SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1
Document Type: EX-10.5
Date Filed: 2026-02-12
Accession Number: 0001493152-26-006407
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226006407/ex10-5.htm

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(5th) anniversary of the first day of the Option Term. The Option Term shall be on all the terms and conditions of this Lease, except: (w) Tenant shall have no further option to extend the Lease Term, (x) the Basic Rent for the Option Term shall be the greater of (i) the Basic Rent payable during the final Lease Year of the original Term (plus increasing annually by 3%; and (ii) the Fair Market Rental Value of the Premises as of the commencement of the Option Term, determined pursuant to Section 2.3(b), below, and (y) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy during the Option Term and Landlord shall not be required to provide any work allowance or reimburse Tenant for any alterations made or to be made by Tenant, or to grant Tenant any rent concession

Promptly after receiving Tenant’s Extension Notice extending the Term pursuant to Section 2.3(a) above, Landlord shall provide
Tenant with Landlord’s good faith estimate of the Fair Market Rental Value of the Premises for the Option Term, provided that in
no event shall Landlord be required to deliver such estimate prior to the date that is eight (8) months prior to the expiration of the
Term, but in no event less than sixty (60) days prior to the expiration of the Term. If Tenant is unwilling to accept Landlord’s
estimate of the Fair Market Rental Value as set forth in Landlord’s notice referred to above, and the parties are unable to reach
agreement thereon within thirty (30) days after the delivery of such notice by Landlord, then either party may submit the determination
of the Fair Market Rental Value of the Premises to arbitration by giving notice to the other party naming the initiating party’s
arbitrator (and address of such party’s arbitrator) within ten (10) days after the expiration of such thirty (30) day period. Within
thirty (30) days after receiving a notice of initiation of arbitration, the responding party shall appoint its own arbitrator by notifying
the initiating party of the responding party’s arbitrator (and address of such party’s arbitrator). If the second arbitrator
shall not have been so appointed within such thirty (30) day period, the Fair Market Rental Value of the Premises shall be determined
by the initiating party’s arbitrator. If the second arbitrator shall have been so appointed, the two arbitrators thus appointed
shall, within thirty (30) days after the responding party’s notice of appointment of the second arbitrator, appoint a third arbitrator
who shall be impartial. If the two initial arbitrators are unable timely to agree on the third arbitrator, then either may, on behalf
of both, request such appointment (of an impartial arbitrator) by the Boston office of JAMS, Inc. (“JAMS”), or its successor,
or, on its failure, refusal or inability to act, by a court of competent jurisdiction. The Fair Market Rental Value of the Premises for
the Option Term shall be determined by the method commonly known as Baseball Arbitration, whereby Landlord’s selected arbitrator
and Tenant’s selected arbitrator shall each set forth its respective determination of the Fair Market Rental Value of the Premises,
and such third arbitrator must select one or the other (it being understood that such third arbitrator shall be expressly prohibited
from selecting a compromise figure). Landlord’s selected arbitrator and Tenant’s selected arbitrator shall deliver their
determinations of the Fair Market Rental Value of the Premises to such third arbitrator within five (5) business days of the appointment
of such third, and such third arbitrator shall select the Estimate which he or she deems to be closest to the Fair Market Rental Value
of the Premises and render his or her decision within ten (10) business days after receipt of both of the other two determinations of
the Fair Market Rental Value of the Premises. The third arbitrator’s decision shall be binding on both Landlord and Tenant. All
arbitrators shall be commercial real estate brokers who are independent from the parties and who have had at least ten (10) years’
experience in comparable buildings in the Boston Metropolitan area market. Each party shall pay the fees of its own arbitrator, and the
fees of the third arbitrator shall be shared equally by the parties. In the event the aforesaid arbitration process and the amount of
the Basic Rent for the Option Term has not been determined as of the commencement of the Option Term, Tenant shall pay the amount determined
by Landlord for the Premises and when the determination has actually been made, an appropriate retroactive adjustment shall be made as
of the commencement of the Option Term, if necessary. In the event that such determination shall result in an overpayment by Tenant of
any Basic Rent, such overpayment shall be paid by Landlord to Tenant promptly after such determination has been made or credited against
Basic Rent coming due.

As used in this Lease, the term “Fair Market Rental Value” shall mean the fixed annual rent that landlords of comparable
buildings in the Boston Metropolitan area market have agreed to accept, and sophisticated nonaffiliated tenants of comparable buildings
have agreed to pay, in current arms-length, non-equity (i.e., not being offered equity in the building) transactions for comparable space
(that include clean rooms), for a term equal to the Option Term and commencing on the first day of the Option Term and taking into account
all relevant factors.

ARTICLE

BASIC
RENT

Payment.

Tenant agrees to pay the Basic Rent and Additional Rent to Landlord, or as directed by Landlord, commencing on the Commencement Date,
without offset, abatement (except as provided in Section 11.3), deduction or demand. Notwithstanding the foregoing, the first
monthly installment of Basic shall be paid to Landlord upon execution and delivery of this Lease by Tenant. Basic Rent shall be payable
in equal monthly installments, in advance, on the first day of each and every calendar month during the Term of this Lease. Until notice
of some other designation is given, Base Rent, Additional Rent and all other charges for which provision is herein made shall be paid
by remittance to or for the order of Landlord by wire transfer to Landlord’s Payment Address, in lawful money of the United States.
In the event that any installment of Basic Rent or any payment of Additional Rent is not paid when due, Tenant shall pay, in addition
to any charges under Section 14.3, at Landlord’s request an administrative fee equal to 10% of the overdue payment. In addition
to the foregoing, if payment of Rent or other charges due under this Lease are not paid within ten (10) days after the date due, such
past due amount shall bear interest from the date due until paid at a rate equal to the lesser of (i) a rate equal to 3% plus the prime
rate published from time to time in The Wall Street Journal or its successor publication and (ii) the highest rate permitted to be charged
by applicable Law (the “Default Interest Rate”). Landlord and Tenant agree that all amounts due from Tenant under
or in respect of this Lease, whether labeled Basic Rent, Escalation Charges, Additional Rent or otherwise, shall be considered as rental
reserved under this Lease for all purposes, including without limitation regulations promulgated pursuant to the Bankruptcy Code, and
including further without limitation Section 502(b) thereof.

Basic Rent for any partial month shall be pro-rated on a daily basis, and if the first day on which Tenant must pay Basic Rent shall
be other than the first day of a calendar month, the first payment which Tenant shall make to Landlord shall be equal to a proportionate
part of the monthly installment of Basic Rent for the partial month from the first day on which Tenant must pay Basic Rent to the last
day of the month in which such day occurs, plus the installment of Basic Rent for the succeeding calendar month.

ARTICLE

CONDITION
OF PREMISES

Condition of Premises; Initial Improvements. The Premises are being leased in their present condition, AS IS, WITHOUT REPRESENTATION
OR WARRANTY by Landlord. Landlord shall have no obligation to perform any alterations or to make any improvements to the Premises to
prepare them for Tenant’s occupancy. Tenant acknowledges that Tenant has inspected the Premises and Common Facilities and has found
the same satisfactory.