Inventions and all patents that may be issued thereon in any and all countries, whether prior to, during or
subsequent to the Employment Period, together with the right to file, in the Executive’s name or in the name of the Company (or
its designee), applications for patents and equivalent rights (the “Applications”). The Executive will, at
any time during and subsequent to the Employment Period, make such applications, sign such papers, take all rightful oaths, and perform
all acts as may be requested from time to time by the Company with respect to the Inventions. The Executive will also execute assignments
to the Company (or its designee), of the Applications, and give the Company and its attorneys all reasonable assistance (including the
giving of testimony) to obtain the Inventions for its benefit, all without additional compensation to the Executive from the Company
but entirely at the Company’s expense.