Document:

EX-10.3

 Exhibit 10.3 

SECURITY AGREEMENT 
 This
Security Agreement (this “Agreement”) is made June 25, 2014 by and among Bioject Medical Technologies Inc.(the “Company”) and its wholly owned subsidiary Bioject Inc. (the “Subsidiary”), each an Oregon corporation,
and each with offices at, 7180 SW Sandburg Street, Tigard, Oregon 97223 (collectively, the “Grantors”), and Mark A. Logomasini & Associates, Inc. SEP Fund and Amir Ness, the holders of the Company’s Senior Secured Bridge
Promissory Notes in the amounts of $100,000 and $50,000, respectively, dated June 23, 2014 and June 25, 2014, respectively (the “Notes”) and with the addresses set forth on the signature page hereto (the “Noteholders”).

 RECITALS 
 The Noteholders have
agreed to make a secured loan to the Company, evidenced by the Notes, are secured by all the accounts receivable from Ferring Pharmaceuticals to the Company, whether presently existing or hereafter acquired. 

NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged and intending to be legally bound, as
collateral security for the prompt and complete payment when due of the Notes, Grantors hereby represent, warrant, covenant and agree as follows: 

1. Grant of Security Interest. As collateral security for the prompt and complete payment and performance of all of Grantors’
present or future obligations under the Notes, Grantors hereby grants a security interest in all of Grantors’ right, title and interest in, to and under its registered and unregistered rights in the all the accounts receivable from Ferring
Pharmaceuticals to the Company, (all of which shall collectively be called the “Collateral”), including, without limitation, all proceeds of the foregoing. 

2. Covenants and Warranties. Grantors represents, warrants, covenants and agrees as follows: 

 

	 	(a)	Grantors are the sole owners of the Collateral;

  

	 	(b)	Performance of this Agreement does not conflict with or result in a breach of any material agreement to which Grantors are bound; 

  

	 	(c)	During the term of this Agreement, Grantors will not transfer or otherwise encumber any interest in the Collateral. 

  

	 	(d)	To their knowledge, all of the Collateral is valid and enforceable, and no part of the Collateral has been judged invalid or unenforceable, in whole or in part, and no claim has been made in writing that any part of the
Collateral violates the rights of any third party;

  

	 	(e)	Grantors shall protect, defend and maintain the validity and enforceability of the Collateral; 

  

	 	(f)	Grantors shall take such further actions as Noteholders may reasonably request from time to time to perfect or continue the perfection of Noteholders’ interest in the Collateral; 

 

	 	(g)	This Agreement creates, and in the case of after acquired Collateral this Agreement will create, at the time Grantors first have rights in such after acquired Collateral and Noteholders have taken all actions required
for perfection, in favor of Noteholders, a valid and perfected first priority security interest and collateral assignment in the Collateral in the United States securing the payment and performance of the obligations evidenced by the Notes;

  

	 	(h)	To its knowledge, except for, and upon, the filing of UCC financing statements, or other notice filings or notations in appropriate filing offices, if necessary to perfect the security interests created hereunder, no
authorization, approval or other action by, and no notice to or filing with, any U.S. governmental authority or U.S. regulatory body is required either (a) for the grant by Grantors of the security interest granted hereby, or for the execution,
delivery or performance of this Agreement by Grantors in the U.S. or (b) for the perfection in the United States or the exercise by Noteholders of their rights and remedies thereunder; 

  
 1 

	 	(i)	All information heretofore, herein or hereafter supplied to Noteholders by or on behalf of Grantors with respect to the Collateral is true and correct in all material respects; and 

 

	 	(j)	Grantors shall not enter into any agreement that would materially impair or conflict with Grantors’ obligations hereunder without Noteholders’ prior written consent, which consent shall not be unreasonably
withheld. Except as permitted under the Notes, Grantors shall not permit the inclusion in any material contract to which it becomes a party of any provisions that could or might in any way prevent the creation of a security interest in
Grantors’ rights and interest in any property included within the definition of the Collateral acquired under such contracts. 

