Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 184

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 184
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. The RSUs vest in three
equal annual installments beginning on the first anniversary grant date. 4,983 RSUs vested in June 2024.

In June 2024, the Company issued 85,800 RSUs to employees,
with a grant date fair value of $4.74 per share. The RSUs vested on the grant date. The Company delivered the vested portion of the RSU’s
and issued 85,800 shares of Common Stock, of which 21,450 shares were withheld in Treasury stock in exchange for payment of withholding
tax on behalf of the employees.

The following table summarizes vesting of restricted
stock units:

| Schedule of vesting of restricted common stock |     | Number of Shares |          |   |     | Weighted Average Grant Date Fair Value Per Share |       |
|:-----------------------------------------------|:----|:-----------------|---------:|:--|:----|:-------------------------------------------------|------:|
| Unvested at June 30, 2022                      |     |                  |   12,452 |   |     | $                                                | 16.90 |
| Granted                                        |     |                  |   68,711 |   |     |                                                  | 58.87 |
| Vested                                         |     |                  |  (21,518 | ) |     |                                                  | 52.70 |
| Unvested at June 30, 2023                      |     |                  |   59,646 |   |     | $                                                | 52.40 |
| Issued                                         |     |                  |  104,070 |   |     |                                                  |  9.16 |
| Vested                                         |     |                  | (122,395 | ) |     |                                                  | 16.94 |
| Canceled                                       |     |                  |   (1,030 | ) |     |                                                  | 61.20 |
| Unvested at June 30, 2024                      |     |                  |   40,291 |   |     | $                                                | 44.59 |

F-20

| 9. | Equity Transactions (continued) |

The total stock-based compensation expense from restricted
stock units for the year ended June 30, 2024 and 2023 was approximately $1.8 million and $1.8 million, respectively.

Issuance of Common Stock through exercise of Stock Options and Warrants

In December 2022,