SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1
Document Type: EX-10.8
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/ex10-8.htm

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Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with this Section 4.1. (d) The right of first offer in this Section 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Series A Preferred Stock in the Second Tranche Closing (as defined in the Purchase Agreement) pursuant to the Purchase Agreement.

4.2 Termination.
The covenants set forth in Section 4.1 shall terminate and be of no further force or effect on the earliest of: (i)
immediately before the consummation of the IPO, or (ii) upon the closing of a Deemed Liquidation Event, as such term is
defined in the Certificate of Incorporation, in which the consideration received by the Investors in such Deemed Liquidation Event
is in the form of cash and/or publicly traded securities, or if the Investors receive participation rights from the acquiring
company or other successor to the Company reasonably comparable to those set forth in this Section 4.

5.	Additional
Covenants .

5.1 Insurance.
The Company shall obtain, within ninety (90) days of the date hereof, from financially sound and reputable insurers Directors and Officers
liability insurance, in an amount and on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable
efforts to cause such insurance policy to be maintained until such time as the Board of Directors determines that such insurance should
be discontinued. The policy shall not be cancelable by the Company without prior approval by the Board of Directors. Notwithstanding
any other provision of this Section 5.1 to the contrary, for so long as a Preferred Director is serving on the Board of Directors,
the Company shall not cease to maintain a Directors and Officers liability insurance policy in an amount of at least three (3) million
USD unless approved by such Preferred Director, shall include the Investors entitled to designate the Preferred Director pursuant to
the Voting Agreement as additional insureds in such policy, and shall annually, within one hundred twenty (120) days after the end of
each fiscal year of the Company, deliver to the Investors a certification that such a Directors and Officers liability insurance policy
remains in effect.

5.2 Employee
Agreements. Unless otherwise approved by the Board of Directors, including the Requisite Preferred Director Vote, the Company will
cause (i) each Person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent
contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure, proprietary rights assignment
and non-solicitation agreement. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in
part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent
of the Board of Directors, including the Requisite Preferred Director Vote.

5.3 Employee
Stock. Unless otherwise approved by the Board of Directors, including the Requisite Preferred Director Vote, all future employees
of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the
date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over
a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment
or service, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market
stand-off provision substantially similar to that in Section 2.11. Without the prior approval by the Board of Directors, including
the Requisite Preferred Director Vote, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part,
any stock purchase, stock restriction or option agreement with any existing employee or service provider if such amendment would cause
it to be inconsistent with this Section 5.3. In addition, unless otherwise approved by the Board of Directors, including the Requisite
Preferred Director Vote, the Company (x) shall not offer or allow any acceleration of vesting, and (y) shall retain (and not waive) a
“right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested
shares at cost upon termination of employment of a holder of restricted stock.

5.4 Matters
Requiring Preferred Director Approval. During such time or times as the holders of Preferred Stock are entitled to elect a Preferred
Director and such seat is filled, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval
of the Board of Directors, which approval must include the Requisite Preferred Director Vote:

(a) make,
or permit any subsidiary to make, any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation,
partnership, or other entity unless it is wholly owned by the Company;

(b) make,
or permit any subsidiary to make, any loan or advance to any Person, including, without limitation, any employee or director of the Company
or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock
or option plan approved by the Board of Directors;

(c) guarantee,
directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness except for trade accounts of
the Company or any subsidiary arising in the ordinary course of business;

(d) make
any investment inconsistent with any investment policy approved by the Board of Directors;

(e) incur
any aggregate indebtedness in excess of $200,000 that is not already included in the Budget (as defined in Section 3.1(e)), other
than trade credit incurred in the ordinary course of business;

(f) hire,
terminate, or change the compensation of the executive officers, including approving any option grants or stock awards to executive officers;

(g) change
the principal business of the Company, enter new lines of business, or exit the current line of business;

(h) sell,
assign, license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary course
of business; or

(i) enter
into any corporate strategic relationship involving the payment, contribution, or assignment by the Company or to the Company of money
or assets greater than two hundred thousand dollars ($200,000).

5.5 Board
Matters. The Company shall reimburse the directors for all reasonable out- of-pocket travel expenses incurred (consistent with the
Company’s travel policy) in connection with attending meetings of the Board of Directors. The Company shall cause to be established,
as soon as practicable after such request, and will maintain, an audit and compensation committee, each of which shall consist solely
of non-management directors. Each non-employee director shall be entitled in such person’s discretion to be a member of any committee
of the Board of Directors.

5.6 Successor
Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not
the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall
be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of
members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s
Bylaws, the Certificate of Incorporation, or elsewhere, as the case may be.