4. Noteholders’ Rights. Noteholders shall have the right, but not the obligation, to take, at Grantors’ sole expense,
any actions that Grantors is required under this Agreement to take but which Grantors fails to timely take, after fifteen (15) days’ notice to Grantors. Grantors shall reimburse and indemnify Noteholders for all reasonable costs and
reasonable expenses incurred in the reasonable exercise of its rights under this section 4. 
 5. Further Assurances; Attorney in
Fact. 
 (a) On a continuing basis, Grantors will, upon reasonable request by Noteholders, subject to any prior licenses,
encumbrances and restrictions and prospective licenses, make, execute, acknowledge and deliver, and file and record in the proper filing and recording places in the United States, all such instruments, including appropriate financing and
continuation statements and collateral agreement, and take all such action as may reasonably be requested by Noteholders, to perfect Noteholders’ security interest in the Collateral and otherwise to carry out the intent and purposes of this
Agreement, or for assuring and confirming to Noteholders the grant or perfection of a security interest in all Collateral. 

(b) Grantors appoint Noteholders as Grantors’ attorney-in-fact, with full authority in the place and stead of Grantors and in the
name of Grantors, Noteholders or otherwise, from time to time in Noteholders’ discretion, upon Grantors’ failure or inability to do so, to take any action and to execute any instrument which Noteholders may deem reasonably necessary or
advisable to accomplish the purposes of this Agreement, including, to file, in its sole discretion, one or more financing or continuation statements and amendments thereto, or other notice filings or notations in appropriate filing offices, relative
to any of the Collateral, without notice to Grantors, with all appropriate jurisdictions, as Noteholders deem appropriate, in order to perfect or protect Noteholders’ interest in the Collateral. 

6. Events of Default. The occurrence of an Event of Default under the Notes shall constitute an Event of Default under this
Agreement. 
 7. Remedies. Upon the occurrence and during the continuance of an Event of Default, Noteholders shall have the
right to exercise all the remedies of a secured party under the Oregon Uniform Commercial Code. Grantors will pay any expenses (including reasonable attorney’s fees) incurred by Noteholders in connection with the exercise of any of
Noteholders’ rights hereunder, including without limitation any expense incurred in disposing of the Collateral in accordance with the terms hereof. All of Noteholders’ rights and remedies with respect to the Collateral shall be
cumulative. 
 8. Indemnity. Grantors agree to defend, indemnify and hold harmless Noteholders and its agents (each an
“Indemnified Person”) against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions contemplated by this Agreement, and
(b) all losses or expenses in any way suffered, incurred, or paid by Noteholders as a result of or in any way arising out of, following or consequential to transactions between Noteholders and Grantors, under this Agreement (including without
limitation, reasonable attorney’s fees and reasonable expenses), except for Claims and/or losses arising from or out of an Indemnified Person’s gross negligence or willful misconduct. 

  
 2 

 9. Termination. At such time as Grantors shall completely repay the Notes and any
other obligations under the Notes, secured hereunder, Noteholders shall execute and deliver to Grantors all releases, terminations, and other instruments as may be necessary or proper to release the security interest hereunder. 

10. Course of Dealing. No course of dealing, nor any failure to exercise, nor any delay in exercising any right, power or
privilege hereunder shall operate as a waiver thereof. 
 11. Amendments. This Agreement may be amended only by a written
instrument signed by both parties hereto. 
 12. Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original but all of which together shall constitute the same instrument. 
 13. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of California. 
 GRANTORS AND NOTEHOLDERS EACH HEREBY
WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH
ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

14. Confidentiality. In handling any confidential information, Noteholders shall exercise the same degree of care that they
exercise for their own proprietary information, but disclosure of information may be made: (i) to Noteholders or affiliates in connection with their present or prospective business relations with Grantors; (ii) to prospective transferees
or purchasers of any interest in the Notes (provided, however, Noteholders shall use commercially reasonable efforts to obtain such prospective transferee’s or purchaser’s agreement to the terms of this provision); (iii) as
required by law, regulation, subpoena, or other order, (iv) as required in connection with Noteholders’ examination or audit; and (v) as Noteholders consider appropriate in exercising remedies under this Agreement. Confidential
information does not include information that either: (a) is in the public domain or in Noteholders’ possession when disclosed to Noteholders, or becomes part of the public domain after disclosure to Noteholders through no fault of
Noteholders; or (b) is disclosed to Noteholders by a third party, if Noteholders reasonably do not know that the third party is prohibited from disclosing the information. 

