June
18, 2021


 


Dr. Chris Reading

5833 Cozzens Street

San Diego, CA 92122


 


Re:
Offer of Employment


 


Dear
Chris,


 


BIOVIE,
INC., a Nevada corporation (the “Company”) is pleased to offer you the position of Executive Vice President,
Neuroscience Research & Development on the following terms.


 


You
will be responsible for efforts to advance the development of the NE3107 and the portfolio with particular emphasis on conducting the
various clinical trials and preparing NE3107 for commercial launch and overseeing the preclinical work for other assets in the portfolio.
You will report to Cuong Do and will work at our San Diego facility. Of course, the Company may change your position, duties, and work
location from time to time in its discretion.


 


Until
the Company completes its fundraising round, your base salary will be $120,000 on an annualized basis, less payroll deductions
and withholdings, paid bi-weekly on the Company’s normal payroll schedule. Upon completion of the fundraising, your annualized
salary will increase to $240,000.


 


You
will receive a $500,000 retention bonus that increases by $10,000 per month for the period of time between your start date and the time
your monthly salary increases to the $240,000 annualized rate. This retention bonus will become payable when the Company completes its
fundraise and will be payable over the subsequent 24 months. Should you separate from the company before the bonus is fully paid, the
monthly payout will be reduced by one-half and continue until the full amount has been paid.


 


You
will also be eligible to earn an annual discretionary performance bonus that will be determined by the Company’s CEO and the Board’s
Compensation Committee. The amount of this bonus will be determined in the sole discretion of the Company and based, in part, on your
performance and the performance of the Company during the calendar year. The Company will pay you this bonus, if any, by no later than
March 15th of the following calendar year. The bonus is not earned until paid and no pro-rated amount will be paid if your employment
terminates for any reason prior to the payment date.


 


2120
Colorado Avenue, Suite 230 ● Santa Monica, CA 90404




     


     


    

During
your employment, you will be eligible to participate in the standard benefits plans offered to similarly situated employees by the Company
from time to time, subject to plan terms and generally applicable Company policies. Currently, the Company is pleased to offer an enhanced
benefits program. You will have a range of options to choose from for medical, dental and vision coverage. The Company will cover 80%
of the lowest cost plan, and you can pay for the difference between the company-supported amount and the actual cost of the plan you
select. The company will also provide Basic Life & AD&D coverage of 2X your basic salary. A full description of these benefits
is available upon request. You will also qualify to participate in the 401(k) plan, which matches your contributions dollar-for-dollar
up to five percent (5%) of your salary. Exempt employees may take a reasonable amount of time off with pay, as permitted by their duties
and responsibilities, and as approved in advance by their supervisor. As such, you will qualify for three (3) weeks of paid vacation
leave annually (prorated in the first calendar year of employment) plus any approved company holidays. The Company may change compensation
and benefits from time to time in its discretion. Additionally, you will be entitled to paid sick leave as provided by applicable state
law and/or local ordinance.


 


Subject
to approval by the Company’s Board of Directors (the “Board”), the Company anticipates granting you options
to purchase the Company’s common stock at the fair market value as determined by the Board as of the date of grant (the “Option”)
when the Company has completed its fundraise and a compensation study has been conducted to determine market practices for such grants.
The anticipated Option will be governed by the terms and conditions of the Company’s Inc. 2019 Omnibus Equity Incentive Plan (the
“Plan”) and your grant agreement, and will vest over five (5) year schedule, subject to your Continuous
Service (as defined in the Plan) as of each such date.


 


As
a Company employee, you will be expected to abide by all Company rules and policies. As a condition of employment, you must sign and
comply with the attached Employee Confidential Information and Inventions Assignment Agreement which prohibits unauthorized use or disclosure
of the Company’s proprietary information, among other obligations.


 


In
your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any
former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information
which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry
or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You agree that you will not bring
onto Company premises any unpublished documents or property belonging to any former employer or other person to whom you have an obligation
of confidentiality. You hereby represent that you have disclosed to the Company any contract you have signed that may restrict your activities
on behalf of the Company.


 


Normal
business hours are from 9:00 a.m. to 5:00 p.m., Monday through Friday. As an exempt salaried employee, you will be expected to work additional
hours as required by the nature of your work assignments.




    2


     


    

Your
employment with the Company will be “at-will.” You may terminate your employment with the Company at any time and for any
reason whatsoever simply by notifying the Company.


 


Likewise,
the Company may terminate your employment at any time, with or without cause or advance notice. Your employment at-will status can only
be modified in a written agreement signed by you and by an officer of the Company.


