Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 119

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 119
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 Messrs. Farag,
Lang, Sherman and Rogich are independent under the listing standards of Nasdaq. In making this determination, the Board of Directors considered
that there were no new transactions or relationships between its current independent directors and the Company, its senior management
and its independent auditors since last making this determination.

Committees of the Board of Directors

Our Board of Directors has three standing committees:
an audit committee, a compensation committee and a nominating and corporate governance committee. The audit committee, the compensation
committee and the nominating and corporate governance committee are comprised solely of independent directors. Each committee operates
under a charter approved by our Board of Directors and have the composition and responsibilities described below. The charter of each
committee is available on our website.

Audit Committee

We have established an audit committee of the Board of Directors. The
members of our audit committee are Michael Sherman, Jim Lang and Sigmund Rogich each of whom is an independent director within the meaning
of the Nasdaq rules. Mr. Lang has served as chairman of the audit committee since February 2025 and qualifies as an “audit committee
financial expert” as defined by Item 401(h)(2) of Regulation S-K.

We have adopted an audit committee charter, detailing the principal
functions of the audit committee, including:

| · | assisting board oversight of (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements,           
 (3) our independent auditor’s qualifications and independence, and (4) the performance of our internal audit function and independent            
 auditors; the appointment, compensation, retention, replacement, and oversight of the work of the independent auditors and any other independent 
 registered public accounting firm engaged by us;                                                                                                 |

| · | pre-approving all audit and non-audit services to be provided by the independent auditors or any other registered public accounting   
 firm engaged by us, and establishing pre-approval policies and procedures; reviewing and discussing with the independent auditors all 
 relationships the auditors have with us in order to evaluate their continued independence;                                            |

| · | setting clear policies for audit partner rotation in compliance with applicable laws and regulations; |

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| · | obtaining and reviewing a report, at least annually, from the independent auditors describing (1) the independent auditor’s                   
 internal quality-control procedures and (2) any material issues raised by the most recent internal quality-control review, or peer review,