SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1/A
Document Type: EX-10.3
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/ex10-3.htm

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this Plan upon his or her death. A Participant may, from time to time, revoke or change his or her beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Administrator. The last such designation filed with the Administrator shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Administrator prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate. Upon the occurrence of a Participant’s divorce (as evidenced by a final order or decree of divorce), any spousal designation previously given by such Participant shall automatically terminate.

12.3.	Documentation .
All Awards made under the Plan shall be made pursuant to an Award Agreement. The Administrator
may, in its sole discretion, determine the terms and conditions set forth in each Award Agreement,
provided that all such terms and conditions are consistent with the Plan.

12.4.	Discretion .
All Awards made pursuant to the Plan may be made alone or in addition to or in conjunction
with any other Award. The terms of each Award are not required to be identical, and the Administrator
does not have to treat Participants or Awards uniformly.

12.5.	Withholding .
A Participant shall be required to pay to the Company or any Affiliate, or the Company or
any Affiliate shall have the right and is hereby authorized to withhold, from any cash, Shares,
other securities or other property deliverable under any Award or from any compensation or
other amounts owing to a Participant, the amount (in cash, Shares, other securities or other
property) of any required withholding taxes, including any Tax Obligations, in respect of
an Award, its exercise, or any payment or transfer under an Award or under this Plan and
to take such other action as may be necessary in the opinion of the Administrator or the
Company to satisfy all obligations for the payment of such withholding and taxes. In addition,
the Administrator, in its discretion, may make arrangements mutually agreeable with a Participant
who is not an employee of the Company or an Affiliate to facilitate the payment of applicable
income and self-employment taxes. Without limitation, the Administrator may, in its sole
discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding
liability by (A) the delivery of Shares (which are not subject to any pledge or other security
interest) owned by the Participant having a fair market value equal to such withholding liability,
(B) having the Company withhold from the number of Shares otherwise issuable or deliverable
pursuant to the exercise or settlement of the Award a number of shares with a fair market
value equal to such withholding liability, (C) deducting an amount sufficient to satisfy
such withholding obligation from any payment of any kind otherwise due to a Participant,
(D) accepting a payment from the Participant in cash, by wire transfer of immediately available
funds, or by check made payable to the order of the Company, or (E) if there is a public
market for Shares at the time the withholding obligation for Tax Obligations is to be satisfied,
selling Shares issued pursuant to the Award creating the withholding obligation. The amount
withheld pursuant to any of the foregoing payment forms shall be determined by the Company
and may be up to (but not in excess of) the aggregate amount of such obligations based on
the maximum statutory withholding rates in the Participant’s jurisdiction for all Tax
Obligations that are applicable to such taxable income.

12.6.	Award
Modification; Repricing . The Administrator may at any time, and from time to time, amend
the terms of any one or more Awards without the consent of any Participant; provided, however,
that the Administrator may not make any amendment which would otherwise constitute an impairment
of the material rights under any Award unless the Participant consents to such impairment
in writing. Notwithstanding anything to the contrary in Section 4 and except for an adjustment
pursuant to Section 11 or a repricing approved by shareholders, in no case may the Administrator
(i) amend an outstanding Option or Stock Appreciation Right to reduce the exercise price
of the Award, (ii) cancel, exchange, or surrender an outstanding Option or Stock Appreciation
Right in exchange for cash or other awards for the purpose of repricing the Award, or (iii)
cancel, exchange, or surrender an outstanding Option or Stock Appreciation Right in exchange
for an Option or Stock Appreciation Right with an exercise price that is less than the exercise
price of the original Award.

12.7.	Acceleration .
The Administrator may at any time provide that any Award will become immediately vested and
fully or partially exercisable, free of some or all restrictions or conditions, or otherwise
fully or partially realizable, in each case, subject to Applicable Law.

12.8.	Fractional
Shares . No fractional Shares shall be issued or delivered pursuant to the Plan. The Administrator
shall determine whether cash, additional Awards, or other property shall be issued or paid
in lieu of fractional Shares or whether any fractional Shares should be rounded, forfeited,
or otherwise eliminated.

13.	Section

13.1.	General .
The Plan is intended to comply with Section 409A to the extent subject thereto, and shall
be interpreted and administered to be in compliance therewith. Any payments described in
the Plan that are due within the “short-term deferral period” (as defined in
Section 409A) shall not be treated as deferred compensation unless Applicable Law requires
otherwise. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the
Administrator may, without a Participant’s consent, amend this Plan or any Award, adopt
policies and procedures, make corrective filings, or take any other actions (including amendments
and retroactive actions) as are necessary or appropriate to preserve the intended tax treatment
of Awards, including exempting the Plan and Awards from Section 409A or complying with 409A.

13.2.	Payments
to Specified Employees . Notwithstanding anything in the Plan or an Award Agreement to
the contrary, any payment or settlement made pursuant to an Award to a “specified employee”
(as defined by Section 409A and as determined by the Administrator) due to such Participant’s
“separation from service” (as defined by Section 409A) will, to the extent necessary
to avoid adverse tax consequences to the Participant, be delayed for the six-month period
immediately following such “separation from service (or, if earlier, on the “specified
employee’s” death) and will instead be paid on the day immediately following
such six-month period or as soon as practicable thereafter. Any delayed payment under this
Section 13.2 shall not accrue interest during the delay. All payments of “nonqualified
deferred compensation” (as defined by Section 409A) that are scheduled to be paid more
than six months following a “specified employee’s” termination, shall be
made on their regular schedule.

13.3.	Change
in Control . If any Award is or becomes subject to Code Section 409A and if payment of
such Award would be accelerated or otherwise triggered under a Change in Control, then the
definition of Change in Control shall be deemed modified, only to the extent necessary to
avoid the imposition of an excise tax under Code Section 409A, to mean a “change in
control event” as such term is defined for purposes of Code Section 409A.

14.	Amendment
of the Plan

The
Board may at any time amend, alter, suspend, or terminate the Plan. The Company may obtain shareholder approval of any Plan amendment
to the extent necessary or, as determined by the Administrator in its sole discretion, desirable to comply with Applicable Law, including
any amendment that (i) increases the number of Shares available for issuance under the Plan or (ii) changes the persons or class of persons
eligible to receive Awards. No amendment, alteration, suspension, or termination of the Plan will materially impair the rights of any
Participant with respect to outstanding Awards, unless mutually agreed otherwise between the Participant and the Administrator, which
agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s
ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

15.	Foreign
Participants

The
Administrator may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax, or other laws of various
jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions
as the Administrator determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall
apply only to the Participants in the jurisdiction for which the sub-plan was designed.

16.	Clawbacks