SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1/A
Document Type: EX-10.5
Date Filed: 2026-03-18
Accession Number: 0001493152-26-010642
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226010642/ex10-5.htm

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thereunder. “Date of Termination” means the date on which the Executive’s employment with the Company terminates. “Disability” means that the Executive has become entitled to receive benefits under an applicable Company long-term disability plan or, if no such plan covers the Executive, the Executive’s inability, due to physical or mental illness, to perform the essential functions of the Executive’s job, with or without a reasonable accommodation for 180 consecutive days. “Good Reason” means the occurrence of any one or more of the following events without the Executive’s prior written consent, unless the Company fully corrects the circumstances constituting Good Reason, as provided below: A decrease in the Executive’s Base Salary (unless such decrease is applied to all senior management base salaries on a pro rata basis); or The Company requires the Executive to relocate to an office that is more than 150 miles from 120 Forbes Blvd., Suite 125, Mansfield,

Notwithstanding
the foregoing, the Executive will not be deemed to have resigned for Good Reason unless (1) the Executive provides the Company with written
notice setting forth in reasonable detail the facts and circumstances claimed by the Executive to constitute Good Reason within 45 days
after the date of the occurrence of any event that the Executive knows or should reasonably have known to constitute Good Reason, (2)
the Company fails to cure such acts or omissions within 30 days following its receipt of such notice, and (3) the Date of Termination
for Good Reason occurs no later than 60 days after the expiration of the Company’s cure period.

“Notice of Termination” means a written notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of
the Executive’s employment under the provision so indicated and (iii) if the Date of Termination is other than the date of receipt
of such notice, specifies the termination date (which date shall be not more than 30 days after the giving of such notice unless as otherwise
provided upon a termination for Good Reason).

“Person” means an individual, a partnership, a corporation, an association, a limited liability company, a
joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political
subdivision thereof.

“Qualifying Termination” means a termination of the Executive’s employment (i) by the Company without
Cause (other than by reason of the Executive’s death or Disability) or (ii) by the Executive for Good Reason.

Section 409A” means Section 409A of the Code and Department of Treasury regulations and other interpretive guidance
issued thereunder.

“Separation from Service” means a “separation from service” within the meaning of Section 409A.

Indemnification. The Company shall indemnify the Executive to the fullest extent permitted by applicable law in the event that
the Executive was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
by reason of the fact that the Executive is or was a director, officer, employee or agent of the Company or any of its Affiliates, whether
or not the claim is asserted during the Employment Period. The Executive shall be covered under any directors’ and officers’
insurance that the Company maintains for its directors and other officers in the same manner and on the same basis as the Company’s
directors and other officers.

Miscellaneous.

Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force
or effect.

Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party
or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

to the Executive: at the Executive’s most recent address on the records of the Company.

to the Company:

BioVentrix,
Inc.

Forbes Blvd., Suite 125

Mansfield,
MA 02048 USA

Attn:
General Counsel

to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications
shall be effective when actually received by the addressee.

Section 409A of the Code.

To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A. Notwithstanding any provision of this
Agreement to the contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to
Section 409A, the Company shall work in good faith with the Executive to adopt such amendments to this Agreement or adopt other policies
and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines
are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation, actions intended to (i)
exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply with the requirements of Section
409A; provided, however, that this Section 12(c) shall not create an obligation on the part of the Company to adopt
any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so.

Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments.
To the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed “nonqualified
deferred compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4),
Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A. Any payments subject to Section 409A that are
subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which
the payment event (such as termination of employment) occurs shall commence payment only in the calendar year in which the consideration
period or, if applicable, release revocation period ends, as necessary to comply with Section 409A. All payments of nonqualified deferred
compensation subject to Section 409A to be made upon a termination of employment under this Agreement shall only be made upon the Executive’s
Separation from Service.

iii.
To the extent that any payments or reimbursements provided to the Executive under this Agreement are deemed to constitute compensation
to the Executive to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed reasonably
promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such payments
eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any
other taxable year, and the Executive’s right to such payments or reimbursement of any such expenses shall not be subject to liquidation
or exchange for any other benefit.

Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement.

Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes
as the Company determines in its good faith discretion to be required to be withheld pursuant to any applicable law or regulation.

No Waiver. The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement
or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive
to terminate employment for Good Reason pursuant to Section 3(c) hereof, shall not be deemed to be a waiver of such provision or right
or any other provision or right of this Agreement.

Entire Agreement. As of the Effective Date, this Agreement constitutes the final, complete and exclusive agreement between the
Executive and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers
or promises, whether oral or written, by any member of the Company and its subsidiaries or Affiliates, or representative thereof, including
the Offer Letter. Notwithstanding anything herein to the contrary, this Agreement and the obligations and commitments hereunder shall
neither commence nor be of any force or effect prior to the Effective Date.

Arbitration.