Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 70

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 70
---
 November 20, 2024, the Company issued equity awards
as part of the board of directors’ annual compensation. Two directors received 66,900 restricted stock units (“RSUs”)
with a grant date fair value of $3.36 per share and three directors received stock options to purchase 168,300 shares of Common Stock
at an exercise price of $3.36 per share with a grant date fair value of $2.11 per share. The RSUs vest quarterly on February 8, 2025,
May 8, 2025, August 8, 2025 and the earlier of November 8, 2025 or the next annual shareholders’ meeting. During the three months
ended March 31, 2025, 17,300 shares were issued related to the RSUs that vested in February 2025.

The Company issued 6,818 shares for the final tranche of RSUs that vested in August 2024 and November 2024, from
the directors’ annual awards granted November 9, 2023. Additionally, in December 2024, 397 shares were issued related to the vesting
of RSUs previously awarded to a consultant.

During the three months ended March 31, 2025, the Company awarded 45,000
shares of restricted common stock as part of a service agreement to a vendor. The total cost of the award was based on $2.18 per share
as of the date of the award and related stock-based compensation expense for the three and nine months ended March 31, 2025 was $24,525. 

On January 21, 2025, the Company issued 105,000 RSUs
to an Advisory board at a grant date fair value of $2.05. 20% of the RSUs vested at grant date and the remaining vest quarterly on March
31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025. During the three months ended March 31, 2025, 42,000 shares were issued
related to the RSUs that vested in January 2025 and March 2025.

In February 2025, 8,128 shares were issued and delivered
for employees’ RSUs that vested on November 22, 2024.

The following table summarizes the unvested restricted
stock units outstanding at June 30, 202