SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-10-06
Accession Number: 0001493152-25-016953
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225016953/filename1.htm

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will adopt a written code of business conduct and ethics that applies to our employees, officers and directors. A current copy of the code will be posted on the Corporate Governance section of our website, which will be located at www.bioventrix.com. We intend to disclose future amendments to certain provisions of our code of business conduct and ethics, or waivers of such provisions applicable to any principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, and our directors, on our website identified above or in filings with the SEC. Involvement in Certain Legal Proceedings Except as otherwise disclosed below in paragraph (a), to the best of our knowledge, none of our directors or executive officers has, during the past ten years: ● been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

●	had
any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business
association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years
prior to that time. Mr. Ravich served as a director of Orchids Paper Products Company from February 2013 to 2018, as well as chairman
of the governance committee and as a member of the audit committee. Orchids Paper Products Company filed for Chapter 11 bankruptcy
on April 1, 2019, in the U.S. Bankruptcy Court for the District of Delaware;

●	been
subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, by any court of competent jurisdiction
or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in
any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be
associated with persons engaged in any such activity;

●	been
found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated
a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

●	been
the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently
reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged
violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions
or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution,
civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting
mail or wire fraud or fraud in connection with any business entity; or

●	been
the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization
(as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange
Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons
associated with a member.

From
time to time, we may be subject to various legal or administrative claims and proceedings arising in the ordinary course of business.
Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion
of our company’s resources, including our company’s management’s time and attention.

EXECUTIVE
AND DIRECTOR COMPENSATION

The
following table sets forth the aggregate compensation paid to our named executive officers and directors for the fiscal years ended December
31, 2024 and 2023. Individuals we refer to as our “named executive officers” include our Chief Executive Officer and any
other highly compensated executive officers whose total compensation for services rendered in all capacities exceeded $100,000 during
the fiscal years ended December 31, 2024 and 2023.

Summary
Compensation Table

Name
and Principal Position Year Salary
($) Bonus
($) Stock
Awards ($) Option
Awards ($) Non-Equity
Incentive Plan Compensation
($) Nonqualified
Deferred Compensation Earnings ($) All
Other Compensation ($) Total

David
Richmond, Chief
Executive Officer and Director 2024 - - $	140,532 1 - - - - $	140,352

Steve
Chartier, Chief
Operating Officer 2024 $	10,385 4 - $	73,332 2 - - - - $	83,717

Ori
Ben-Yehuda, Chief
Medical Officer 2024 $	73,332 3 - $	73,332

Was not compensated as CEO other than 175,665 restricted stock awards that vested with a fair value of $0.80 per share

Restricted stock awards totaling 91,665 shares that vested with a fair value of $0.80 per share

Was not compensated as CMO other than 91,665 restricted stock awards that vested with a fair value of $0.80 per share

Received compensation as Chief Operating Officer beginning in December of 2021 through January of 2024, not paid as a Director

Pay out of unused vacation time

Employment
Arrangements with our Executive Officers and Directors

entered into employment agreements with each of our named executive officers. Under the agreements, Messrs. Chartier and Richmond
report to our Board, and Dr. Ben-Yehuda reports to Messrs. Chartier and Richmond, our Co-CEOs.

Each
agreement will continue until terminated in accordance with its terms, and provides for (A) an annual base salary paid in accordance
with our normal payroll practices and which may be increased in the discretion of our board of directors, but not reduced, (B) a target
annual bonus equal to 30% for Messrs. Chartier and Richmond and 25% for Dr. Ben-Yehuda, with the actual amount of such bonus determined
in the discretion of our board of directors, based on the achievement of individual and/or company performance goals determined by our
board of directors and payable on the date annual bonuses are paid to our other senior executives, but in no event later than March 15th
of the calendar year following the calendar year in which such annual bonus was earned, provided the applicable executive is employed
in active working status with the company at the time the bonus is paid, (C) eligibility to receive equity-based compensation awards,
as determined by our board for each calendar year during the employment period, (D) eligibility to participate in customary health, welfare
and retirement benefit plans we provide our employees, (E) prompt reimbursement for all reasonable business expenses, and (F) fifteen
vacation days annually.

Under
the employment agreements for Messrs. Chartier and Richmond, if the executive’s employment is terminated by the company without
“cause,” or by the executive for “good reason” (each, as defined in the applicable employment agreement, and
referred to herein as a qualifying termination) then the executive will be entitled to receive severance in an amount equal to one times
the executive’s base salary, as in effect on the termination date, payable over twelve months following the termination date, subject
to the executive executing and not revoking a release of claims in favor of the company.

The
employment agreements also include standard confidentiality and invention assignment provisions and a “best pay”
provision under Section 280G of the Code, pursuant to which any “parachute payments” that become payable to the
executive will either be paid in full or reduced so that such payments are not subject to the excise tax under Section 4999 of the
Code, whichever results in the better after-tax treatment to the executive.

The
following table sets forth each executive’s title and annual base salary under his employment agreement.

Name Title Base
Salary

Steve
Chartier President
and Co-CEO $375,000

David
Richmond Co-CEO $300,000

Ori Ben-Yehuda Chief
Medical Officer $240,000

Outstanding
Equity Awards at Fiscal 2024 Year-End

There
were no stock options outstanding as of December 31, 2024. There were 414,000 RSAs outstanding as of December 31, 2024, of which 358,995
were vested as of December 31, 2024, resulting in $287,196 of expense

Option
Awards(1) Stock
Awards(1)

Name Vesting
Commencement Date Grant
Date Number
of Securities Underlying Unexercised Options (#) Exercisable Number
of Securities Underlying Unexercised Options (#) Unexercisable Option
Exercise Price ($) Option
Expiration Date Number
of Shares or Units of Stock That Have Not Vested (#) Market
Value of Shares or Units of Stock That Have Not Vested ($)

David Richmond 3/18/24 3/18/24 - $	-

Chief
Executive Officer 9/3/24 9/3/24 18,335 $	14,668

Ori Ben-Yehuda 3/18/24 3/18/24 - $	-

Chief
Medical Officer 9/3/24 9/3/24 18,335 $	14,668

Steve
Chartier 3/18/24 3/18/24 - $	-

Chief Operating Officer 9/3/24 9/3/24 18,335 $	14,668

Summary
of Material Terms of the 2024 Plan

The
following is a summary of the material features of the BioVentrix, Inc. 2024 Equity Incentive Plan (the “2024 Plan”).

Eligibility

The
Administrator may grant awards to any director, employee or consultant of the Company or its affiliates. Only employees are eligible
to receive incentive stock options.

Administration