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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after filing such election with the Internal Revenue Service along with proof of the timely filing thereof. 8. Restricted Stock Units (RSUs) 8.1. Generally . The Administrator, at any time and from time to time, may grant RSUs under the Plan to Service Providers. Each RSU shall be subject to such terms and conditions as are consistent with the Plan and as the Administrator may impose from time to time, subject to this Section 8. Each Award of RSUs will be evidenced by an Award Agreement that will specify the terms, conditions, and restrictions related to the grant, including the number of RSUs and such other terms and conditions as the Administrator, in its sole discretion, will determine. A Participant holding RSUs will have only the rights of a general unsecured creditor of the Company until delivery of Shares, cash, other securities, other property, or a combination of the foregoing.

8.2.	Vesting
and Other Terms . The Administrator will set vesting criteria in its discretion, which,
depending on the extent to which the criteria are met, will determine the number of RSUs
that will be paid out to the Participant. Upon meeting the applicable vesting criteria, the
Participant will be entitled to receive a payout as determined by the Administrator. Notwithstanding
the foregoing, at any time after the grant of RSUs, the Administrator, in its sole discretion,
may reduce or waive any vesting criteria that must be met to receive a payout.

8.3.	Form
and Timing of Payment . Payment of earned RSUs will be made as soon as practicable after
the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator,
in its sole discretion, may settle earned RSUs in Shares, cash, other securities, other property,
or a combination of the foregoing. If a cash payment is made in lieu of delivering Shares,
the amount of such payment shall be equal to the fair market value of the Shares as of the
date on which the restricted period lapsed with respect to such RSUs, less an amount equal
to any taxes required to be withheld or paid. The Administrator may provide that RSUs will
be deferred, on a mandatory basis or at the Participant’s election, subject to compliance
with Applicable Law.

8.4.	Voting .
The holders of RSUs shall have no voting rights as the Company’s shareholders.

9.	Performance
Awards

9.1.	Generally .
The Administrator shall have the authority to designate any Award described in Sections 6
through 8 of the Plan as a Performance Award. Additionally, the Administrator shall have
the authority to make an award of a cash bonus to any Participant and designate such Award
as a Performance Award.

9.2.	Discretion
of Administrator . The Administrator shall have the discretion to establish the terms,
conditions, and restrictions of any Performance Award. For each performance period, the Administrator
shall have the sole authority to select the length of such performance period, the types
of Performance Awards to be granted, the performance criteria that will be used to establish
the performance goals, and the level(s) of performance which shall result in a Performance
Award being earned.

9.3.	Performance
Criteria . The Administrator may establish performance-based conditions for an Award as
specified in the Award Agreement, which may be based on the attainment of specific levels
of performance of the Company (and/or one or more Subsidiaries, divisions, business segments
or operational units, or any combination of the foregoing) and may include, without limitation,
any of the following: (i) net earnings or net income (before or after taxes); (ii) basic
or diluted earnings per share (before or after taxes); (iii) revenue or revenue growth (measured
on a net or gross basis); (iv) gross profit or gross profit growth; (v) operating profit
(before or after taxes); (vi) return measures (including, but not limited to, return on assets,
capital, invested capital, equity, or sales); (vii) cash flow (including, but not limited
to, operating cash flow, free cash flow, net cash provided by operations and cash flow return
on capital); (viii) financing and other capital raising transactions (including, but not
limited to, sales of the Company’s equity or debt securities); (ix) earnings before
or after taxes, interest, depreciation and/or amortization; (x) gross or operating margins;
(xi) productivity ratios; (xii) share price (including, but not limited to, growth measures
and total shareholder return); (xiii) expense targets; (xiv) margins; (xv) productivity and
operating efficiencies; (xvi) customer satisfaction; (xvii) customer growth; (xviii) working
capital targets; (xix) measures of economic value added; (xx) inventory control; (xxi) enterprise
value; (xxii) sales; (xxiii) debt levels and net debt; (xxiv) combined ratio; (xxv) timely
launch of new facilities; (xxvi) client retention; (xxvii) employee retention; (xxviii) timely
completion of new product rollouts; (xxix) cost targets; (xxx) reductions and savings; (xxxi)
productivity and efficiencies; (xxxii) strategic partnerships or transactions; and (xxxiii)
personal targets, goals or completion of projects. Any one or more of the performance criteria
may be used on an absolute or relative basis to measure the performance of the Company and/or
one or more Subsidiaries as a whole or any business unit(s) of the Company and/or one or
more Subsidiaries or any combination thereof, as the Administrator may deem appropriate,
or any of the above performance criteria may be compared to the performance of a selected
group of comparison or peer companies, or a published or special index that the Administrator,
in its sole discretion, deems appropriate, or as compared to various stock market indices.
The Administrator also has the authority to provide for accelerated vesting of any Award
based on the achievement of performance criteria specified in this paragraph. Any performance
criteria that are financial metrics, may be determined in accordance with GAAP or may be
adjusted when established to include or exclude any items otherwise includable or excludable
under GAAP.

9.4.	Modification
of Performance Goals . At any time, the Administrator may adjust or modify the calculation
of a performance goal for a performance period, to appropriately reflect any circumstance
or event that occurs during a performance period and that in the Administrator’s sole
discretion, warrants adjustment or modification. Adjustments the Administrator may make include
but are not limited to the following: (i) asset write-downs; (ii) litigation or claim judgments
or settlements; (iii) the effect of changes in tax laws, accounting principles, or other
laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring
programs; (v) unusual and/or infrequently occurring items; (vi) acquisitions or divestitures;
(vii) discontinued operations; (viii) any other specific unusual or infrequently occurring
or non-recurring events, or objectively determinable category thereof; (ix) foreign exchange
gains and losses; and (x) a change in the Company’s fiscal year.

9.5.	Terms
and Conditions to Payment . Except as otherwise provided in an Award Agreement, a Participant
must be employed by the Company on the last day of a performance period to be eligible to
vest and receive Shares, cash, or other consideration in respect of a Performance Award for
such performance period. A Participant shall be eligible to receive payment in respect of
a Performance Award only to the extent that the performance goals for such period are achieved
and any other vesting conditions specified in the Participant’s Award Agreement are
satisfied. Following the completion of a performance period, the Administrator shall determine
whether, and to what extent, the performance goals for the performance period have been achieved
and determine the number of Shares, cash or other consideration that will be settled pursuant
to Performance Awards.

9.6.	Timing
of Award Payments . Except as provided in an Award agreement, Performance Awards granted
for a performance period shall be paid to Participants as soon as administratively practicable
following the Administrator’s determination in accordance with Section 9.5.

10.	Other
Awards

10.1.	General .
The Administrator may grant Dividend Equivalents or Other Stock or Cash Based Awards, to
one or more Service Providers, in such amounts and subject to such terms and conditions as
are consistent with the Plan.

10.2.	Dividend
Equivalents . The Administrator may provide that any Award, other than an Option or Stock
Appreciation Right, may provide a Participant with the right to receive Dividend Equivalents.
Dividend Equivalents may be paid currently or credited to an account for the Participant,
settled in cash or Shares and subject to the same restrictions on transferability and forfeitability
as the Award with respect to which the Dividend Equivalents are granted. The payment of Dividend
Equivalents shall be specified in the applicable Award Agreement and shall in all cases be
subject to Applicable Law.