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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Exhibit

EMPLOYMENT
AGREEMENT

THIS
EMPLOYMENT AGREEMENT (this “Agreement”), dated April 28, 2026 (the “Effective Date”),
is entered into by and between BioVentrix, Inc. (the “Company”) and Carl Byrnes (the “Executive”).

WHEREAS,
the Company and the Executive desire to enter into an agreement that embodies the terms of such employment and that supersedes and replaces
the Offer Letter, subject to the terms and conditions of this Agreement.

NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

Employment Period. The Company shall employ the Executive pursuant to this Agreement for a term (the “Employment Period”)
commencing on the Effective Date and continuing indefinitely until terminated by either party in accordance with the provisions of Section
3 hereof. As of the Effective Date, the Offer Letter is superseded and replaced in its entirety.

Terms of Employment.

Position and Duties.

Role and Responsibilities. During the Employment Period, the Executive shall serve as the Company’s Chief Financial Officer
(CFO), and shall perform such employment duties as are usual and customary for such position. The Executive shall report directly to
the Board. At the Company’s request, the Executive shall serve the Company and/or its subsidiaries and Affiliates in other capacities
in addition to the foregoing, consistent with the Executive’s position hereunder. In the event that the Executive, during the Employment
Period, serves in any one or more of such additional capacities, the Executive’s compensation shall not be increased beyond that
specified in Section 2(b) hereof. In addition, in the event the Executive’s service in one or more of such additional capacities
is terminated, the Executive’s compensation, as specified in Section 2(b) hereof, shall not be diminished or reduced in any manner
as a result of such termination provided that the Executive otherwise remains employed under the terms of this Agreement.

Exclusivity. During the Employment Period, the Executive agrees to devote the Executive’s full business time and attention
to the business and affairs of the Company. Notwithstanding the foregoing, during the Employment Period, it shall not be a violation
of the Agreement for the Executive to: (A) serve on boards, committees or similar bodies of charitable or nonprofit organizations, (B)
fulfill limited teaching, speaking and writing engagements, and (C) manage the Executive’s personal investments, in each case,
so long as such activities do not individually or in the aggregate materially interfere or conflict with the performance of the Executive’s
duties and responsibilities under the Agreement; provided, that with respect to the activities in subclauses (A) and/or (B), the Executive
receives prior written approval from the Board.

Compensation, Benefits, Etc.

Base Salary. Effective as of the Effective Date and during the Employment Period, the Executive shall receive a base salary (the
“Base Salary”) of $225,000 per annum. The Base Salary shall be paid in accordance with the Company’s
normal payroll practices for executive salaries generally, but no less often than monthly and shall be pro-rated for partial years of
employment. The Base Salary may be increased in the discretion of the Board or a subcommittee thereof, but not reduced, and the term
“Base Salary” as utilized in this Agreement shall refer to the Base Salary as so increased.

Annual Cash Bonus. For each calendar year ending during the Employment Period beginning with calendar year 2026, the Executive
shall be eligible to earn a cash performance bonus (an “Annual Bonus”) under the Company’s bonus plan
or program applicable to senior executives targeted at thirty percent (30%) of Base Salary (the “Annual Bonus”).
The actual amount of any Annual Bonus shall be determined by the Board (or a subcommittee thereof) in its discretion, based on the achievement
of individual and/or Company performance goals as determined by the Board (or a subcommittee thereof) and shall be pro-rated for any
partial year of employment or service. The payment of any Annual Bonus, to the extent any Annual Bonus becomes payable, will be made
on the date on which annual bonuses are paid generally to the Company’s 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. In order to be eligible for the Annual Bonus,
the Executive must be in Active Working Status at the time the Annual Bonus is paid.

Employment Agreement – Carl Byrnes Page 1

iii.
Initial Equity Grant. The Executive shall be granted an option to purchase 211,000 shares of the Company’s common stock
(the “Option”), at an exercise price of $1.20 per common share. The Option shall be conditioned on you and
the Company executing an option award agreement (the “Award Agreement”) to be prepared by the Company, consistent with the
terms hereunder and the Company’s 2024 Equity Incentive Plan, as amended. The Option shall vest as to 25% of the total shares of
the Option on the first anniversary of the effective date of the Award Agreement, and shall vest as to an additional 2.083% of the Option
at the end of each successive month following first anniversary of the effective date of the Award Agreement until the 4th anniversary
of the effective date of Award Agreement, provided you remain continuously employed from date of grant through and including the applicable
vesting date. Starting in 2027 you will be considered for additional option grants at the board’s discretion. Also, if there is
a change in control all options will fully vest. In addition, the Company will grant an option to purchase an additional 140,000 shares
of the Company’s common stock, at the exercise price in effect at the time of the grant, under the Company’s 2024 Equity
Incentive Plan, as amended, on the same terms as the initial grant described above, upon the closing of a Qualified Financing, initial
public offering, or change in control, as approved by the board.

Annual Equity Grant. The Executive shall be eligible to receive equity-based compensation award(s), as determined by the Board
(or a subcommittee thereof), for each calendar year during the Employment Period. The Board or such subcommittee shall determine in its
sole discretion the grant timing, vesting requirements, mix, and such other terms and conditions (including exercise and settlement)
applicable to any annual equity-based compensation award, taking into account the Executive’s and the Company’s performance.
Any such award shall be evidenced by a separate award agreement in a form prescribed by the Company, to be entered into by the Company
and the Executive.

Benefits. During the Employment Period, the Executive (and the Executive’s spouse and/or eligible dependents to the extent
provided in the applicable plans and programs) shall be eligible to participate in and be covered under the health and welfare benefit
plans and programs maintained by the Company for the benefit of its employees from time to time, pursuant to the terms of such plans
and programs including any medical, life, hospitalization, dental, disability, accidental death and dismemberment and travel accident
insurance plans and programs on the same terms and conditions as those applicable to similarly situated senior executives. In addition,
during the Employment Period, the Executive shall be eligible to participate in any retirement, savings and other employee benefit plans
and programs maintained from time to time by the Company for the benefit of its senior executive officers. Nothing contained in this
Section 2(b)(v) shall create or be deemed to create any obligation on the part of the Company to adopt or maintain any health, welfare,
retirement or other benefit plan or program at any time or to create any limitation on the Company’s ability to modify or terminate
any such plan or program.

Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable business
expenses incurred by the Executive in connection with the performance of the Executive’s duties under this Agreement in accordance
with the policies, practices and procedures of the Company.

vii.
Fringe Benefits. During the Employment Period, the Executive shall be eligible to receive such fringe benefits and perquisites
as are provided by the Company to its employees from time to time, in accordance with the policies, practices and 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.