 


This
offer is contingent upon a reference check and satisfactory proof of your right to work in the United States. You agree to assist as
needed and to complete any documentation at the Company’s request to meet these conditions.


 


To
ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, and in exchange
for the mutual promises contained in this Agreement and the sign-on bonus you and the Company agree to arbitrate all disputes relating
to your employment with the Company, the parties agree to arbitration administered by JAMS pursuant to its Employment Arbitration Rules
& Procedures and subject to JAMS Policy on Employment Arbitration Minimum Standards of Procedural Fairness. This mutual agreement
to arbitrate is set forth more fully in the enclosed Mutual Agreement to Arbitrate EmploymentRelated Disputes (“Arbitration Agreement”),
the execution of which is a condition of your employment with the Company.


 


This
offer letter, together with your Employee Confidential Information and Inventions Assignment Agreement and the Arbitration Agreement,
forms the complete and exclusive statement of your employment agreement with the Company. It supersedes any other agreements or promises
made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the
Company’s discretion in this letter, require a written modification signed by an officer of the Company. If any provision of this
offer letter agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other
provision of this offer letter agreement and the provision in question shall be modified so as to be rendered enforceable in a manner
consistent with the intent of the parties insofar as possible under applicable law. This letter may be delivered via facsimile, electronic
mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act
or other applicable law) or other transmission method and shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes.


 


Please
sign and date this letter, and the enclosed Employee Confidential Information and Inventions Assignment Agreement and return them to
me by June 25, 2021 if you wish to accept employment at the Company under the terms described above. If you accept our offer, we
would like you to start on July 1, 2021.




    3


     


    

We
look forward to your favorable reply and to a productive and enjoyable work relationship.


 


Sincerely,


 


	 	 	 
	Cuong
    Do	 	 


 


THIS
CONTRACT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.


 


Understood
and Accepted:


 


	 	 	 	 
	Chris
    Reading	 	Date	 


 


Enclosures




    4


     


    

BioVie
Inc.


 


CONFIDENTIAL
INFORMATION AND INVENTION ASSIGNMENT AGREEMENT


 


In
consideration of my employment with BioVie Inc., its subsidiaries, parents, affiliates,
successors and assigns (together “Company”), and the compensation paid to me now and during my employment with
Company, and the Company’s agreement to provide me with access to its Confidential Information (as defined below), I hereby enter
into this Confidential Information and Invention Assignment Agreement (the “Agreement”) and agree as follows:


 


1.       Confidential
Information Protections.


 


   1.1       Recognition
of Company’s Rights; Nondisclosure. I understand and acknowledge that my employment with Company creates a relationship of
confidence and trust with respect to Company’s Confidential Information (as defined below) and that Company has a protectable interest
therein. At all times during and after my employment, I will hold in confidence and will not disclose, use, lecture upon, or publish
any of Company’s Confidential Information, except as such disclosure, use or publication may be required in connection with my
work for Company, or unless an officer of Company expressly authorizes such disclosure. I will obtain Company’s written approval
before publishing or submitting for publication any material (written, oral, or otherwise) that discloses and/or incorporates any Confidential
Information. I hereby assign to Company any rights I may have or acquire in such Confidential Information and recognize that all Confidential
Information will be the sole and exclusive property of Company and its assigns. I will take all reasonable precautions to prevent the
inadvertent accidental disclosure of Confidential Information. Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b),
I will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that:
(1) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and solely
for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal.


 


