Exhibit 4.1


 


DESCRIPTION OF THE REGISTRANT’S SECURITIES


 


The following summary of the material terms
of the capital stock of Butterfly Network, Inc. (formerly Longview Acquisition Corp.) is not intended to be a complete summary of
the rights and preferences of such securities, and is qualified by reference to our Second Amended and Restated Certificate of Incorporation
(the “Charter”), our Amended and Restated Bylaws (the “Bylaws”) and the warrant-related documents described herein,
each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part,
and certain provisions of Delaware law. We urge you to read each of our Charter, our Bylaws and the warrant-related documents described
herein in their entirety for a complete description of the rights and preferences of our securities. Unless the context requires otherwise,
all references to “we”, “us,” “our,” the “Company” and “Butterfly” in this
section refer solely to Butterfly Network, Inc. (formerly Longview Acquisition Corp.) and not to our subsidiaries.


 


Authorized Capital Stock


 


We are authorized to issue
628,000,000 shares, consisting of 600,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A
common stock”), 27,000,000 shares of Class B common stock, par value $0.0001 per share (the “Class B common stock”),
and 1,000,000 shares of preferred stock, par value $0.0001 per share.


 


Common Stock


 


Class A Common Stock


 


Voting Rights


 


Holders of Class A common
stock are entitled to cast one vote per share. Generally, holders of all classes of common stock vote together as a single class, and
an action is approved by stockholders if a majority of votes cast affirmatively or negatively on the action are cast in favor of the action,
while directors are elected by a plurality of the votes cast. Holders of Class A common stock are not entitled to cumulate their
votes in the election of directors.


 


Dividend Rights


 


With limited exceptions in
the case of certain stock dividends or disparate dividends approved by the affirmative vote of the holders of a majority of the Class A
common stock and Class B common stock, each voting separately as a class, holders of Class A common stock will share ratably
(based on the number of shares of Class A common stock held), together with each holder of Class B common stock, if and when
any dividend is declared by the Board of Directors of Butterfly (“the Board”) out of funds legally available therefor, subject
to restrictions, whether statutory or contractual (including with respect to any outstanding indebtedness), on the declaration and payment
of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock or any class
or series of stock having a preference over, or the right to participate with, the Class A common stock with respect to the payment
of dividends.


 


Liquidation, Dissolution and Winding Up


 


On the liquidation, dissolution,
distribution of assets or winding up of Butterfly, each holder of Class A common stock, together with each holder of Class B
common stock, will be entitled, pro rata on a per share basis, to all assets of Butterfly of whatever kind available for distribution
to the holders of common stock, subject to the designations, preferences, limitations, restrictions and relative rights of any other class
or series of preferred stock of Butterfly then outstanding and unless disparate or different treatment of the shares of Class A common
stock and Class B common stock is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A
common stock and Class B common stock, each voting separately as a class.


 



    



     


    

 


Other Matters


 


Holders of shares of Class A
common stock do not have subscription, redemption or conversion rights. All the outstanding shares of Class A common stock are validly
issued, fully paid and non-assessable.


 


Class B Common Stock


 


Voting Rights


 


Holders of Class B common
stock are entitled to cast 20 votes per share of Class B common stock. Generally, holders of all classes of our common stock vote
together as a single class, and an action is approved by Butterfly stockholders if a majority of votes cast affirmatively or negatively
on the action are cast in favor of the action, while directors are elected by a plurality of the votes cast. Holders of Class B common
stock are not entitled to cumulate their votes in the election of directors.


 


Dividend Rights


 


With limited exceptions in
the case of certain stock dividends or disparate dividends approved by the affirmative vote of the holders of a majority of the Class A
common stock and Class B common stock, each voting separately as a class, holders of Class B common stock will share ratably
(based on the number of shares of Class B common stock held), together with each holder of Class A common stock, if and when
any dividend is declared by the Board out of funds legally available therefor, subject to restrictions, whether statutory or contractual
(including with respect to any outstanding indebtedness), on the declaration and payment of dividends and to any restrictions on the payment
of dividends imposed by the terms of any outstanding preferred stock or any class or series of stock having a preference over, or the
right to participate with, the Class B common stock with respect to the payment of dividends.


