Company: BIVIW
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001520138-25-000287
Chunk: 72

Company: BIOVIE INC.
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 72
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A, in which case the distribution shall
be in Shares. The base price of such Shares shall be determined by the Committee at the time the Option and Stapled SAR is granted; however,
in no event may the base price be less (and shall not have potential to become less at any time) than one hundred percent (100%) of the
Fair Market Value of the underlying Shares on the grant date.

13.2 . The Holder
of an SAR shall have no rights of a stockholder with respect to Shares covered by the SAR unless and until the SAR is exercised and Shares
are issued to the Holder. Prior to receipt of a cash distribution or Shares pursuant to an SAR, such Award shall represent an unfunded
unsecured contractual obligation of the Company and the Company shall be under no obligation to set aside any Shares or other assets to
fund such obligation. Prior to vesting and exercise, the Holder shall have no greater claim to the Shares underlying such SAR or any other
assets of the Company than any other unsecured general creditor and such rights may not be sold, pledged, assigned, transferred or encumbered
in any manner other as provided for in Section 16.5 hereof.

<div align='center'>ARTICLE XIV

RECAPITALIZATION OR REORGANIZATION</div>

14.1 . The shares with
respect to which Awards may be granted under the Plan are Shares as presently constituted; provided, however, that if, and whenever, prior
to the expiration or distribution to the Holder of Shares underlying an Award theretofore granted, the Company shall effect a subdivision
or consolidation of the Shares or the payment of an Share dividend on Shares without receipt of consideration by the Company, the number
of Shares with respect to which such Award may thereafter be exercised or satisfied, as applicable, (i) in the event of an increase in
the number of outstanding Shares, shall be proportionately increased, and the purchase price per Share shall be proportionately reduced,
and (ii) in the event of a reduction in the number of outstanding Shares, shall be proportionately reduced, and the purchase price per
Share shall be proportionately increased. Notwithstanding the foregoing or any other provision of this Article XIII, any adjustment made
with respect to an Award (x) which is an Incentive Stock Option, shall comply with the requirements of Section 424(a) of the Code, and
in no event shall any adjustment be made which would render any Incentive Stock Option granted under