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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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);

a broker-assisted cashless exercise in accordance with procedures approved by the Administrator,
whereby payment of the exercise price may be satisfied, in whole or in part, with Shares
subject to the Option by delivery of an irrevocable direction to a securities broker (on
a form prescribed by the Administrator) to sell Shares and to deliver all or part of the
sale proceeds to the Company in payment of the aggregate exercise price;

6.5.3.	for
a Nonqualified Option, by delivery of a notice of “net exercise” to the Company,
pursuant to which the Participant shall surrender Shares then issuable upon the Nonqualified
Option’s exercise valued at their Fair Market Value on the exercise date;

6.5.4.	such
other consideration and method of payment for the issuance of Shares to the extent permitted
by Applicable Law;

6.5.5.	any
combination of the foregoing methods of payment.

6.6.	Incentive
Stock Options .

6.6.1.	Each
Option will be designated in the Award Agreement as either an Incentive Stock Option or a
Nonqualified Option. However, notwithstanding such designation, to the extent that the aggregate
Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable
for the first time by the Participant during any calendar year (under all plans of the Company,
its Parent, or any Subsidiary) exceeds $100,000 (or such other limit established in the Code),
such Options will be treated as Nonqualified Options. For purposes of this Section 6.6.1,
Incentive Stock Options will be taken into account in the order in which they were granted.
The Fair Market Value of the Shares will be determined as of the time the Option is granted.

the case of an Incentive Stock Option, the exercise price will be determined by the Administrator,
but shall be no less than one hundred percent (100%) of the Fair Market Value per Share on
the date of grant. The term of any Incentive Stock Option will be ten (10) years from the
date of grant or such shorter term as may be provided in the Award Agreement. Moreover, in
the case of an Incentive Stock Option granted to a Greater Than 10% Shareholder, the term
of the Incentive Stock Option will be five (5) years from the date of grant or such shorter
term as may be provided in the Award Agreement and the exercise price shall not be less than
one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant.

Option shall be treated as an Incentive Stock Option unless this Plan has been approved by
the shareholders of the Company in a manner intended to comply with the shareholder approval
requirements of Code Section 422(b)(1), provided that any Option intended to be an Incentive
Stock Option shall not fail to be effective solely on account of a failure to obtain such
approval, but rather such Option shall be treated as a Nonqualified Option unless and until
such approval is obtained.

the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject
to and comply with such rules as may be prescribed by Code Section 422. If for any reason
an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify
as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or
portion thereof shall be regarded as a Nonqualified Option appropriately granted under this
Plan.

accepting an Incentive Stock Option, the Participant agrees to give prompt notice to the
Company of dispositions or other transfers (other than in connection with a Change in Control)
of Shares acquired under the Option made within the later of (a) two years from the grant
date of the Option or (b) one year after the transfer of such Shares to the Participant,
specifying the date of the disposition or other transfer and the amount the Participant realized,
in cash, other property, or other consideration, in such disposition or transfer. Neither
the Company nor the Administrator will be liable to a Participant, or any other party, if
an Incentive Stock Option fails or ceases to qualify as an “incentive stock option”
under Code Section 422. Any Incentive Stock Option or portion thereof that fails to qualify
as an “incentive stock option” under Code Section 422 for any reason, will be
a Nonqualified Option.

7.	Restricted
Stock

7.1.	Generally .
The Administrator, at any time and from time to time, may grant Restricted Stock to Service
Providers in such amounts as the Administrator, in its sole discretion, will determine, subject
to the limitations of this Section 7. Each Award of Restricted Stock will be evidenced by
an Award Agreement that will specify the Period of Restriction and the applicable restrictions,
the number of Shares granted, and such other terms and conditions as the Administrator, in
its sole discretion, will determine. Restricted Stock may be awarded in consideration for
(i) cash, check, bank draft or money order payable to the Company, (ii) past service, or
(iii) any other form of legal consideration (including future Service) that may be acceptable
to the Administrator, in its sole discretion, and permissible under Applicable Laws.

7.2.	Restrictions;
Voting Rights; Transferability . Unless the Administrator determines otherwise, Restricted
Stock will be held by the Company as escrow agent until the restrictions on such Restricted
Stock have lapsed. The Administrator, in its discretion, may accelerate the time at which
any restrictions will lapse or be removed. During the Period of Restriction, a Participant
holding Restricted Stock may exercise the voting rights applicable to those restricted Shares,
unless the Administrator determines otherwise. Restricted Stock may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable
Period of Restriction.

7.3.	Dividends
and Other Distributions . Except as provided in the Award Agreement, during the Period
of Restriction, a Participant holding Restricted Stock will be entitled to receive all dividends
and other distributions paid with respect to such Restricted Stock. If any such dividends
or distributions are paid in Shares, such Shares will be subject to the same restrictions
on transferability and forfeitability as the Restricted Stock with respect to which they
were paid.

7.4.	Return
of Restricted Stock to the Company . On the date set forth in the Award Agreement, the
Restricted Stock for which restrictions have not lapsed will be forfeited and will revert
to the Company and again will become available for grant under the Plan.

7.5.	Section
83(b) Election . If a Participant makes an election under Code Section 83(b) to be taxed
with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather
than as of the date or dates upon which such Participant would otherwise be taxable under
Code Section 83(a), such Participant shall be required to deliver a copy of such election
to the Company promptly 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.