Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 126

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 126
---
2025. |

| (3) | Dr. Hariri resigned from the Board of Directors effective March 
 28, 2025.                                                       |

Our directors are eligible to participate in our equity incentive plans,
which are administered by our Compensation Committee under authority delegated by our Board of Directors. The terms and conditions of
the option grants to our non-employee directors under our equity incentive plans are and will be determined in the discretion of our Compensation
Committee, consistent with the terms of the applicable plan. The fiscal year 2025 annual compensation granted to existing board members
consisted of either an award of RSUs at one unit per share of common stock, a total of 6,690 RSU at a grant date market value of $224,784
or stock options to purchase a total of 28,137 shares of commons stock with a grant date fair value totaling $490,797. The equity compensation
for committee chairman and member follows: For those who chose stock options, the committee chairman was awarded options to purchase 470
shares of common stock and committee member was awarded options to purchase 240 shares of common stock. There were three board members
who chose stock options, and one received options to purchase 6,160 shares of common stock for serving as a chairman of board and serving
on two committees of which one he chaired; one received options to purchase 5,690 shares of common stock for serving on three committees
for which one he chaired; and the third member received options to purchase 4,980 shares of common stock and served on one committee.
For the two who chose RSU’s, one received 3,270 RSU for serving on two committees for one he chaired and the other member received
3,420 shares, served two committees.

<div align='center'>67</div>

Outstanding equity awards held by non-employee directors as of June
30, 2025 were as follows:

| Name            |     | Grant Date |     | Options (1)                                                     
 Number of securities underlying unexercised options exercisable |       |     | Number of securities underlying unexercised options unexercisable |   |     | Equity incentive plan awards: number of securities underlying unexercised unearned options |       |     | Option exercise price |   |          |     | Option expiration date |     | Stock Awards                                            
 Number of shares or units of stock that have not vested |     |   |     | Market value of shares or units of