Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 63

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 63
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emnification
under NRS 78.7502 generally may be made by the corporation only if determined to be proper under the circumstances. Such determination
must be made by the stockholders, directors not a party to the action, or legal counsel.

Section 78.751 of the NRS 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 allows a corporation to advance expenses as incurred
upon receipt of an undertaking by or on behalf of the officer or director to repay the amount if it is ultimately determined by a court
of competent jurisdiction that such officer or director is not entitled to be indemnified by the corporation if so provided in the corporation’s
articles of incorporation, bylaws, or other agreement. Advancement of expenses as incurred may be required under corporation’s articles
of incorporation or bylaws or by agreement. 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.

<div align='center'>II-1</div>

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, as amended, and
amended and restated 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; 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