   1.2       Confidential
Information. The term “Confidential Information” means any and all confidential knowledge, data or information
of Company. By way of illustration but not limitation, “Confidential Information” includes (a) trade secrets,
inventions, mask works, ideas, processes, formulas, software in source or object code, data, programs, other works of authorship, know-how,
improvements, discoveries, developments, designs and techniques and any other proprietary technology and all Intellectual Property Rights
(as defined below) therein (collectively, “Inventions”); (b) information regarding research, development, new
products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, margins, discounts,
credit terms, pricing and billing policies, quoting procedures, methods of obtaining business, forecasts, future plans and potential
strategies, financial projections and business strategies, operational plans, financing and capital-raising plans, activities and agreements,
internal services and operational manuals, methods of conducting Company business, suppliers and supplier information, and purchasing;
(c) information regarding customers and potential customers of Company, including customer lists, names, representatives, their needs
or desires with respect to the types of products or services offered by Company, proposals, bids, contracts and their contents and parties,
the type and quantity of products and services provided or sought to be provided to customers and potential customers of Company and
other non-public information relating to customers and potential customers; (d) information regarding any of Company’s business
partners and their services, including names, representatives, proposals, bids, contracts and their contents and parties, the type and
quantity of products and services received by Company, and other non-public information relating to business partners; (e) information
regarding personnel, employee lists, compensation, and employee skills; and (f) any other non-public information which a competitor of
Company could use to the competitive disadvantage of Company. Notwithstanding the foregoing, it is understood that, at all such times,
I am free to use information which was known to me prior to my employment with Company or which is generally known in the trade or industry
through no breach of this Agreement or other act or omission by me. Notwithstanding the foregoing or anything to the contrary in this
Agreement or any other agreement between the Company and me, nothing in this Agreement will limit my right to discuss my employment or
report possible violations of law or regulation with the Equal Employment Opportunity Commission, United States Department of Labor,
the National Labor Relations Board, the Securities and Exchange Commission, or other federal government agency or similar state or local
agency or to discuss the terms and conditions of my employment with others to the extent expressly permitted by Section 7 of the National
Labor Relations Act or to the extent that such disclosure is protected under the applicable provisions of law or regulation, including
but not limited to “whistleblower” statutes or other similar provisions that protect such disclosure.


 


2120
Colorado Avenue, Suite 230 ● Santa Monica, CA 90404




     


     


    

   1.3       Third
Party Information. I understand, in addition, that Company has received and in the future will receive from third parties their confidential
and/or proprietary knowledge, data or information (“Third Party Information”) subject to a duty on Company’s
part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of my employment
and thereafter, I will hold Third Party Information in confidence and will not disclose to anyone (other than Company personnel who need
to know such information in connection with their work for Company) or use, except in connection with my work for Company, Third Party
Information or unless expressly authorized by an officer of Company in writing.


 


   1.4       Term
of Nondisclosure Restrictions. I understand that Confidential Information and Third Party Information is never to be used or disclosed
by me, as provided in this Section 1. If a temporal limitation on my obligation not to use or disclose such information is required under
applicable law, and the Agreement or its restriction(s) cannot otherwise be enforced, I agree and Company agrees that the two year period
after the date my employment ends will be the temporal limitation relevant to the contested restriction; provided, however,
that this sentence will not apply to trade secrets protected without temporal limitation under applicable law.


 


   1.5       No
Improper Use of Information of Prior Employers and Others. During my employment with the Company, I will not improperly use or disclose
confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality,
and I will not bring onto the premises of Company any unpublished documents or any property belonging to any former employer or any other
person to whom I have an obligation of confidentiality unless consented to in writing by that former employer or person.


 


2.       Assignments
of Inventions.


 


   2.1       Definitions.
As used in this Agreement, the term “Intellectual Property Rights” means all trade secrets, Copyrights, trademarks,
mask work rights, patents and other intellectual property rights recognized by the laws of any jurisdiction or country; the term “Copyright”
means the exclusive legal right to reproduce, perform, display, distribute and make derivative works of a work of authorship (as a literary,
musical, or artistic work) recognized by the laws of any jurisdiction or country; and the term “Moral Rights”
means all paternity, integrity, disclosure, withdrawal, special and any other similar rights recognized by the laws of any jurisdiction
or country.




    2


     


    

   2.2       Excluded
Inventions and Other Inventions. Attached hereto as Exhibit A is a list describing all existing Inventions, if any, (a) that
are owned by me or in which I have an interest and were made or acquired by me prior to my date of first employment with the Company,
(b) that may relate to Company’s business or actual or demonstrably anticipated research or development, and (c) that are not to
be assigned to Company (“Excluded Inventions”). If no such list is attached, I represent and agree that it
is because I have no Excluded Inventions. For purposes of this Agreement, “Other Inventions” means Inventions
in which I have or may have an interest, as of the commencement of my employment or thereafter, other than Company Inventions (as defined
below) and Excluded Inventions. I acknowledge and agree that if I use any Excluded Inventions or any Other Inventions in the scope of
my employment, or if I include any Excluded Inventions or Other Inventions in any product or service of Company, or if my rights in any
Excluded Inventions or Other Inventions may block or interfere with, or may otherwise be required for, the exercise by Company of any
rights assigned to Company under this Agreement, I will immediately so notify Company in writing. Unless Company and I agree otherwise
in writing as to particular Excluded Inventions or Other Inventions, I hereby grant to Company, in such circumstances (whether or not
I give Company notice as required above), a non-exclusive, perpetual, transferable, fully-paid and royalty-free, irrevocable and worldwide
license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works of, distribute, publicly
perform, and publicly display in any form or medium, whether now known or later developed, make, have made, use, sell, import, offer
for sale, and exercise any and all present or future rights in, such Excluded Inventions and Other Inventions. To the extent that any
third parties have rights in any such Other Inventions, I hereby represent and warrant that such third party or parties have validly
and irrevocably granted to me the right to grant the license stated above.


