Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 182

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 182
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 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, the Company issued 2,209 shares
of Common Stock pursuant to a cashless exercise of stock options to purchase 9,930shares at an average exercise price of $76.40.

In November 2022, the Company issued 80 shares of
Common Stock pursuant to a cash exercise of stock options to purchase 80 shares at an average exercise price of $28.00 per share.

In October 2022, the Company issued 359 shares of
Common Stock pursuant to a cashless exercise of warrants to purchase 800 shares at an average exercise price of $22.50.

In May 2023, the Company issued 48 shares of Common
Stock pursuant to a cashless exercise of stock options to purchase 80 shares at an average exercise price of $31.30.

Issuance of Stock Options under the 2019 Omnibus Plan.

Pursuant to a former employee’s Separation Agreement,
dated April 11, 2022, the Company modified their stock option award granted on August 20, 2021, pursuant to the 2019 Omnibus Plan (“2021
Options Grant”). Pursuant to the terms of the Separation Agreement, effective July 8, 2022 (the “Separation Date”),
the Company accelerated the vesting of options scheduled to vest on the first and second anniversary of the grant date as deemed vested
(“Accelerated Options”) and after giving effect to the Accelerated Options, extended the exercise period of the total vested
outstanding and unexercised options (totaling 7,450 options) to one year following the Separation Date. The unvested portion of the 2021
Option Grant (totaling 4,967 options) was canceled. The modification was remeasured as of July 8, 2022, and the incremental difference
in fair value resulted in a net credit to stock based compensation expense of $181,154, due to the original exercise price of $77.40 being
greater than the stock price of $18.00 on the remeasurement date, and accordingly was recognized on July 8,