Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 118

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 118
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 where he had worked since 2008. Previously he was a Managing Director at Lehman Brothers, Inc. He has
worked in investment banking for 30 years. Mr. Sherman has significant experience in healthcare finance, most recently assisting on a
$450 million convertible transaction for Neurocrine Biosciences. He has worked on successful financial transactions for Teva Pharmaceutical
Industries, Amgen Inc., Cubist Pharmaceuticals, Merck & Co., and Cardinal Health, among other companies. After graduating from the
University of Pennsylvania, Michael Sherman received his JD, cum laude, from the Harvard Law School.

Mr.
Sherman’s qualifications to serve on our Board of Directors are primarily based on his decades of finance industry experience and
investment banking. Mr. Sherman has significant experience in healthcare finance including having worked on successful financial transactions
for several pharmaceutical and healthcare focused companies.

Role and Composition of the Board of Directors

The Board of Directors, which is elected by the stockholders, is the
ultimate decision-making body of the Company, except with respect to those matters reserved to the stockholders. It selects the President
and Chief Executive Officer, or person or persons performing similar functions, and other members of the senior management team, and provides
an oversight function for the President and Chief Executive Officer’s execution of overall business strategy and objectives. The
Board acts as an advisor and counselor to senior management and validates business strategy and direction. The Board’s primary function
is to monitor the performance of senior management and facilitate growth and success by providing mentoring and actionable business advice
honed by substantial substantive knowledge of the Company’s business and history tempered with significant outside business experience.

Our Amended and Restated Bylaws state that the number of Directors
shall be determined from time to time by the Board of Directors. Directors shall be elected at the annual meeting of stockholders and
each director shall be elected to serve until his successor shall be elected and shall qualify. In all elections for Directors, every
stockholder shall have the right to vote the number of shares owned by such stockholders for each director to be elected. A director or
the entire Board, may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at the election
of directors. Vacancies in the Board may be filled by a majority of the Directors or by an election either at an annual meeting or at
a special meeting of the stockholders called for that purpose. Any directors elected by the stockholders to fill