Exhibit 10.25 


 


ADVISORY
AGREEMENT


 


This ADVISORY
AGREEMENT (the “Agreement”) is entered into as of February 12, 2021, by and between Butterfly Network, Inc.,
a Delaware corporation (the “Company”), and Jonathan Rothberg, PhD. (“Dr. Rothberg”).


 


WHEREAS, on
and after February 12, 2021 (the “Effective Date”), Dr. Rothberg will serve on the Board of Directors of the
Company (the “Board”), and will serve as the non-executive Chairman of the Board, in each case, subject to
his election by the Company’s shareholders, and Dr. Rothberg has also agreed to act as an adviser to the Company following
the Effective Date; and


 


WHEREAS, the
Company and Dr. Rothberg desire to entire into this Agreement setting forth the terms of Dr. Rothberg’s consulting relationship
with the Company and certain other matters relating to his advisor role.


 


NOW, THEREFORE,
in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto agree as follows:


 


1.             Consulting Services. Dr. Rothberg agrees to advise the Company’s Chief Executive Officer and the Board
on strategic matters, and to provide consulting, business development and similar services to the Company’s Chief Executive
Officer and the Board relating to the Company’s current, future and potential scientific and strategic initiatives and such
other consulting services to be reasonably requested and authorized by the Company’s Chief Executive Officer or the Board
from time to time (in the aggregate, the “Services”). Dr. Rothberg will be reasonably available to consult
by phone, email or in person at the Company, or another mutually agreeable site with Company personnel, and any dates for visits
to the Company’s offices will be arranged by mutual agreement. The term of this Agreement will commence on the Effective
Date and continue until terminated as provided herein (the “Consulting Period”). Dr. Rothberg agrees to devote
that amount of time as is reasonably required by the Company for him to perform the Services, taking into account his other business
obligations as in effect from time to time. Dr. Rothberg represents that he has the qualifications, the experience and the ability
to properly perform the Services, and that he will use his best efforts to perform the Services such that the results are satisfactory
to the Company.


 


2.             Independent
Contractor. Dr. Rothberg’s relationship with the Company will be that of an independent contractor and not that
of an employee. Dr. Rothberg will be solely responsible for determining the method, details and means of performing the
Services. Dr. Rothberg will have no authority to enter into contracts that bind the Company or create obligations on the part
of the Company without the prior written authorization of the Company. Dr. Rothberg acknowledges and agrees that he will not
be eligible for any benefits available to employees of the Company. Dr. Rothberg will perform those Services that are agreed
upon by and between Dr. Rothberg and the Board and/or the Company’s Chief Executive Officer, and Dr. Rothberg will be
required to report only to the Board concerning the Services performed under this Agreement. The nature and frequency of
these reports will be left to the discretion of the Board. Dr. Rothberg will have full responsibility for applicable
withholding taxes for all compensation paid to Dr. Rothberg under this Agreement, and will have full responsibility for
compliance with all applicable labor and employment legal requirements with respect to Dr. Rothberg’s self-employment.
Dr. Rothberg agrees to indemnify, defend and hold the Company harmless from any liability for, or assessment of, any claims
or penalties with respect to such withholding taxes and labor or employment legal requirements.


 






     


     


    

 


3.             Compensation and Other Benefits. 


 


(a)              
Consulting Fee. As compensation for the Services provided hereunder, during the Consulting Period, the Company
will pay to Dr. Rothberg a consulting fee (the “Consulting Fee”) of (i) $16,667 per month. The Consulting Fee
will be paid to Dr. Rothberg on the first business day of each month during the Consulting Period. The Company will reimburse
Dr. Rothberg for his reasonable out-of-pocket expenses incurred in connection with the provision of the Services, pursuant to
the terms and conditions of applicable Company policies and requirements.


 


(b)              
Office Space, etc. During the Consulting Period, the Company will provide Dr. Rothberg with reasonable office
space at the Company’s headquarters and access to secretarial and administrative assistance as needed so that he may perform
his duties hereunder.


 


(c)            
Equity Awards. Dr. Rothberg’s restricted stock unit grant under the Butterfly Network, Inc. 2012 Equity
Incentive Plan (“Incentive Plan”) shall remain outstanding and administered in accordance with the terms and
conditions of the Incentive Plan and RSU Grant Agreement.


 


4.             Termination. Either party may terminate this Agreement for any reason upon giving thirty (30) days’
advance notice of such termination. In the event of such termination of this Agreement, the Company’s only obligation will
be to pay Dr. Rothberg any earned but unpaid Consulting Fee as of the termination date. Notwithstanding the foregoing, Dr. Rothberg’s
entitlements under Sections 3(c) of this Agreement will survive the termination of this Agreement.


