SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1/A
Document Type: EX-10.12
Date Filed: 2026-05-15
Accession Number: 0001493152-26-023752
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226023752/ex10-12.htm

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procedures of the Company, and shall receive such additional fringe benefits and perquisites as the Company may, in its discretion, from time-to-time provide to its senior executive officers. viii. Vacation. During the Employment Period, the Executive shall be eligible for a maximum of fifteen (15) vacation days per calendar year, to be taken at such times as approved by the Company, and shall accrue at the rate of 1.25 days per month that the Executive is employed in a calendar year. Accrued but unused vacation days in excess of ten (10) may not be carried over into the following year, and the Executive will not receive pay in lieu of taking vacation. All vacations shall be taken in accordance with the plans, policies, programs, and practices of the Company applicable to its employees, as in effect from time to time. Employment Agreement – Carl Byrnes Page 2 Termination of Employment.

Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the
Employment Period. Either the Company or the Executive may terminate the Executive’s employment in the event of the Executive’s
Disability during the Employment Period.

Termination by the Company. The Company may terminate the Executive’s employment during the Employment Period for Cause
or without Cause.

Termination by the Executive. The Executive’s employment may be terminated by the Executive for any or no reason, including
with Good Reason or by the Executive without Good Reason.

Notice of Termination. Any termination of employment other than due to the Executive’s death, shall be communicated by a
Notice of Termination to the other party hereto given in accordance with Section 12(b) hereof. The failure by the Executive or the Company
to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive
any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company respectively, from asserting
such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.

Termination of Offices and Directorships; Return of Property. Upon termination of the Executive’s employment for any reason,
unless otherwise specified in a written agreement between the Executive and the Company, the Executive shall be deemed to have resigned
from all offices, directorships, and other employment positions if any, then held with the Company, and shall take all actions reasonably
requested by the Company to effectuate the foregoing. In addition, upon the termination of the Executive’s employment for any reason,
the Executive agrees to return to the Company all documents of the Company and its Affiliates (and all copies thereof) and all other
Company or Company Affiliate property that the Executive has in Executive’s possession, custody or control. Such property includes,
without limitation: (i) any materials of any kind that the Executive knows contain or embody any proprietary or confidential information
of the Company or an Affiliate of the Company (and all reproductions thereof), (ii) computers (including, but not limited to, laptop
computers, desktop computers and similar devices) and other portable electronic devices (including, but not limited to, tablet computers),
cellular phones/smartphones, credit cards, phone cards, entry cards, identification badges and keys, and (iii) any correspondence, drawings,
manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the customers,
business plans, marketing strategies, products and/or processes of the Company or any of its Affiliates and any information received
from the Company or any of its Affiliates regarding third parties.

Obligations of the Company Upon Termination.

Accrued Obligations. In the event that the Executive’s employment under this Agreement terminates during the Employment
Period for any reason, the Company will pay or provide to the Executive: (i) any earned but unpaid Base Salary, (ii) reimbursement of
any business expenses incurred by the Executive prior to the Date of Termination that are reimbursable in accordance with Section 2(b)(v)
hereof, and (iii) any vested amounts due to the Executive under any plan, program or policy of the Company (together, the “Accrued
Obligations”). The Accrued Obligations described in clauses (i) – (ii) of the preceding sentence shall be paid within
30 days after the Date of Termination (or such earlier date as may be required by applicable law), and the Accrued Obligations described
in clause (iii) of the preceding sentence shall be paid in accordance
with the terms of the governing plan or program.

Employment Agreement – Carl Byrnes Page 3

Qualifying Termination. Subject to Sections 4(c), 12(c) and 12(e), and the Executive’s continued compliance with the provisions
of Section 7 hereof, if the Executive’s employment with the Company is terminated during the Employment Period due to a Qualifying
Termination, then in addition to the Accrued Obligations, the Company shall pay the Executive:

Cash Severance. The Company shall pay the Executive an amount equal to one (1.0) times the Executive’s Base Salary, as in
effect on the Date of Termination (the “Severance”). The Severance shall be paid in substantially equal installments
in accordance with the Company’s normal payroll practices over the twelve- (12-) month period following the Date of Termination,
but shall commence on the first normal payroll date following the Release Effective Date, and amounts otherwise payable prior to such
first payroll date shall be paid on such date without interest thereon.

COBRA. Subject to the Executive’s valid election to continue healthcare coverage under Section 4980B of the Code, the Company
shall continue to provide, during the COBRA Period, the Executive and the Executive’s eligible dependents with coverage under its
group health plans at the same levels as would have applied if the Executive’s employment had not been terminated based on the
Executive’s elections in effect on the Date of Termination at no cost to the Executive, provided, however, that (A) if any plan
pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be,
exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), or (B) the Company is otherwise unable
to continue to cover the Executive under its group health plans without incurring penalties (including without limitation, pursuant to
Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, an amount equal
to each remaining Company contribution shall thereafter be paid to the Executive in substantially equal monthly installments over the
continuation coverage period (or the remaining portion thereof). For purposes of this Agreement, “COBRA Period”
shall mean the period beginning on the Date of Termination and ending on the first anniversary thereof.

Release. Notwithstanding the foregoing, it shall be a condition to the Executive’s right to receive the amounts provided
for in Sections 4(b) hereof that the Executive execute and deliver to the Company an effective release of claims in substantially the
form attached hereto as Exhibit A (the “Release”) and the Release becomes irrevocable within 30 days (or, to
the extent required by law, 52 days) following the Date of Termination (the date such Release becomes irrevocable herein referred to
as the “Release Effective Date”).

Other Terminations. If the Executive’s employment is terminated for any reason not described in Sections 4(b) hereof, the
Company will pay the Executive only the Accrued Obligations.

Exclusive Benefits. Except as expressly provided in this Section 4 and subject to Section 5 hereof, the Executive shall not be
entitled to any additional payments or benefits upon or in connection with the Executive’s termination of employment.

Non-Exclusivity of Rights. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any
plan, policy, practice or program of or any contract or agreement with the Company at or subsequent to the Date of Termination shall
be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.

Excess Parachute Payments; Limitation on Payments.