 


2.3       Assignment
of Company Inventions. Inventions assigned to Company or to a third party as directed by Company pursuant to Section 2.6 are referred
to in this Agreement as “Company Inventions.” Subject to Section 2.4 and except for Excluded Inventions set
forth in Exhibit A and Other Inventions, I hereby assign to Company all my right, title, and interest in and to any and all Inventions
(and all Intellectual Property Rights with respect thereto) made, conceived, reduced to practice, or learned by me, either alone or with
others, during the period of my employment with the Company. To the extent required by applicable Copyright laws, I agree to assign in
the future (when any copyrightable Inventions are first fixed in a tangible medium of expression) my Copyright rights in and to such
Inventions. Any assignment of Company Inventions (and all Intellectual Property Rights with respect thereto) hereunder includes an assignment
of all Moral Rights. To the extent such Moral Rights cannot be assigned to Company and to the extent the following is allowed by the
laws in any country where Moral Rights exist, I hereby unconditionally and irrevocably waive the enforcement of such Moral Rights, and
all claims and causes of action of any kind against Company or related to Company’s customers, with respect to such rights. I further
acknowledge and agree that neither my successors-in-interest nor legal heirs retain any Moral Rights in any Company Inventions (and any
Intellectual Property Rights with respect thereto).


 


2.4       Unassigned
or Nonassignable Inventions. I recognize that this Agreement will not be deemed to require assignment of any Invention that I developed
entirely on my own time without using the Company’s equipment, supplies, facilities, trade secrets, or Confidential Information,
except for those Inventions that either (i) relate to the Company’s actual or anticipated business, research or development, or
(ii) result from or are connected with work performed by me for the Company. In addition, this Agreement does not apply to any Invention
which qualifies fully for protection from assignment to the Company under any specifically applicable state law, regulation, rule or
public policy (“Specific Inventions Law”).




    3


     


    

   2.5       Obligation
to Keep Company Informed. During the period of my employment, I will promptly and fully disclose to Company in writing all Inventions
authored, conceived, or reduced to practice by me, either alone or jointly with others. At the time of each such disclosure, I will advise
Company in writing of any Inventions that I believe fully qualify for protection under the provisions of the Specific Inventions Law;
and I will at that time provide to Company in writing all evidence necessary to substantiate that belief. Company will keep in confidence
and will not use for any purpose or disclose to third parties without my consent any confidential information disclosed in writing to
Company pursuant to this Agreement relating to Inventions that qualify fully for protection under the Specific Inventions Law. I will
preserve the confidentiality of any Invention that does not fully qualify for protection under the Specific Inventions Law.


 


   2.6       Government
or Third Party. I agree that, as directed by Company, I will assign to a third party, including without limitation the United States,
all my right, title, and interest in and to any particular Company Invention.


 


   2.7       Ownership
of Work Product.


 


(a)       I
acknowledge that all original works of authorship which are made by me (solely or jointly with others) within the scope of my employment
and which are protectable by Copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section
101).


 


(b)       I
agree that Company will exclusively own all work product that is made by me (solely or jointly with others) within the scope of my employment,
and I hereby irrevocably and unconditionally assign to Company all right, title, and interest worldwide in and to such work product.
I understand and agree that I have no right to publish on, submit for publishing, or use for any publication any work product protected
by this Section, except as necessary to perform services for Company.


 


   2.8       Enforcement
of Intellectual Property Rights and Assistance. I will assist Company in every proper way to obtain, and from time to time enforce,
United States and foreign Intellectual Property Rights and Moral Rights relating to Company Inventions in any and all countries. To that
end I will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as Company may
reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Intellectual Property Rights
and the assignment thereof. In addition, I will execute, verify and deliver assignments of such Intellectual Property Rights to Company
or its designee, including the United States or any third party designated by Company. My obligation to assist Company with respect to
Intellectual Property Rights relating to such Company Inventions in any and all countries will continue beyond the termination of my
employment, but Company will compensate me at a reasonable rate after my termination for the time actually spent by me at Company’s
request on such assistance. In the event Company is unable for any reason, after reasonable effort, to secure my signature on any document
needed in connection with the actions specified in this paragraph, I hereby irrevocably designate and appoint Company and its duly authorized
officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and on my behalf to execute,
verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with
the same legal force and effect as if executed by me. I hereby waive and quitclaim to Company any and all claims, of any nature whatsoever,
which I now or may hereafter have for infringement of any Intellectual Property Rights assigned under this Agreement to Company.


