Company: BIVIW
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001520138-25-000287
Chunk: 68

Company: BIOVIE INC.
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 68
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 time any Award
is made under this Article X, the Company and the Holder shall enter into a Restricted Stock Unit Agreement setting forth each of the
matters contemplated thereby and such other matters as the Committee may determine to be appropriate. The Restricted Stock Unit Agreement
shall set forth the individual service-based vesting requirement which the Holder would be required to satisfy before the Holder would
become entitled to distribution pursuant to Section 10.3 and the number of Units awarded to the Holder. Such conditions shall be sufficient
to constitute a “substantial risk of forfeiture” as such term is defined 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 Restricted Stock
Unit Awards in the Restricted Stock Unit Agreement, including, but not limited to, rules pertaining to the effect of Termination of Service
prior to expiration of the applicable vesting period. The terms and conditions of the respective Restricted Stock Unit Agreements need
not be identical.

10.3 . The Holder of
a Restricted Stock Unit shall be entitled to receive a cash payment equal to the Fair Market Value of a Share, or one Share, as determined
in the sole discretion of the Committee and as set forth in the Restricted Stock Unit Agreement, for each Restricted Stock Unit subject
to such Restricted Stock Unit Award, if the Holder satisfies the applicable vesting requirement. Such distribution shall be made no later
than by the fifteenth (15th) day of the third (3rd) calendar month next following the end of the calendar year in which the Restricted
Stock Unit first becomes vested (i.e., no longer subject to a “substantial risk of forfeiture”).

<div align='center'>ARTICLE XI

PERFORMANCE UNIT AWARDS</div>

11.1 . A Performance Unit Award shall constitute
an Award under which, upon the satisfaction of predetermined individual and/or Company (and/or Affiliate) Performance Goals based on selected
Performance Criteria, a cash payment shall be made to the Holder, based on the number of Units awarded to the Holder. At the time a Performance
Unit Award is made, the Committee shall establish the Performance Period and applicable Performance Goals. Each Performance Unit Award
may have different Performance Goals, in the discretion of the Committee. A Performance Unit 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.

11.2 . At