Company: BIVIW
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001520138-25-000287
Chunk: 28

Company: BIOVIE INC.
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 28
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 as awards may subject to time-based vesting.      |

| (2) | Mr. Berman passed away on February                                                                                               
 17, 2025. Under the 2019 Plan, Mr. Berman’s estate has until the one-year anniversary date of his passing to exercise his vested 
 options.                                                                                                                         |

| (3) | Dr. Hariri resigned from the Board                                                                                                   
 of Directors effective March 28, 2025. Under the 2019 Plan, Dr. Hairiri had 90 days to exercise his vested options, and as such, all 
 such vested options expired.                                                                                                         |

Our directors are eligible to participate in our equity incentive plans,
which are administered by the 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 the 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.

| -18- |

Long-Term Incentive Plans and Awards

Other than the options granted as described above, we do not currently
have any long-term incentive plans that provide compensation intended to serve as incentive for performance. Since prior to such