 


   2.9       Incorporation
of Software Code. I agree that I will not incorporate into any Company software or otherwise deliver to Company any software code
licensed under the GNU General Public License or Lesser General Public License or any other license that, by its terms, requires or conditions
the use or distribution of such code on the disclosure, licensing, or distribution of any source code owned or licensed by Company except
in strict compliance with Company’s policies regarding the use of such software.




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3.       Records.
I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that
is required by Company) of all Confidential Information developed by me and all Company Inventions made by me during the period of my
employment at Company, which records will be available to and remain the sole property of Company at all times.


 


4.       Duty
of Loyalty During Employment. I agree that during the period of my
employment with Company, I will not, without Company’s express written consent, directly or indirectly engage in any employment
or business activity which is directly or indirectly competitive with, or would otherwise conflict with, my employment with Company.


 


5.       Reasonableness
of Restrictions.


 


   5.1       I
agree that I have read this entire Agreement and understand it. I acknowledge that I have the right to consult with counsel prior to
signing this Agreement. I further acknowledge that I will derive significant value from the Company’s agreement to provide me with
Company Confidential Information to enable me to optimize the performance of my duties to the Company. I further acknowledge that my
fulfillment of the obligations contained in this Agreement, including, but not limited to, my obligation neither to disclose nor to use
Company Confidential Information other than for the Company’s exclusive benefit and my obligations not to solicit are necessary
to protect Company Confidential Information and, consequently, to preserve the value and goodwill of the Company. I agree that this Agreement
does not prevent me from earning a living or pursuing my career. I agree that the restrictions contained in this Agreement are reasonable,
proper, and necessitated by Company’s legitimate business interests. I represent and agree that I am entering into this Agreement
freely and with knowledge of its contents with the intent to be bound by the Agreement and the restrictions contained in it.


 


   5.2       In
the event that a court finds this Agreement, or any of its restrictions, to be ambiguous, unenforceable, or invalid, I and Company agree
that the court will read the Agreement as a whole and interpret the restriction(s) at issue to be enforceable and valid to the maximum
extent allowed by law.


 


6.       No
Conflicting Agreement or Obligation.
I represent that my performance of all the terms of this Agreement and as an intern of Company does not and will not breach any
agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment with Company. I have not
entered into, and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement.


 


7.       Return
of Company Property. When I leave the employ of Company, I will deliver
to Company any and all drawings, notes, memoranda, specifications, devices, formulas and documents, together with all copies thereof,
and any other material containing or disclosing any Company Inventions, Third Party Information or Confidential Information of Company.
I agree that I will not copy, delete, or alter any information contained upon my Company computer or Company equipment before I return
it to Company. In addition, if I have used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit
any Company information, including but not limited to, Confidential Information, I agree to provide Company with a computer-useable copy
of all such Confidential Information and then permanently delete and expunge such Confidential Information from those systems; and I
agree to provide Company access to my system as reasonably requested to verify that the necessary copying and/or deletion is completed.
I further agree that any property situated on Company’s premises and owned by Company, including disks and other storage media,
filing cabinets or other work areas, is subject to inspection by Company’s personnel at any time with or without notice. Prior
to leaving, I will cooperate with Company in attending an exit interview and completing and signing Company’s termination statement
if required to do so by Company.




    5


     


    

8.       Legal
and Equitable Remedies.


 


   8.1       I
agree that it may be impossible to assess the damages caused by my violation of this Agreement or any of its terms. I agree that any
threatened or actual violation of this Agreement or any of its terms will constitute immediate and irreparable injury to Company, and
Company will have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable
relief, without bond and without prejudice to any other rights and remedies that Company may have for a breach or threatened breach of
this Agreement.


 


   8.2       I
agree that if Company is successful in whole or in part in any legal or equitable action against me under this Agreement, Company will
be entitled to payment of all costs, including reasonable attorney’s fees, from me.


