Company: BIVIW
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001520138-25-000287
Chunk: 69

Company: BIOVIE INC.
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 69
---
 the time any Award
is made under this Article XI, the Company and the Holder shall enter into a Performance Unit Agreement setting forth each of the matters
contemplated thereby and such other matters as the Committee may determine to be appropriate. The Committee shall set forth in the applicable
Performance Unit Agreement the Performance Period, Performance Criteria and Performance Goals which the Holder and/or the Company would
be required to satisfy before the Holder would become entitled to payment pursuant to Section 11.3, the number of Units awarded to the
Holder and the dollar value or formula assigned to each such Unit. Such payment shall be subject to a “substantial risk of forfeiture”
under Section 409A of the Code. At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms and conditions
or restrictions relating to Performance Unit Awards, including, but not limited to, rules pertaining to the effect of Termination of Service
prior to expiration of the applicable performance period. The terms and conditions of the respective Performance Unit Agreements need
not be identical.

| -46- |

11.3 . The Holder of a Performance Unit
shall be entitled to receive a cash payment equal to the dollar value assigned to such Unit under the applicable Performance Unit Agreement
if the Holder and/or the Company satisfy (or partially satisfy, if applicable under the applicable Performance Unit Agreement) the Performance
Goals set forth in such Performance Unit Agreement. All payments shall be made no later than by the fifteenth (15th) day of the third
(3rd) calendar month next following the end of the Company’s fiscal year to which such performance goals and objectives relate.

<div align='center'>ARTICLE XII

PERFORMANCE STOCK AWARDS</div>

12.1 . A Performance Stock Award shall
constitute a promise to grant Shares (or cash equal to the Fair Market Value of Shares) to the Holder at the end of a specified Performance
Period subject to achievement of specified Performance Goals. At the time a Performance Stock Award is made, the Committee shall establish
the Performance Period and applicable Performance Goals based on selected Performance Criteria. Each Performance Stock Award may have
different Performance Goals, in the discretion of the Committee. A Performance Stock Award shall not constitute an equity interest in
the Company and shall not entitle the Holder to voting rights, dividends or any other rights associated with ownership of Shares unless
and until the Holder shall receive a distribution of Shares pursuant to Section 11.3.

12.2 . At the time any