Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 181

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 181
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 free interest rate             |         4.40% |     |         3.82% |
| Dividend Yield                      |            0% |     |            0% |

The Company recorded stock based compensation expense
relating to the vesting of stock options of approximately $2.8 million and $4.2 million for the years ended June 30, 2024 and 2023, respectively.

Issuance and modification of restricted stock units and options:

On June 21, 2022, the Company awarded 12,452 restricted
stock units (“RSUs”) to the President and CEO under the Company’s 2019 Omnibus Plan. Each RSU awarded to the CEO entitles
him to receive one share of Common Stock upon vesting. The RSUs vest in three equal annual installments beginning on the first anniversary
grant date. 4,151 and 4,151 RSUs vested in June 2023 and 2024, respectively.

On November 23, 2022, the Company awarded 38,198 RSUs
to certain employees and a consultant, with a grant date fair value of $61.20 per share. 25% of these RSUs vested on the grant date and
the remaining RSUs vest in three equal installments over three years beginning on the first anniversary of the grant date. During the
year ended June 30, 2023, 9,550 of these RSUs vested, of which 2,288 shares were withheld in Treasury stock in exchange for payment of
withholding tax on behalf of the employees.

F-19

| 9. | Equity Transactions (continued) |

On November 23, 2022, the Company issued equity awards
for the board of directors’ annual compensation. Four directors received 15,564 RSUs with a grant date fair value of $61.20 per
share. In addition, three directors received stock options to purchase 19,500 shares of common stock at an exercise price of $61.20 per
share with a grant date fair value of $40.60 per share. The equity awards vest quarterly on February 23, 2023, May 23, 2023, August 23,
2023 and earlier of November 23, 2023 or the next annual shareholders’ meeting. During the year ended June 30, 2024, 7,746 of these
RSUs vested. These RSUs and options