SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1
Document Type: EX-3.7
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/ex3-7.htm

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Diluting Issues. 4.4.1 Special Definitions. For purposes of this Section 4, the following definitions shall apply: (a) “Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities. (b) “Series A-1 Original Issue Date” shall mean the date on which the first share of Series A-1 Preferred Stock was issued. (c) “Convertible Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. (d) “Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to Subsection 4.4.3 below, deemed to be issued) by the Corporation after the Series A-1 Original Issue Date, other than (1) the following shares of Common Stock and (2) shares of Common Stock deemed issued pursuant to the following Options and Convertible Securities (clauses (1) and (2), collectively, “Exempted Securities”):

(i)	shares
of Common Stock, Options or Convertible Securities issued as a dividend or distribution on
Series A Preferred Stock or on Series A-1 Preferred Stock;

(ii)	shares
of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock
split, split-up or other distribution on shares of Common Stock that is covered by Subsection

(iii)	shares
of Common Stock or Options issued to employees or directors of, or consultants or advisors
to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement
approved by the Board of Directors of the Corporation;

(iv)	shares
of Common Stock or Convertible Securities actually issued upon the exercise of Options or
shares of Common Stock actually issued upon the conversion or exchange of Convertible Securities,
in each case provided such issuance is pursuant to the terms of such Option or Convertible
Security;

(v)	shares
of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or
other financial institutions, or to real property lessors, pursuant to a debt financing,
equipment leasing or real property leasing transaction approved by the Board of Directors
of the Corporation;

(vi)	shares
of Common Stock, Options or Convertible Securities issued to suppliers or third party service
providers in connection with the provision of goods or services pursuant to transactions
approved by the Board of Directors of the Corporation;

(vii)	shares
of Common Stock, Options or Convertible Securities issued pursuant to the acquisition of
another corporation by the Corporation by merger, purchase of substantially all of the assets
or other reorganization or to a joint venture agreement, provided that such issuances
are approved by the Board of Directors of the Corporation;

(viii)	shares
of Common Stock, Options or Convertible Securities issued in connection with sponsored research,
collaboration, technology license, development, OEM, marketing or other similar agreements
or strategic partnerships approved by the Board of Directors of the Corporation.

Adjustment of Series A-1 Conversion Price. No adjustment in the Series A-1 Conversion Price shall be made as the result of the issuance
or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the holders of at least a majority
of the then outstanding shares of Series A-1 Preferred Stock agreeing that no such adjustment shall be made as the result of the issuance
or deemed issuance of such Additional Shares of Common Stock.

4.4.3 Deemed
Issue of Additional Shares of Common Stock.

the Corporation at any time or from time to time after the Series A-1 Original Issue Date shall issue any Options or Convertible Securities
(excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination
of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares
of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility
or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the
exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible
Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date
shall have been fixed, as of the close of business on such record date.

the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Series A-1 Conversion Price pursuant
to the terms of Subsection 4.4.4, are revised as a result of an amendment to such terms or any other adjustment pursuant to the
provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar
provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common
Stock issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease
in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or
decrease becoming effective, the Series A-1 Conversion Price computed upon the original issue of such Option or Convertible Security
(or upon the occurrence of a record date with respect thereto) shall be readjusted to such Series A-1 Conversion Price as would have
obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding
the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing the Series A-1 Conversion Price to an
amount which exceeds the lower of (i) the Series A-1 Conversion Price in effect immediately prior to the original adjustment made as
a result of the issuance of such Option or Convertible Security, or (ii) the Series A-1 Conversion Price that would have resulted from
any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the
issuance of such Option or Convertible Security) between the original adjustment date and such readjustment date.

the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities),
the issuance of which did not result in an adjustment to the Series A-1 Conversion Price pursuant to the terms of Subsection 4.4.4
(either because the consideration per share (determined pursuant to Subsection 4.4.5) of the Additional Shares of Common Stock
subject thereto was equal to or greater than the Series A-1 Conversion Price then in effect, or because such Option or Convertible Security
was issued before the Series A-1Original Issue Date), are revised after the Series A-1 Original Issue Date as a result of an amendment
to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments
to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase
in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security
or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible
Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in
Subsection 4.4.3(a) shall be deemed to have been issued effective upon such increase or decrease becoming effective.

(d) Upon
the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which
resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Series A-1 Conversion Price pursuant
to the terms of Subsection 4.4.4, the Series A-1 Conversion Price shall be readjusted to such Series A-1 Conversion Price as would
have obtained had such Option or Convertible Security (or portion thereof) never been issued.