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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or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous service for a specified period of time), granted under Section 8. 2.40. Restrictive Covenant means any non-competition, non-solicitation, confidentiality, non-disparagement, non-disclosure, or similar agreement between a Participant and the Company or an Affiliate. 2.41. Rule 16b-3 means Rule 16b-3 promulgated under the Exchange Act, as amended. 2.42. Securities Act means the United States Securities Act of 1933, as amended, and all regulations, guidance, and other interpretive authority issued thereunder. 2.43. Section 409A means Code Section 409A and the regulations and other guidance promulgated thereunder by the United States Treasury Department, as amended. 2.44. Service Provider means an Employee, Consultant, or a Director. 2.45. Share Limit has the meaning ascribed to such term in Section 5.1. 2.46. Shares means shares of the Company’s common stock, par value $0.0001 per share.

2.47.	Stock
Appreciation Right or SAR means a right granted under Section 6 hereof
to receive a payment equal to the excess of the Fair Market Value of a specified number of
Shares on the date the right is exercised over the exercise price set forth in the applicable
Award Agreement.

2.48.	Subsidiary
means a “subsidiary corporation,” whether now or hereafter existing, as defined
by Code Section 424(f).

2.49.	Substitute
Awards means Awards granted or Shares issued by the Company in assumption of, or
in substitution or exchange for, awards previously granted, or the right or obligation to
make future awards, in each case by a company or other entity acquired by the Company or
any Subsidiary or with which the Company or any Subsidiary combines.

2.50.	Tax
Obligations means any United States and non-United States federal, state, and/or
local taxes, including income tax, social insurance contributions, fringe benefit tax, employment
tax, stamp tax, and any employer tax liability which has been transferred to a Participant,
for which a Participant is liable in connection with Awards and/or Shares.

2.51.	Termination
of Service means the time at which a Participant has terminated from all service
with the Company and its Affiliates, for any reason. A Termination of Service shall occur
when a Participant is no longer a Consultant, Employee, or Non-Employee Director. The Company,
in its sole discretion, shall make all determinations regarding whether a Termination of
Service has occurred.

3.	Eligibility

Service
Providers are eligible to receive Awards pursuant to the Plan, subject to the Plan’s conditions and limitations. No Service Provider
shall have any right to be granted an Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat
Service Providers, Participants, or other persons uniformly.

4.	Administration

4.1.	Generally .
The Plan will be administered by the Administrator. The Administrator is authorized, subject
to the provisions of the Plan, to establish such rules and regulations as it deems necessary
for the proper administration of the Plan and to make such determinations and interpretations,
and to take such action in connection with the Plan and any benefits granted hereunder as
it deems necessary or advisable. Without limiting the foregoing, the Administrator shall
have the sole discretion to (i) designate Participants; (ii) determine the type or types
of Awards to be granted to a Participant; (iii) determine the number of Shares to be covered
by, or with respect to which payments, rights, or other matters are to be calculated in connection
with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether,
to what extent, and under what circumstances Awards may be settled or exercised in cash,
Shares, other securities, other Awards or other property, or canceled, forfeited, or suspended,
and the method or methods by which Awards may be settled, exercised, canceled, forfeited,
or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery
of cash, Shares, other securities, other Awards or other property and other amounts payable
with respect to an Award shall be made; (vii) interpret, administer, reconcile any inconsistency
in, settle any controversy regarding, correct any defect in and/or complete any omission
in this Plan and any instrument or agreement relating to, or Award granted under, this Plan;
(viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents
as the Administrator shall deem appropriate for the proper administration of this Plan; (ix)
accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards;
(x) to reprice existing Awards or to grant Awards in connection with or in consideration
of the cancellation of an outstanding Award with a higher price; and (xi) make any other
determination and take any other action that the Administrator deems necessary or desirable
for the administration of the Plan. All determinations and interpretations made by the Administrator
shall be binding and conclusive on all Participants and their legal representatives.

4.2.	Delegation .
The Board or a Committee may delegate its powers and authorities to one or more Committees
or officers of the Company, provided, however, that no officer of the Company or any Subsidiary
may be delegated authority to grant, amend, modify, make any administrative determination
to, or cancel any Awards held by either (A) any person subject to Section 16 of the Exchange
Act or (B) an officer who has been delegated any authority under the Plan. All delegations
shall be subject to terms and conditions determined by the Board or a Committee. Any delegation
of authority under the Plan may be revoked at any time. Regardless of any delegation, the
Board or a Committee may act as the Administrator at any time in accordance with Applicable
Law.

4.3.	Liability .
Neither the Administrator nor any employee of the Company shall be liable for any act or
failure to act hereunder, except in circumstances involving his or her bad faith, gross negligence,
or willful misconduct, or for any act or failure to act hereunder by any other member or
employee or by any agent to whom duties in connection with the administration of this Plan
have been delegated. The Company shall indemnify members of the Administrator and any agent
of the Administrator who is an employee of the Company, a Subsidiary, or an Affiliate against
any and all liabilities or expenses to which they may be subjected by reason of any act or
failure to act with respect to their duties on behalf of the Plan, except in circumstances
involving such person’s bad faith, gross negligence or willful misconduct.

4.4.	Administrative
Delegation and Reliance . The Administrator may delegate to one or more of its members,
or to one or more agents, such administrative duties as it may deem advisable, and the Administrator,
or any person to whom it has delegated duties as aforesaid, may employ one or more persons
to render advice with respect to any responsibility the Administrator or such person may
have under the Plan. The Administrator may employ such legal or other counsel, consultants,
and agents as it may deem 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.