SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS
Document Type: EX-3.5
Date Filed: 2025-08-05
Accession Number: 0001641172-25-022123
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000164117225022123/filename5.htm

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Indemnitee shall also have the right to be paid by the Corporation to the fullest extent not prohibited by applicable law the expenses (including, without limitation, attorneys’ fees) incurred in defending or otherwise participating in any such proceeding in advance of its final disposition (hereinafter an “advancement of expenses”); provided, however, that, if the DGCL requires, an advancement of expenses incurred by an Indemnitee in his or her capacity as a director or officer of the Corporation (and not in any other capacity in which service was or is rendered by such Indemnitee, including, without limitation, service to an employee benefit plan) shall be made only upon the Corporation’s receipt of an undertaking (hereinafter an “undertaking”), by or on behalf of such Indemnitee, to repay all amounts so advanced if it shall ultimately be determined that such Indemnitee is not entitled to be indemnified under this Article VIII or otherwise.

Section 8.3.
Right of Indemnitee to Bring Suit. If a claim under Section 8.1 or Section 8.2 is not
paid in full by the Corporation within 60 days after a written claim therefor has been received by the Corporation, except in the
case of a claim for an advancement of expenses, in which case the applicable period shall be 20 days, the Indemnitee may at any
time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any
such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the
Indemnitee shall also be entitled to be paid the expense of prosecuting or defending such suit. In (a) any suit brought by the Indemnitee
to enforce a right to indemnification hereunder (but not in a suit brought by an Indemnitee to enforce a right to an advancement of expenses)
it shall be a defense that, and (b) in any suit brought by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final judicial decision from which there is
no further right to appeal (hereinafter a “final adjudication”) that, the Indemnitee has not met any applicable
standard for indemnification set forth in the DGCL. Neither the failure of the Corporation (including its directors who are not parties
to such action, a committee of such directors, independent legal counsel, or its stockholders) to have made a determination prior to
the commencement of such suit that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the
applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including a determination by its
directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) that the
Indemnitee has not met such applicable standard of conduct, shall create a presumption that the Indemnitee has not met the applicable
standard of conduct or, in the case of such a suit brought by the Indemnitee, shall be a defense to such suit. In any suit brought by
the Indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified,
or to such advancement of expenses, under this Article VIII or otherwise shall be on the Corporation.

Section 8.4.
Non-Exclusivity of Rights. The rights provided to any Indemnitee pursuant to this Article VIII shall not be
exclusive of any other right, which such Indemnitee may have or hereafter acquire under applicable law, the Certificate of Incorporation,
these Bylaws, an agreement, a vote of stockholders or disinterested directors, or otherwise.

Section 8.5.
Insurance. The Corporation may maintain insurance, at its expense, to protect itself and/or any director, officer, employee or agent
of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss,
whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the DGCL.

Section 8.6.
Indemnification of Other Persons. This Article VIII shall not limit the right of the Corporation to the extent
and in the manner authorized or permitted by law to indemnify and to advance expenses to persons other than Indemnitees. Without limiting
the foregoing, the Corporation may, to the extent authorized from time to time by the Board, grant rights to indemnification and to the
advancement of expenses to any employee or agent of the Corporation and to any other person who is or was serving at the request of the
Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise,
including service with respect to an employee benefit plan, to the fullest extent of the provisions of this Article VIII with
respect to the indemnification and advancement of expenses of Indemnitees under this Article VIII.

Section 8.7.
Amendments. Any repeal or amendment of this Article VIII by the Board or the stockholders of the Corporation
or by changes in applicable law, or the adoption of any other provision of these Bylaws inconsistent with this Article VIII,
will, to the extent permitted by applicable law, be prospective only (except to the extent such amendment or change in applicable law
permits the Corporation to provide broader indemnification rights to Indemnitees on a retroactive basis than permitted prior thereto),
and will not in any way diminish or adversely affect any right or protection existing hereunder in respect of any act or omission occurring
prior to such repeal or amendment or adoption of such inconsistent provision; provided however, that amendments or repeals of this Article
VIII shall require the affirmative vote of the stockholders holding at least 66.7% of the voting power of all outstanding shares
of capital stock of the Corporation.

Section 8.8.
Certain Definitions. For purposes of this Article VIII, (a) references to “other enterprise”
shall include any employee benefit plan; (b) references to “fines” shall include any excise taxes assessed
on a person with respect to an employee benefit plan; (c) references to “serving at the request of the Corporation”
shall include any service that imposes duties on, or involves services by, a person with respect to any employee benefit plan, its participants,
or beneficiaries; and (d) a person who acted in good faith and in a manner such person reasonably believed to be in the interest
of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the
best interest of the Corporation” for purposes of Section 145 of the DGCL.

Section 8.9.
Contract Rights. The rights provided to Indemnitees pursuant to this Article VIII shall be contract rights and such
rights shall continue as to an Indemnitee who has ceased to be a director, officer, agent or employee and shall inure to the benefit
of the Indemnitee’s heirs, executors and administrators.

Section 8.10.
Severability. If any provision or provisions of this Article VIII shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Article VIII shall
not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Article VIII (including,
without limitation, each such portion of this Article VIII containing any such provision held to be invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

ARTICLE

EXCLUSIVE
JURISDICTION

Section
9.1. Delaware Courts. Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive
forum for (a) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim of breach of
a fiduciary duty owed by any current or former directors, officers or other employees of the Corporation to the Corporation or the Corporation’s
stockholders, (c) any action arising pursuant to any provision of the DGCL or the Certificate of Incorporation or these Bylaws (as either
may be amended from time to time), or (d) any other action asserting a claim governed by the internal affairs doctrine, shall be a state
court located within the State of Delaware, County of Wilmington (or, if a state court located within the state of Delaware does not
have jurisdiction, the federal district court for the District of Delaware); provided that, the provisions of this Section 9.1
will not apply to suits brought to enforce any liability or duty created by the Securities Exchange Act or 1934, as amended, or to any
other claim for which the U.S. federal courts have exclusive jurisdiction.