SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1/A
Document Type: S-1/A
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/forms-1a.htm

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terminates Mr. Chartier’s employment without “cause” or Mr. Chartier terminates his employment for “good reason” (each, as defined in the Chartier Offer Letter), Mr. Chartier is entitled to receive severance equal to twelve months of his then-current base salary. Ben-Yehuda is engaged as a consultant pursuant to a consulting agreement that became effective September 20, 2022 (the “Ben-Yehuda Consulting Agreement”). The Ben-Yehuda Consulting Agreement has an open term and entitles Dr. Ben-Yehuda to $500 per hour of work plus all reasonable pre-approved out-of-pocket expenses. The Ben-Yehuda Consulting Agreement may be terminated by either party upon ten days’ written notice. Additionally, the Ben-Yehuda Consulting Agreement contains standard confidentiality and indemnification provisions and a six-month post-engagement non-solicitation clause. Carl Byrnes entered into an employment agreement with the Company, effective April 28, 2026 (the “Byrnes Agreement”). Under the agreement, Mr. Byrnes serves as the Company’s Chief Financial Officer and reports to our Board.

The Byrnes Agreement will continue until terminated
in accordance with its terms, and provides for (A) an annual base salary of $225,000 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%, 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) a stock option to purchase
211,000 shares of the Company’s common stock at an exercise price of $1.20 per share, which will vest as to 25% of the total shares
on the first anniversary of the effective date of the award agreement and as to an additional 2.083% of the total shares at the end of
each successive month following the first anniversary of the effective date of the award agreement, subject to continued employment,
and subject to full accelerated vesting in the event of a change in control, (D) upon a qualified financing, the Company will grant an
additional option covering 140,000 shares of the Company’s common stock, which shall also vest as to 25% of the total shares on
the first anniversary of the effective date of the award agreement and as to an additional 2.083% of the total shares at the end of each
successive month following the first anniversary of the effective date of the award agreement, subject to continued employment, and subject
to full accelerated vesting in the event of a change in control, (E) eligibility to receive equity-based compensation awards, as determined
by our board for each calendar year during the employment period, (F) eligibility to participate in customary health, welfare and retirement
benefit plans we provide our employees, (G) prompt reimbursement for all reasonable business expenses, and (H) fifteen vacation days
annually.

Under the Byrnes Agreement, if Mr. Byrnes’
employment is terminated by the company without “cause,” or by Mr. Byrnes for “good reason” (each, as defined
in the Byrnes Agreement, and referred to herein as a qualifying termination) then Mr. Byrnes will be entitled to receive (i) severance
in an amount equal to one times his base salary, as in effect on the termination date, payable over twelve months following the termination
date, and (ii) subject to Mr. Byrne’s valid COBRA election, the Company will continue to provide Mr. Byrnes and his eligible dependents
with coverage under its group health plans at the same levels as would have applied absent his termination for one year, each 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 Mr. Byrnes 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 Mr. Byrnes.

New
Arrangements

Our
Co-Chief Executive Officers will be engaged with the Company pursuant to employment agreements that will become effective prior to or
in connection with the closing of this offering. Under the agreements, Messrs. Chartier and Richmond report to our Board.

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, 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 (i) 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,
and (ii) 12 months’ of employer-provided COBRA, each 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 $386,250

David
Richmond Co-CEO $309,000

Outstanding
Equity Awards at Fiscal 2025 Year-End

Option Awards Stock Awards

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, 1/1/25 1/1/25 - 191,000	(1) $	1.00 12/31/34 - $	-

Chairman and Co-Chief Executive Officer (6) 10/1/25 10/1/25 - 80,000	(2) $	1.14 9/30/35 - $	-

Steve Chartier, 1/15/25 1/15/25 - 222,000	(3) $	1.00 1/14/35 - $	-

President, Co-Chief
Executive Officer and Director 10/1/25 10/1/25 - 70,000	(4) $	1.14 9/30/35 - $	-

Ori Ben-Yehuda, 10/1/25 10/1/25 - 25,000	(5) $	1.14 9/30/35 - $	-

Chief Medical Officer - $	-

of the shares underlying the option vest on the first anniversary of the vesting commencement date and then 3,979 shares underlying
the option will vest in each of the subsequent 36 months, subject to continued employment.

of the shares underlying the option vest on the first anniversary of the vesting commencement date and then 1,666 shares underlying
the option will vest in each of the subsequent 36 months, subject to continued employment.

of the shares underlying the option vest on the first anniversary of the vesting commencement date and then 4,625 shares underlying
the option will vest in each of the subsequent 36 months, subject to continued employment.

of the shares underlying the option vest on the first anniversary of the vesting commencement date and then 1,458 shares underlying
the option will vest in each of the subsequent 36 months, subject to continued employment.

of the shares underlying the option vest on the first anniversary of the vesting commencement date and then 521 shares underlying
the option will vest in each of the subsequent 36 months, subject to continued employment.