 


5.            Restrictive Covenants. Dr. Rothberg acknowledges and agrees that he remains bound by his
obligations under his Non-Competition, Confidentiality and Intellectual Property Agreement with the Company dated April 18,
2018, as amended from time to time in accordance with the provisions therein, and that such obligations will survive the
termination of this Agreement (the “Continuing Obligations”). Dr. Rothberg hereby reaffirms and agrees to
comply with the policies and procedures of the Company and its affiliates for protecting confidential information and will
never disclose to any person (except as required by applicable law or for the proper performance of his duties and
responsibilities to the Company and its affiliates), or use for his own benefit or gain, any confidential information
obtained by Dr. Rothberg incident to his association with the Company or any of its affiliates.


 


6.             Conflicts
with this Agreement. Dr. Rothberg represents and warrants that he is not under any pre-existing obligation in
conflict or in any way inconsistent with the provisions of this Agreement. Dr. Rothberg represents and warrants that Dr.
Rothberg’s performance of all the terms of this Agreement will not breach any agreement to keep in confidence
proprietary information acquired by Dr. Rothberg in confidence or in trust prior to commencement of this Agreement. Dr.
Rothberg warrants that Dr. Rothberg has the right to disclose and/or or use all ideas, processes, techniques and other
information, if any, which Dr. Rothberg has gained from third parties, and which Dr. Rothberg discloses to the Company or
uses in the course of performance of this Agreement, without liability to such third parties. Notwithstanding the foregoing,
Dr. Rothberg agrees that he will not bundle with or incorporate into any deliveries provided to the Company herewith any
third party products, ideas, processes, or other techniques, without the express, written prior approval of the Company. Dr.
Rothberg represents and warrants that he has not granted and will not grant any rights or licenses to any intellectual
property or technology that would conflict with his obligations under this Agreement. Dr. Rothberg will not knowingly
infringe upon any copyright, patent, trade secret or other property right of any former client, employer or third party in
the performance of the Services required by this Agreement.


 






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7.             Section 409A. This Agreement is intended to comply with, or be exempt from, the requirements of Section 409A
of the Internal Revenue Code of 1986, as amended, and shall be construed consistent with such intent. Notwithstanding the foregoing,
in no event shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this
Agreement to comply with, or be exempt from, the requirements of Section 409A.


 


8.             Miscellaneous.


 


(a)             
Entire Agreement. Other than the Continuing Obligations, this Agreement constitutes the sole agreement of
the parties and supersedes all oral negotiations and prior writings with respect to the subject matter hereof.


 


(b)            
Amendments and Waivers.  Any term of this Agreement may be amended or waived only with the written consent
of the parties.


 


(c)              
Choice of Law. The validity, interpretation, construction and performance of this Agreement will be governed
by the laws of the State of Connecticut, without giving effect to the principles of conflict of laws.


 


(d)              
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law,
such portion will be deemed to be modified or altered to the extent necessary to conform thereto or, if that is not possible,
to be omitted from this Agreement. The invalidity of any such portion will not affect the force, effect, and validity of the remaining
portion hereof.


 


(e)              
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same instrument.


 


(f)               Successors. This
Agreement is personal to Dr. Rothberg and, without the prior written consent of the Company, will not be assignable by Dr.
Rothberg otherwise than by will or the laws of descent and distribution. This Agreement will inure to the benefit of and be
enforceable by Dr. Rothberg’s legal representatives. This Agreement will inure to the benefit of and be binding upon
the Company and its successors and assigns. As used in this Agreement, “the Company” will mean both the Company
as defined above and any such successor that assumes and agrees to perform this Agreement, by operation of law or
otherwise.


 


(g)              
Advice of Counsel. EACH PARTY ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY
TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT.
THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.


 


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This Agreement
has been executed as a sealed instrument by the Company, by its duly authorized representative and by Dr. Rothberg.


 


	 	BUTTERFLY NETWORK, INC.
	 	 
	 	By:	/s/ Todd M. Fruchterman, M.D., Ph.D.
	 	Name: Todd M. Fruchterman, M.D., Ph.D.
	 	Title: President and Chief Executive Officer
	 	 
	 	JONATHAN ROTHBERG, PH.D.
	 	 
	 	/s/ Jonathan M. Rothberg, Ph.D.
	 	Signature
	 	 



 


	 	Address:	 



 


[Signature Page
to Advisory Agreement]