  
 3 

 Agreed, as of the date first set forth above: 

Grantors: 
 Bioject Medical Technologies Inc. 

 

			
	By:	 	 /s/ Mark Logomasini

	Name:	 	  Mark Logomasini
	Title:	 	  President and Chief Executive Officer

 Bioject Inc. 
  

			
	By:	 	 /s/ Mark Logomasini

	Name:	 	  Mark Logomasini
	Title:	 	  President and Chief Executive Officer

 Mark A Logomasini & Associates, Inc. SEP Fund 
  

	
	 /s/ Mark Logomasini

	Address: 26212 Dimension Drive, Suite 260
	Lake Forest, CA 92630

 Amir Ness 
  

	
	 /s/ Amir Ness

	Address:

  
 4EX-4.2

 Exhibit 4.2 

Employee Share Ownership Plan (“ESOP”) 2013 
  

	a.	Performance Period: For vesting condition, the performance period considered will be FY 2013-14. 

  

	b.	Vesting of options: The options awarded under ESOP 2013 shall vest based on the achievement of business performance in the performance period as defined above and also continued employment with the Group.

 The vesting schedule shall be staggered over a period of three years from the date of grant with 70% vesting based on the
achievement of business performance and the remaining 30% based on continued employment with the Group till the end of 3rd year. 

Therefore, the options shall vest at 40% at the end of 1st year, 30% at the end of 2nd year and the remaining 30% which is tenure-based at the end of 3rd year. For an employee to be eligible for performance-based vesting, he/she
should continue to be in employment till the date of vesting each year. 
 However, for Executive Directors, 100% vesting will be based on
achievement of performance condition with a staggered vesting schedule of 40:30:30 at the end of each year. 
  

	c.	Performance conditions: 

  

	 	•	 	For Businesses - The vesting of options will be dependent on the achievement of business performance measured against 

  

	 	•	 	Operation Deliverables consisting of either Volume / COP / Free Cash Flow / EBITDA / Gross Working Capital / Sustainability 

  

	 	•	 	Enablers consisting either of Asset Optimization / Mine Planning & Development / PR. 

  

	 	•	 	Completion of stipulated tenure with the Group. 

 The performance parameter scorecard for other
businesses is provided in Annexure A. 
  

	 	•	 	For EDs and Corporate Team based in Mumbai, Delhi and London – The performance conditions considered for EDs and Corp Team is weighted average score of businesses, financial aspects and Sustainability as
follows. 

 

 For Corp Team: 
  

							
	 SI No
	  	 Parameter
	  	Weightage	 
	1	  	 Weighted Average Score of Businesses*
	  	 	50	% 
	2	  	 Market Capitalization of VR Plc**
	  	 	50	% 
		  		  	  
	  
	 
		  	 Total
	  	 	100	% 
		  		  	  
	  
	 

 

 For Executive Directors: 
  

							
	 SI No
	  	 Parameter
	  	Weightage	 
	1	  	 Weighted Average Score of Businesses*
	  	 	40	% 
	2	  	 Market Capitalization of VR Plc**
	  	 	50	% 
	3	  	 Sustainability
	  	 	10	% 
		  		  	  
	  
	 
		  	 Total
	  	 	100	% 
		  		  	  
	  
	 

 
 

  

	*	Weightages for Business Scores of entities will be as follows: 

  

																					
	 Company
	  	HZL	  	SGL	  	KCM	  	Av of Balco, VAL & SEL	  	Av of ZI	  	S Cu	  	Malco	  	CMT	  	FG	  	VGCB
	 Score
	  	Simple average of above entities’ Business Score	  	Simple average of above entities’ Business Score
	 Weightage
	  	80%	  	20%

  

	**	The Comparator Group comprises of 14 companies as in Alcoa, Anglo American, Antofagasta, BHP Billiton, ENRC, First Quantum, FMG – Fortescue, Glencore, Khazamkhys, Rio Tinto, Teck, Tullow, Vale and Xstrata. The
score against market capitalization parameter for (ii) above shall be determines using the table below relying upon the relative ranking in the comparator Group. The relative ranking will be calculated on the basis of last 30 days average share
price at the beginning and at the end of the performance period (1st April to 31st March). 