 


9.       Notices.
Any notices required or permitted under this Agreement will be given to Company at its headquarters location at the time notice
is given, labeled “Attention Chief Executive Officer,” and to me at my address as listed on Company payroll, or at such other
address as Company or I may designate by written notice to the other. Notice will be effective upon receipt or refusal of delivery. If
delivered by certified or registered mail, notice will be considered to have been given five business days after it was mailed, as evidenced
by the postmark. If delivered by courier or express mail service, notice will be considered to have been given on the delivery date reflected
by the courier or express mail service receipt.


 


10.     Publication
of This Agreement to Subsequent Employer or Business Associates of Intern.


 


   10.1    If
I am offered employment or the opportunity to enter into any business venture as owner, partner, consultant or other capacity while the
restrictions described in Section Error! Reference source not found. of this Agreement are in effect I agree to inform my potential
employer, partner, co-owner and/or others involved in managing the business with which I have an opportunity to be associated of my obligations
under this Agreement and also agree to provide such person or persons with a copy of this Agreement.


 


11.     General
Provisions.


 


   11.1    Governing
Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of the State of California
as such laws are applied to agreements entered into and to be performed entirely within California between residents of California. I
hereby expressly consent to the personal jurisdiction and venue of the state and federal courts located in California for any lawsuit
filed there against me by Company arising from or related to this Agreement.


 


   11.2    Severability.
In case any one or more of the provisions, subsections, or sentences contained in this Agreement will, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect the other provisions
of this Agreement, and this Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained
in this Agreement. If moreover, any one or more of the provisions contained in this Agreement will for any reason be held to be excessively
broad as to duration, geographical scope, activity or subject, it will be construed by limiting and reducing it, so as to be enforceable
to the extent compatible with the applicable law as it will then appear.


 


   11.3    Successors
and Assigns. This Agreement is for my benefit and the benefit of Company, its successors, assigns, parent corporations, subsidiaries,
affiliates, and purchasers, and will be binding upon my heirs, executors, administrators and other legal representatives.




    6


     


    

   11.4       Survival.
This Agreement will survive the termination of my employment, regardless of the reason, and the assignment of this Agreement by Company
to any successor in interest or other assignee.


 


   11.5       At-Will
Status. I agree and understand that nothing in this Agreement will change my at-will status or confer any right with respect to continuation
of my employment with Company, nor will it interfere in any way with my right or Company’s right to terminate my employment at
any time, with or without cause or advance notice.


 


  11.6       Waiver.
No waiver by Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach. No waiver by Company of
any right under this Agreement will be construed as a waiver of any other right. Company will not be required to give notice to enforce
strict adherence to all terms of this Agreement.


 


  11.7       Export.
I agree not to export, reexport, or transfer, directly or indirectly, any U.S. technical data acquired from Company or any products utilizing
such data, in violation of the United States export laws or regulations.


 


  11.8       Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will
constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission
method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.


 


  11.9       Advice
of Counsel. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL
COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED AGAINST
ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION OF THIS AGREEMENT.


 


  11.10     Entire
Agreement. The obligations pursuant to Sections 1 and 2 (except Subsection 2.4 and Subsection 2.7(a)) of this Agreement will apply
to any time during which I was previously engaged, or am in the future engaged, by Company as a consultant if no other agreement governs
nondisclosure and assignment of inventions during such period. This Agreement is the final, complete and exclusive agreement of the parties
with respect to the subject matter of this Agreement and supersedes and merges all prior discussions between us. No modification
of or amendment to this Agreement will be effective unless in writing and signed by the party to be charged. Any subsequent change or
changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.


 


[signatures
to follow on next page]




    7


     


    

This
Agreement will be effective as of July 1, 2021.


 


	Employee:	 
	 	 
	I have read this agreement carefully and understand its terms.  I have completely filled out Exhibit A to this Agreement.	 
	 	 
	 	 
	(Signature)	 
	 	 
	 	 
	Name	 
	 	 
	 	 
	Date	 



 


	COMPANY:
	 
	Accepted
    and agreed
	 
	BioVie
    Inc.
	 
	By:	 
	 	Cuong
    Do

    President & Chief Executive Officer




    8


     


    

Exhibit
A


 


Excluded
Inventions


 


	TO:	BioVie
    Inc.
	FROM:	 
	DATE:	 


 


1.       Excluded
Inventions Disclosure. Except as listed in Section 2 below, the following is a complete list of all Excluded Inventions:


 


		☐	No
Excluded Inventions.



 


		☐	See
below:



 


	 
	 
	 
	 
	 
	 


 


		☐	Additional
sheets attached.



