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

Chunk 3 of 9
Word Count: 1498
Character Count: 9182

Document Content:

desirable for the administration of the Plan and may rely upon any opinion or computation received from any such counsel, consultant, or agent. 5. Plan Limits 5.1. Number of Shares Available for Issuance . Subject to the provisions of Section 11, the maximum aggregate number of Shares that may be issued under the Plan shall be the sum of (A) 10% of the issued and outstanding Shares as of the Closing, plus (B) an increase commencing on January 1, 2027 and continuing annually on each anniversary thereof through and including January 1, 2036, equal to the lesser of (i) 3% of the Shares issued and outstanding on the last day of the immediately preceding calendar year and (ii) such smaller number of Shares as determined by the Board or the Committee (the “ Share Limit ”). The Shares subject to the Plan may be authorized, but unissued, or reacquired shares.

5.2.	Share
Recycling . Upon payment in Shares pursuant to the exercise or settlement of an Award,
the number of Shares available for issuance under the Plan shall be reduced only by the number
of Shares actually issued in such payment. If a Participant pays the exercise price (or purchase
price, if applicable) of an Award through the tender of Shares, or if the Shares are tendered
or withheld to satisfy any tax withholding obligations, the number of Shares so tendered
or withheld shall again be available for issuance pursuant to future Awards under the Plan,
although such Shares shall not again become available for issuance as Incentive Stock Options.
Shares shall not be deemed to have been issued pursuant to the Plan with respect to any portion
of an Award that is settled in cash. If any outstanding Award expires or is terminated or
canceled without having been exercised or settled in full, or if the Shares acquired pursuant
to an Award subject to forfeiture or repurchase are forfeited or repurchased by the Company,
the Shares allocable to the terminated portion of such Award or such forfeited or repurchased
Shares shall again be available for grant under the Plan.

5.3.	Incentive
Stock Option Limit . No more than 20% of the issued and outstanding Shares as of the Closing
(subject to adjustment pursuant to Section 11) may be issued under the Plan upon the exercise
of Incentive Stock Options.

5.4.	Substitute
Awards . Substitute Awards shall not be counted against the Share Limit; provided, however,
that Substitute Awards issued in connection with the assumption of, or in substitution for,
outstanding Options intended to qualify as Incentive Stock Options shall be counted against
the Incentive Stock Option limit in Section 5.3. Additionally, Shares subject to Substitute
Awards shall not be added to the Shares available for Awards under the Plan pursuant to Section
5.2. If the Company or any Subsidiary acquires or combines with a company that has shares
available under an equity plan approved by shareholders and in place prior to such acquisition
or combination (and not adopted in contemplation of such acquisition or combination), the
available shares under the acquired or combined entity’s plan (as appropriately adjusted
to reflect the transaction) may be used for Awards under the Plan and shall not count against
the Share Limit (and Shares subject to such Awards may again become available for Awards
under the Plan as provided in Section 5.2). Awards made from the available shares of an acquired
or combined entity’s plan shall not be made after the date awards or grants could not
be under the terms of the acquired or combined entity’s plan prior to the acquisition
or combination, and shall only be made to individuals who were not Service Providers prior
to such acquisition or combination. Substitute Awards may be granted on such terms and conditions
as the Administrator deems appropriate.

5.5.	Non-Employee
Director Award Limit . Notwithstanding any provision to the contrary in the Plan or in
any policy of the Company regarding Non-Employee Director compensation, the sum of the grant
date fair value (determined as of the grant date in accordance with Financial Accounting
Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of
all equity-based Awards and the maximum amount that may become payable pursuant to all cash-based
Awards that may be granted to a Service Provider as compensation for services as a Non-Employee
Director during any calendar year shall not exceed $950,000 for such Service Provider’s
first year of service as a Non-Employee Director and $700,000 for each year thereafter.

6.	Options
and Stock Appreciation Rights

6.1.	General .
The Administrator, at any time and from time to time, may grant Options or Stock Appreciation
Rights under the Plan to Service Providers. Each Option or Stock Appreciation Right shall
be subject to such terms and conditions consistent with the Plan as the Administrator may
impose from time to time, subject to the limitations in this Section 6. Any Option or Stock
Appreciation Rights granted hereunder will be exercisable according to the terms of the Plan
and at such times and under such conditions as determined by the Administrator and set forth
in the Award Agreement. Exercising an Option or Stock Appreciation Right in any manner will
decrease the number of Shares thereafter available for purchase under the Option or Stock
Appreciation Right, by the number of Shares as to which the Option or Stock Appreciation
Right is exercised.

6.2.	Exercise
Price . The per share exercise price for Shares to be issued pursuant to exercise of an
Option or Stock Appreciation Right will be determined by the Administrator; provided, however,
that to avoid the imposition of taxes under Section 409A, the exercise price per Share shall
be no less than one hundred percent (100%) of the Fair Market Value per Share on the date
of grant, subject to Section 5.4. In the case of an Option or Stock Appreciation Right that
is a Substitute Award, the exercise price for Shares subject to such Option or Stock Appreciation
Right may be less than the Fair Market Value per Share on the date of grant; provided that
the exercise price of any Substitute Award shall be determined in accordance with the applicable
requirements of Code Sections 424 and 409A.

6.3.	Exercise
Period . Options and Stock Appreciation Rights shall be exercisable at such time or times
and subject to such terms and conditions as shall be determined by the Administrator; provided,
however, that no Option or Stock Appreciation Right shall be exercisable later than ten (10)
years after the date it is granted. No portion of an Option or Stock Appreciation Right which
is unexercisable at a Participant’s Termination of Service shall thereafter become
exercisable and the portion of an Option or Stock Appreciation Right which is unexercisable
at a Participant’s Termination of Service shall automatically expire on the date of
such Termination of Service. Options and Stock Appreciation Rights granted to an Employee
who is a non-exempt employee for purposes of overtime pay under the United States Fair Labor
Standards Act of 1938 shall not become exercisable earlier than six months after its date
of grant. Options and Stock Appreciation Rights shall terminate at such earlier times and
upon such conditions or circumstances as the Administrator shall in its discretion set forth
in such Award Agreement at the date of grant; provided, however, the Administrator may, in
its sole discretion, later waive any such condition. If, prior an Option’s or Stock
Appreciation Right’s exercise and prior to its termination, a Participant commits an
act of Cause (to be determined by the Administrator), or violates a Restrictive Covenant,
the Administrator may terminate the Participant’s right to exercise the Option or Stock
Appreciation Right when it reasonably believes that the Participant may have participated
in such act or violation.

6.4.	Exercise .
Options and Stock Appreciation Rights may be exercised by delivering to the Company (or such
other person or entity designated by the Administrator) a notice of exercise, in a form and
manner the Company approves, which may be written or electronic, signed or authenticated
by the person authorized to exercise the Option or Stock Appreciation Right, together with,
as applicable, (a) payment in full of the exercise price for the number of Shares for which
the Option is exercised in a manner consistent with Section 6.5 and (b) satisfaction in full
of any withholding obligations for Tax Obligations in a manner specified in Section 12.5.
The Administrator may, in its discretion, require that any partial exercise of an Option
or Stock Appreciation Right be with respect to a minimum number of Shares.

6.5.	Payment
Upon Exercise . To the extent permitted by Applicable Law, the Participant may pay the
Option exercise price by cash, wire transfer, or check and, if approved by the Administrator,
as determined in its sole discretion, by the following methods:

6.5.1.	surrender
of other Shares that meet the conditions established by the Administrator to avoid adverse
accounting consequences to the Company (as determined by the Administrator);