  

			
	 Relative Ranking
	  	 Score

	 1 - 3
	  	100
	 4
	  	90
	 5
	  	85
	 6
	  	80
	 7
	  	75
	 8
	  	70
	 9
	  	60
	 10
	  	50
	 11
	  	40
	 12
	  	30
	 13 - 15
	  	Nil

  

			
		  	Page 1 of 3

	d.	Business Performance Score: The weighted average score of the various parameters detailed out above will be known as the Business Performance Score. 

 

	e.	Vesting proportion: The vesting proportion will be dependent on the achievement of pre-determined performance conditions. Businesses have been classified as Category A and B on the basis of complexity and nature
of operations affecting the achievement of performance conditions. 

 For example, the vesting matrix for HZL will be as
follows: 
  

			
	 Business Performance Score
	  	Vesting %
	 90% - 100%
	  	50% plus 5% for every 1% score above 90%
	 85% - 90%
	  	30% plus 4% for every 1% score above 85%
	 At 85%
	  	30%
	 Below 85%
	  	Nil

 The vesting matrix for other businesses is provided in Annexure B. 

 

			
	Enclosed:	 	Annexure A – Performance Parameter Scorecard
		 	Annexure B – Vesting Matrix for Category A and B businesses

 Annexure A: Performance Parameter Scorecard 

The weightages of the various OD and Enabler parameters in each business will be as follows: 

 

																																																													
	 Parameters
	 	HZL	 	 	KCM	 	 	SGL	 	 	SGL
(VAB)	 	 	Balco	 	 	VAL-J	 	 	VAL-L	 	 	SEL	 	 	BMM
SZ	 	 	LM	 	 	S Cu	 	 	S Cu
CPP
Malco	 	 	CMT	 	 	FG10	 	 	VGCB	 
	 Operational Deliverables
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 Volume
	 	 	45	%1 	 	 	40	%3 	 	 	30	%4 	 	 	30	% 	 	 	30	%5 	 	 	30	% 	 	 	30	% 	 	 	20	% 	 	 	30	% 	 	 	40	% 	 	 	20	%7 	 	 	20	% 	 	 	50	% 	 	 	35	% 	 	 	20	% 
	 COP
	 	 	25	%2 	 	 	20	% 	 	 	20	% 	 	 	—  	  	 	 	20	%6 	 	 	20	% 	 	 	30	% 	 	 	—  	  	 	 	25	% 	 	 	25	% 	 	 	20	%8 	 	 	—  	  	 	 	40	% 	 	 	25	% 	 	 	10	% 
	 Free Cash Flow (excl buyers/suppliers credit)
	 	 	—  	  	 	 	—  	  	 	 	20	% 	 	 	10	% 	 	 	20	% 	 	 	20	% 	 	 	—  	  	 	 	30	% 	 	 	20	% 	 	 	20	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	10	% 	 	 	50	% 
	 EBITDA
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	40	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	20	% 	 	 	—  	  	 	 	—  	  	 	 	20	% 	 	 	30	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Gross Working Capital (12 month average)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	10	% 	 	 	20	% 	 	 	—  	  	 	 	20	% 	 	 	—  	  
	 Sustainability
	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	15	% 	 	 	15	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 
	 Enablers
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 Asset Optimization
	 	 	10	% 	 	 	20	% 	 	 	—  	  	 	 	—  	  	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	—  	  	 	 	—  	  	 	 	10	% 	 	 	10	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Mine Planning Development
	 	 	10	% 	 	 	10	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 ER / PR9
	 	 	—  	  	 	 	—  	  	 	 	20	% 	 	 	10	% 	 	 	10	% 	 	 	10	% 	 	 	20	% 	 	 	10	% 	 	 	—  	  	 	 	—  	  	 	 	10	% 	 	 	10	% 	 	 	—  	  	 	 	—  	  	 	 	10	% 
	 Project Milestone
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	10	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  

 Note: 
 For SGL, Aluminium and SC
common, the business score will be weighted average score of the respective businesses as follows: 
  

	 	•	 	SGL common - 70% of SGL, 20% of SGL (VAB) and 10% of WCL 

  

	1 	Volume weightage of 45% comprises 30% for MIC volume, 10% for Refined metal production and 5% for integrated saleable silver. 