 


2.       Due
to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to the Excluded Inventions
generally listed below, the intellectual property rights and duty of confidentiality with respect to which I owe to the following party(ies):


 


	 	Excluded
    Invention	 	Party(ies)	 	Relationship
	1.	 	 	 	 	 
	2.	 	 	 	 	 
	3.	 	 	 	 	 


 


		☐	Additional
sheets attached.




    9


     


    

BioVie
Inc.


 


Mutual
Agreement to Arbitrate Employment-Related Disputes


 


This
Mutual Agreement to Arbitrate Disputes (“Agreement”) is made and entered into as of July 1, 2021 (the “Effective
Date”) by and between BioVie, Inc., a Nevada corporation, (the “Employer”) and Chris Reading, an individual
(the “Employee”) (the Employer and the Employee are collectively referred to herein as the “Parties”).


 


1.       Intent
of Agreement. It is the intent of Employee
and the Employer that this Agreement will govern the resolution of all disputes, claims and any other matters in question arising out
of or relating to the Parties’ employment relationship. The Parties shall resolve all disputes arising out of the employment relationship
in accordance with the provisions of this Agreement.


 


2.       Mandatory
Arbitration. The Employer and Employee agree
that any claim, complaint, or dispute that relates in any way to the Parties’ employment relationship, whether based in contract, tort,
statute, fraud, misrepresentation or any other legal theory, shall be submitted to final, binding and confidential arbitration conducted
by JAMS or its successor, under JAMS’ then applicable rules and procedures for employment disputes (available upon request and
also currently available at http://www.jamsadr.com/rules-employment-arbitration/). You can also call JAMS at (213) 620-0100 if
you have questions about the arbitration process. If the JAMS Employment Arbitration Rules are inconsistent with the terms of this Agreement,
the terms of this Agreement shall govern, except as otherwise required by law.


 


3.       Covered
Claims. This Agreement to arbitrate covers
all grievances, disputes, claims, or causes of action (collectively, “claims”) in a federal, state or local court or
agency under applicable federal, state or local laws, arising out of Employee’s employment with the Employer and the termination thereof,
including claims Employee may have against the Employer or against its officers, directors, supervisors, managers, employees, or agents
in their capacity as such or otherwise, or that the Employer may have against Employee. The claims covered by this Agreement include,
but are not limited to, claims for breach of any contract or covenant (express or implied), tort claims, claims for wrongful termination
(constructive or actual) in violation of public policy, claims for discrimination or harassment (including, but not limited to, harassment
or discrimination based on race, sex, gender, religion, national origin, age, marital status, medical condition, psychological condition,
mental condition, disability, or sexual orientation), claims for violation of any federal, state, or other governmental law, statute,
regulation, or ordinance, including, but not limited to, all claims arising under Title VII of the Civil Rights Act, the Age Discrimination
in Employment Act, the Americans With Disabilities Act, the California Fair Employment and Housing Act, the Consolidated Omnibus Budget
Reconciliation Act of 1985, and Employee Retirement Income Security Act. The parties to this Agreement specifically agree that all claims
under the California Labor Code, including, but not limited to, claims for overtime, unpaid wages, and claims involving meal and rest
breaks shall be subject to this Arbitration Agreement. (“Covered Claims”).


 


4.       Claims
Not Covered. Claims not covered by this Agreement
are claims for workers’ compensation, unemployment compensation benefits, administrative charges for unfair labor practices brought before
the National Labor Relations Board, Excluded Claims (defined in Paragraph 5 below), or any other claims that, as a matter of law, the
Parties cannot agree to arbitrate. Nothing in this Agreement shall be interpreted to mean that employees are precluded from filing complaints
with the California Department of Fair Employment and Housing and/or federal Equal Employment Opportunity Commission and National Labor
Relations Board.


 


2120
Colorado Avenue, Suite 230 ● Santa Monica, CA 90404




     


     


    

5.       Waiver
of Class Action and Representative Action Claims.
Waiver of Class Action and Representative Action Claims. Except for representative claims which cannot be waived under applicable law
and which are therefore excluded from this Agreement (“Excluded Claims”), Employee and the Company expressly intend and agree
that: (a) class action and representative action procedures are hereby waived and shall not be asserted, nor will they apply, in any
arbitration pursuant to this Agreement; (b) each will not assert class action or representative action claims against the other in arbitration
or otherwise; and (c) Employee and the Company shall only submit their own, individual claims in arbitration and will not seek to represent
the interests of any other person. To the extent that the Parties’ dispute involves both timely filed Excluded Claims and claims subject
to this Agreement, the Parties agree to bifurcate and stay for the duration of the arbitration proceedings any such Excluded Claims.


