Company: BIVIW
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001520138-25-000287
Chunk: 45

Company: BIOVIE INC.
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 45
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 award agreement. If achieved, such payment shall be made no later than by the fifteenth (15th) day
of the third (3rd) calendar month next following the end of the Company’s fiscal year to which such performance goals and objectives
relate, unless otherwise structured to comply with Code Section 409A.

Stock Appreciation Rights.

A SAR provides the participant to whom it is granted the right to receive,
upon its exercise, cash or shares of common stock equal to the excess of (A) the fair market value of the number of shares subject to
the SAR on the date of exercise, over (B) the product of the number of shares subject to the SAR multiplied by the base value for the
SAR, as determined by the Plan Committee or the Board of Directors. The Plan Committee shall set forth in the applicable SAR award agreement
the terms and conditions of the SAR, including the base value for the SAR (which shall not be less than the fair market value of a share
on the date of grant), the number of shares subject to the SAR and the period during which the SAR may be exercised and any other special
rules and/or requirements which the Plan Committee imposes on the SAR. No SAR shall be exercisable after the expiration of ten (10) years
from the date of grant. A tandem SAR is a SAR granted in connection with a related option, the exercise of some or all of which results
in termination of the entitlement to purchase some or all of the shares under the related option. If the Plan Committee grants a SAR which
is intended to be a tandem SAR, the tandem SAR shall be granted at the same time as the related option and additional restrictions may
apply.

Recapitalization or Reorganization.

Subject to certain restrictions, the 2019 Plan provides for the adjustment
of shares underlying awards previously granted if, and whenever, prior to the expiration or distribution to the holder of shares underlying
an award theretofore granted, the Company shall effect a subdivision or consolidation of our common stock or the payment of a stock dividend
on common stock without receipt of consideration by the Company. If the Company recapitalizes or otherwise changes its capital structure,
thereafter upon any exercise or satisfaction, as applicable, of a previously granted award, the holder shall be entitled to receive (or
entitled to purchase, if applicable) under such award, in lieu of the number of shares then covered by such award, the number and class
of shares and securities to which the