	2 	COP weightage of 25% comprises 15% for Zn COP and 10% for Pb COP 

	3	Volume refers to integrated production 

	4 	Volume refers to Iron Ore sales 

	5 	Volume weightage of 30% comprises 15% for Al volume and 15% for power sales 

	6 	COP weightage of 20% comprises 10% for Al COP and 10% for commercial power COP 

	7 	Volume refers to production of fresh anode 

	8 	COP refers to Gross COP 

	9 	Refers to Top 3 actionable agenda 

	10 	For FG, all applicable parameters comprises 50% for CCR and 50% for PMR 

  

			
		  	Page 2 of 3

 Project Milestones for Projects: 

 

					
	For WCL, Liberia	  			
	 •  Project timeline
	  	 	– 30	% 
	 •  Project Cost
	  	 	– 30	% 
	 •  Exploration
	  	 	– 15	% 
	 •  Sustainability
	  	 	– 15	% 
	 •  MAS grading
	  	 	– 10	% 

 

					
	For TSPL, Talwandi and VMRF	  
	 •  Project timeline
	  	–	 40	% 
	 •  Project Cost
	  	–	 35	% 
	 •  Sustainability
	  	–	 15	% 
	 •  MAS grading
	  	–	 10	% 

 
 

 ZI Common 
  

					
	 Operational Deliverables
	  	Weightage	 
	 Volume
	  	 	30	% 
	 COP
	  	 	25	% 
	 Free Cash Flow (excl buyers/suppliers credit)
	  	 	10	% 
	 Sustainability*
	  	 	15	% 
		
	 Enablers
	  	Weightage	 
	 Project Milestone
	  	 	20	% 
		  	  
	  
	 
	 Total
	  	 	100	% 
		  	  
	  
	 

 

 ZI projects: 
  

					
	 Operational Deliverables
	  	Weightage	 
	 Sustainability*
	  	 	15	% 
	 Gamsberg
	  	 	35	% 
	 Swartberg
	  	 	15	% 
	 Refinery Conversion
	  	 	15	% 
	 Gergarub
	  	 	15	% 
	 Power Projects
	  	 	5	% 
		  	  
	  
	 
	 Total
	  	 	100	% 
		  	  
	  
	 

 
 

 Note: *Sustainability weightage of 15% comprises 10% for safety and environmental performance and 5% for
sustainability initiatives. 
  

	**	Project Milestone scores would be based on progress on Gamsberg, Swartberg, Refinery Conversion, Gergarub and Magnetite Project

 Note: *Sustainability weightage of 15% comprises 10% for safety and environmental performance and 5% for
sustainability initiatives 

 

  
 Annexure B: Vesting Matrix for Category
A and B businesses. 
  

							
	 Category A
	 	 Business Performance Score
	 	 Vesting %

	 •  HZL
	  	 •  ZI
	 	90% - 100%	 	50% plus 5% for every 1% score above 90%
	 •  SC & SC (CPP)
	  	 •  CMT
	 	85% - 90%	 	30% plus 4% for every 1% score above 85%
	 •  Malco
	  	 •  FG
	 	At 85%	 	30%
		  		 	Below 85%	 	Nil
			
	 Category B
	 	 Business Performance Score
	 	 Vesting %

	 •  VAL-J
	  	 •  SEL
	 	90% - 100%	 	60% plus 4% for every 1% score above 90%
	 •  VAL-L
	  	 •  KCM
	 	80% - 90%	 	30% plus 3% for every 1% score above 80%
	 •  BALCO
	  	 •  VGCB
	 	At 80%	 	30%
	 •  SGL & SGL (VAB)
	  		 	Below 80%	 	Nil

 Note: In case, the business performance score exceeds 100%, Remco approval will be sought for higher vesting proportion. 

The above vesting matrix will ensure delivery of high performance levels due to higher exponential vesting percentage as the score improves. 

  

			
		  	Page 3 of 3

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