 


6.       Waiver
of Trial by Jury. The Parties understand
and fully agree that by entering into this Agreement to arbitrate, they are giving up their constitutional right to have a trial by jury,
and are giving up their normal rights of appeal following the rendering of a decision except as California law provides for judicial
review of arbitration proceedings. The Parties anticipate that by entering into this Agreement, they will gain the benefits of a speedy
and less expensive dispute resolution procedure.


 


7.       Claims
Procedure. Arbitration shall be initiated
upon the express written notice of either party. The aggrieved party must give written notice of any claim to the other party. Written
notice of an Employee’s claim shall be mailed by certified or registered mail, return receipt requested, to the Employer’s General Counsel
or Chief Executive Officer at 2120 Colorado Avenue, Suite 230 ● Santa Monica, CA 90404 (“Notice Address”). Written
notice of the Employer’s claim will be mailed to the last known address of Employee. The written notice shall identify and describe the
nature of all claims asserted and the facts upon which such claims are based. Written notice of arbitration shall be initiated within
the same time limitations that California law applies to those claim(s).


 


8.       Arbitrator
Selection. The Arbitrator shall be selected
as provided in JAMS’ Rules and Procedures.


 


9.       Discovery.
The JAMS Employment Arbitration Rules regarding discovery shall apply to arbitration under this Agreement. The Arbitrator selected according
to this Agreement shall decide all discovery disputes.


 


10.     Substantive
Law. The Arbitrator shall apply the substantive
state or federal law (and the law of remedies, if applicable) as applicable to the claim(s) asserted. The Arbitrator shall conduct and
preside over an arbitration hearing of reasonable length, to be determined by the Arbitrator. The Arbitrator shall provide the Parties
with a written decision explaining his or her findings and conclusions. The Arbitrator’s decision shall be final and binding upon the
Parties.


 


11.     Motions.
The Arbitrator shall have jurisdiction to hear and rule on prehearing disputes and is authorized to hold prehearing conferences by telephone
or in person as the Arbitrator deems necessary. The Arbitrator shall have the authority to set deadlines for completion of discovery,
and for filing motions for summary judgment, and to set briefing schedules for any motions. The Arbitrator shall have the authority to
adjudicate any cause of action, or the entire claim, pursuant to a motion for summary adjudication and/or summary judgment, and, in deciding
such motions, shall apply the law of the State of California.




    2


     


    

12.       Compelling
Arbitration/Enforcing Award. Either party
may bring an action in court to compel arbitration under this Agreement or to otherwise determine the arbitrability of claims under this
Agreement, and to confirm, vacate or enforce an arbitration award, and each party shall bear its own attorney fees and costs and other
expenses of such action.


 


13.       Arbitration
Fees and Costs. The Employer shall be responsible
for the arbitrator’s fees and expenses. Each party shall pay its own costs and attorneys’ fees, if any. However, if any party prevails
on a statutory claim which affords the prevailing party attorneys’ fees and costs, or if there is a written agreement providing for attorneys’
fees and costs, the Arbitrator may award reasonable attorneys’ fees and costs to the prevailing party. Any dispute as to the reasonableness
of any fee or cost shall be resolved by the Arbitrator.


 


14.       Term
of Agreement. This Agreement to arbitrate
shall survive the termination of Employee’s employment. It can only be revoked or modified in writing signed by both Parties that specifically
states an intent to revoke or modify this Agreement and is signed by the Employer’s General Counsel or an authorized executive.


 


15.       Severability.
If any provision of this Agreement to arbitrate is adjudged to be void or otherwise unenforceable, in whole or in part, the void or unenforceable
provision shall be severed and such adjudication shall not affect the validity of the remainder of this Agreement to arbitrate.


 


16.       Voluntary
Agreement. By executing this Agreement the
Parties represent that they have been given the opportunity to fully review, comprehend and negotiate the terms of this Agreement. The
Parties understand the terms of this Agreement and freely and voluntarily sign this Agreement.


 


IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date above.


 


	 	BioVie Inc.	 
	 	 	 
	 	By	 	 
	 	Name: Cuong Do	 
	 	Title: President & Chief Executive Officer
	 	 	 	 



EMPLOYEE


	 	 	 	 	 	 
	By: 	 	 	 	 	 



Name:
Chris Reading




    3