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 0 of 9
Word Count: 1437
Character Count: 9090

Document Content:

Exhibit

BIOVENTRIX,
INC.

EQUITY INCENTIVE PLAN

1.	Purpose

The
Plan’s purpose is to attract, retain, and motivate persons who make important contributions to the Company by providing these individuals
with the opportunity to acquire Shares. Additionally, the Plan is intended to align the interests of these individuals to those of the
Company’s other shareholders.

2.	Definitions

2.1.	Administrator
means the Board or a Committee to the extent the Board’s powers and authorities under
the Plan have been delegated to a Committee. “Administrator” also includes any
officer that has been delegated authority pursuant to Section 4.2 for such time as such delegation
is in effect.

2.2.	Affiliate
means (i) any person or entity that directly or indirectly controls, is controlled by or
is under common control with the Company and/or (ii) to the extent provided by the Board
or a Committee, any person or entity in which the Company has a significant interest as determined
by the Board or a Committee in its discretion. The term “control” (including,
with correlative meaning, the terms “controlled by” and “under common control
with”), as applied to any person or entity, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of such person
or entity, whether through the ownership of voting or other securities, by contract or otherwise.

2.3.	Applicable
Law means any applicable law, including without limitation: (i) provisions of the
Code, the Securities Act, the Exchange Act and any rules or regulations thereunder, (ii)
corporate, securities, tax or other laws, statutes, rules, requirements, or regulations,
whether federal, state, local, or foreign, and (iii) rules of any securities exchange or
automated quotation system on which the Shares are listed, quoted, or traded.

2.4.	Award
means an Option award, Stock Appreciation Right award, Restricted Stock award, Restricted
Stock Unit award, Performance Award, Dividend Equivalents award, or Other Stock or Cash Based
Award granted to a Participant under the Plan.

2.5.	Award
Agreement means an agreement (written or electronic) made and delivered in accordance
with Section 12.3 of this Plan, evidencing the grant of an Award hereunder.

2.6.	Board
means the Board of Directors of the Company.

2.7.	Cause
means, in the case of a particular Award, unless the applicable Award Agreement states otherwise,
(i) the Company or an Affiliate having “cause” to terminate a Participant’s
employment or service, as defined in any employment or consulting agreement or similar document
or policy between the Participant and the Company or an Affiliate in effect at the time of
such termination or (ii) in the absence of any such employment or consulting agreement, document
or policy (or the absence of any definition of “Cause” contained therein), (A)
a continuing material breach or material default (including, without limitation, any material
dereliction of duty) by Participant of any agreement between the Participant and the Company,
except for any such breach or default which is caused by the Participant’s Disability,
or a continuing failure by the Participant to follow the direction of a duly authorized representative
of the Company; (B) gross negligence, willful misfeasance or breach of fiduciary duty to
the Company or Affiliate by the Participant; (C) the commission by the Participant of an
act of fraud, embezzlement or any felony or other crime of dishonesty in connection with
the Participant’s duties to the Company or Affiliate; or (D) the Participant’s
conviction of, or plea of nolo contendere to, a felony or any other crime that would
materially and adversely affect: (i) the business reputation of the Company or Affiliate
or (ii) the performance of the Participant’s duties to the Company or an Affiliate.
Any determination of whether Cause exists shall be made by the Administrator in its sole
discretion.

2.8.	Change
in Control shall, in the case of a particular Award, unless the applicable Award
Agreement provides otherwise or contains a different definition of “Change in Control”
be deemed to occur upon:

tender offer (or series of related offers) which is made and consummated for the ownership
of 50% or more of the outstanding voting securities of the Company, unless as a result of
such tender offer more than 50% of the outstanding voting securities of the surviving or
resulting corporation or entity are owned in the aggregate by (A) the shareholders of the
Company (as of the time immediately prior to the commencement of such offer), or (B) any
employee benefit plan of the Company or its Subsidiaries, and their Affiliates;

2.8.2.	The
consummation of the Company’s merger or consolidation with another corporation, unless
as a result of such merger or consolidation, more than 50% of the outstanding voting securities
of the surviving or resulting corporation or entity shall be owned in the aggregate by (A)
the shareholders of the Company (as of the time immediately prior to such transaction); provided,
that a merger or consolidation of the Company with another company which is controlled by
persons owning more than 50% of the outstanding voting securities of the Company shall constitute
a Change in Control unless the Administrator, in its discretion, determine otherwise, or
(B) any employee benefit plan of the Company or its Subsidiaries, and their Affiliates;

2.8.3.	The
consummation of the Company’s sale of substantially all of its assets to another entity
that is not wholly owned by the Company, unless as a result of such sale more than 50% of
such assets shall be owned in the aggregate by (A) the shareholders of the Company (as of
the time immediately prior to such transaction), or (B) any employee benefit plan of the
Company or its Subsidiaries, and their Affiliates;

2.8.4.	The
consummation of a transaction, or series of transactions, in which a Person acquires 50%
or more of the outstanding voting securities of the Company (whether directly, indirectly,
beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding
voting securities of the surviving or resulting corporation or entity shall be owned in the
aggregate by (A) the shareholders of the Company (as of the time immediately prior to the
first acquisition of such securities by such Person), or (B) any employee benefit plan of
the Company or its Subsidiaries, and their Affiliates; or

2.8.5.	The
Incumbent Directors cease to constitute a majority of the Board for any reason.

For
purposes of this Section 2.8, ownership of voting securities shall take into account and shall include ownership as determined by applying
the provisions of Rule 13d-3(d)(1)(i) (as in effect on the date hereof) under the Exchange Act.

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any Award or portion thereof that provides for the
deferral of compensation that is subject to Section 409A, then to the extent required to avoid the imposition of additional taxes under
Section 409A, the transaction or event described above in this Section 2.8 with respect to such Award or portion thereof shall only constitute
a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change in control
event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).

The
Administrator shall have the authority, in its sole discretion, to determine whether a Change in Control has occurred, the effective
date of such Change in Control, and any incidental matters relating thereto; provided that any exercise of authority in conjunction with
a determination of whether a Change in Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5)
shall be consistent with such regulation.

2.9.	Clawback
Policies means any policy of the Company regarding the reduction, recoupment, clawback
or recovery of compensation, as such policies may be amended from time to time. “Clawback
Policies” includes the Company’s policies to comply with the Dodd-Frank Wall
Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act, or other Applicable Law,
as well as any implementing regulations and/or listing standards.

2.10.	Closing
means the closing of the Company’s IPO.

2.11.	Code
means the Internal Revenue Code of 1986, as amended, and any successor thereto. References
in this Plan to any section of the Code shall be deemed to include any regulations or other
interpretative guidance issued by any governmental authority under such section, and any
amendments or successor provisions to such section, regulations or guidance.

2.12.	Committee
means one or more committees or subcommittees of the Board, which shall be comprised, unless
otherwise determined by the Board, solely of not less than two members who shall be (i) Non-Employee
Directors, and (ii) “Non-Employee Directors” within the meaning of Rule 16b-3.

2.13.	Company
means BioVentrix, Inc., a Delaware corporation.