Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 180

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 180
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 fully vested on the grant date, and accordingly, the Company
recognized the total compensation cost of $1,744,192 on November 23, 2022.

On November 9, 2023, the Company issued equity awards
for the board of directors’ annual compensation. Four directors received 18,270 RSUs with a grant date fair value of $30.10 per
share. In addition, two directors received stock options to purchase 18,325 shares of common stock at an exercise price of $30.10 per
share with a grant date fair value of $18.30 per share. The equity awards vest quarterly on February 9, 2024, May 9, 2024, August 9, 2024
and earlier of November 9, 2024 or the next annual shareholders’ meeting. During the year ended June 30, 2024, 4,568of these RSUs
vested.

In December 2023, the Company terminated five employees
and as part of their severance agreement modified their equity awards that had been granted pursuant to the 2019 Omnibus Plan. The modifications
included the acceleration of certain stock option awards to purchase a total of 5,623 shares of common stock (“Accelerated Options”),
effective on the December Separation Date, as defined in severance agreement (“Separation Date”), and extended the expiration
date for one year from the Separation Date for both the Accelerated Options and any vested and unexercised stock options held by the terminated
employees as of the Separation Date. Accordingly, the Company remeasured the Accelerated Options based on the stock price of $15.40 per
share at the close on the Separation Date and a one-year extension of the term. The net adjustment for the modification was a net credit
of $127,199 and was recognized as an adjustment to stock compensation expense during the year ended June 30, 2024.

Additionally, 1,030 vesting RSUs were accelerated
as of the Separation date. The modified RSUs were remeasured based on the stock price of $15.40 per share at close on the Separation Date
and $15,865, was recorded to additional in stock-based compensation for the year ended June 30, 2024 as a result of the modification.

In connection with the separation, the Company canceled
18,396 unvested stock options and 1,030 unvest