Company: BIVIW
Filing Date: 2025-11-25
Form Type: S-8
Source: 0001520138-25-000371
Chunk: 3

Company: BIOVIE INC.
Filing Date: 2025-11-25
Form: S-8
Chunk 3
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 director was unlawful. Section 78.751 of the NRS also requires a corporation to indemnify
its officers and directors if they have been successful on the merits or otherwise in defense of any claim, issue, or matter resulting
from their service as a director or officer.

Section 78.751 of the NRS also permits a Nevada corporation
to indemnify its officers and directors against expenses incurred by them in defending a civil or criminal action, suit, or proceeding
as they are incurred and in advance of final disposition thereof, upon receipt of an undertaking of the director or officer to repay the
amount if it is ultimately determined by a court of competent jurisdiction that the director or officer is not entitled to be indemnified
by the corporation. The articles of incorporation, the bylaws or an agreement made by the corporation may require the corporation to pay
such expenses upon receipt of such an undertaking. Section 78.751 of the NRS further permits the corporation to grant its directors and
officers additional rights of indemnification under its articles of incorporation, bylaws or other agreement.

Section 78.752 of the NRS provides that a Nevada corporation
may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another
company, partnership, joint venture, trust or other enterprise, for any liability asserted against him and liability and expenses incurred
by him in his capacity as a director, officer, employee or agent, or arising out of his status as such, whether or not the corporation
has the authority to indemnify him against such liability and expenses.

Our Articles of Incorporation and bylaws implement
the indemnification and insurance provisions permitted by Chapter 78 of the NRS by providing that:

| · | We shall indemnify our directors and officers to the fullest extent permitted by the NRS against expense, liability and loss reasonably incurred or suffered by them in connection with their service as an officer or director;                           |
| · | We are required to advance expenses to our directors and officers upon receipt of an undertaking to repay the amount if it is ultimately determined that the director or officer is not entitled to be indemnified; and                                    |
| · | We may purchase and maintain insurance, or make other financial arrangements, on behalf of any person who holds or who has held a position as a director, officer, or representative