Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 182

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 182
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2, the Company awarded 12,452 restricted
stock units (“RSUs”) to the President and CEO under the Company’s 2019 Omnibus Plan. Each RSU awarded to the CEO entitles
him to receive one share of Common Stock upon vesting. The RSUs vest in three equal annual installments beginning on the first anniversary
grant date. 4,151 and 4,151 RSUs vested in June 2023 and 2024, respectively.

On November 23, 2022, the Company awarded 38,198 RSUs
to certain employees and a consultant, with a grant date fair value of $61.20 per share. 25% of these RSUs vested on the grant date and
the remaining RSUs vest in three equal installments over three years beginning on the first anniversary of the grant date. During the
year ended June 30, 2023, 9,550 of these RSUs vested, of which 2,288 shares were withheld in Treasury stock in exchange for payment of
withholding tax on behalf of the employees.

F-19

| 9. | Equity Transactions (continued) |

On November 23, 2022, the Company issued equity awards
for the board of directors’ annual compensation. Four directors received 15,564 RSUs with a grant date fair value of $61.20 per
share. In addition, three directors received stock options to purchase 19,500 shares of common stock at an exercise price of $61.20 per
share with a grant date fair value of $40.60 per share. The equity awards vest quarterly on February 23, 2023, May 23, 2023, August 23,
2023 and earlier of November 23, 2023 or the next annual shareholders’ meeting. During the year ended June 30, 2024, 7,746 of these
RSUs vested. These RSUs and options contain certain contractual vesting terms where the vesting can be accelerated outside the Company’s
control and as a result, for accounting purposes, are assumed to have been fully vested on the grant date, and accordingly, the Company
recognized the total compensation cost of $1,744,192 on November 23, 2022.

On November 9, 2023, the Company issued equity awards
for the board of directors’ annual compensation. Four directors received 18,270 RSUs with a grant date fair value