 


Optional Conversion


 


Holders of Class B common
stock have the right to convert shares of their Class B common stock into fully paid and non-assessable shares of Class A common
stock, on a one-to-one basis, at the option of the holder at any time upon written notice to Butterfly.


 


Mandatory Conversion


 


Holders of Class B common
stock will have their Class B common stock automatically converted into Class A common stock, on a one-to-one basis, upon the
occurrence of any of the events described below:


 


		(1)	Any sale, assignment, transfer, conveyance, hypothecation, or other transfer or disposition, directly
or indirectly, of any Class B common stock or any legal or beneficial interest in such share, whether or not for value and whether
voluntary or involuntary or by operation of law (including by merger, consolidation, or otherwise), including, without limitation the
transfer of a share of Class B common stock to a broker or other nominee or the transfer of, or entering into a binding agreement
with respect to, voting control over such share by proxy or otherwise, other than a permitted transfer.



 


		(2)	Upon the first date on which Dr. Rothberg, together with all other qualified stockholders, collectively
cease to beneficially own at least 20% of the number of Class B common stock (as such number of shares is equitably adjusted in respect
of any reclassification, stock dividend, subdivision, combination, or recapitalization of the Class B common stock) collectively
beneficially owned by Dr. Rothberg and permitted transferees of Class B common stock as of the effective time of the Merger
(defined below).



 


		(3)	Upon the date specified by the affirmative vote of the holders of at least two-thirds (2/3) of the outstanding
shares of Class B common stock, voting as a separate class.



 






    
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Liquidation Rights


 


On the liquidation, dissolution,
distribution of assets or winding up of Butterfly, each holder of Class B common stock, together with each holder of Class A
common stock, will be entitled, pro rata on a per share basis, to all assets of Butterfly of whatever kind available for distribution
to the holders of common stock, subject to the designations, preferences, limitations, restrictions and relative rights of any other class
or series of preferred stock of Butterfly then outstanding and unless disparate or different treatment of the shares of Class A common
stock and Class B common stock is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A
common stock and Class B common stock, each voting separately as a class.


 


Preferred Stock


 


Our Charter provides that
the Board has the authority, without action by the stockholders, to designate and issue shares of preferred stock in one or more classes
or series, and the number of shares constituting any such class or series, and to fix the voting powers, designations, preferences, limitations,
restrictions and relative rights of each class or series of preferred stock, including, without limitation, dividend rights, dividend
rates, conversion rights, exchange rights, voting rights, rights and terms of redemption, dissolution preferences, and treatment in the
case of a merger, business combination transaction, or sale of Butterfly’s assets, which rights may be greater than the rights of
the holders of the common stock. There are no shares of preferred stock outstanding as of March 1, 2021.


 


The purpose of authorizing
the Board to issue preferred stock and determine the rights and preferences of any classes or series of preferred stock is to eliminate
delays associated with a stockholder vote on specific issuances. The simplified issuance of preferred stock, while providing flexibility
in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult
for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Additionally,
the issuance of preferred stock may adversely affect the holders of our common stock by restricting dividends on our common stock, diluting
the voting power of our common stock or subordinating the dividend or liquidation rights of our common stock. As a result of these or
other factors, the issuance of preferred stock could have an adverse impact on the market price of our common stock.


 


In February 2021, we
completed the transactions (the “Business Combination”) contemplated by that certain Business Combination Agreement, dated
as of November 19, 2020 (the “Business Combination Agreement”), by and among Longview Acquisition Corp., a Delaware corporation
(which we refer to as “Longview” prior to the Business Combination and “Butterfly” or the “Company”
following the Business Combination), Clay Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Longview (“Merger
Sub”), and BFLY Operations, Inc. (formerly Butterfly Network, Inc.) (“Legacy Butterfly”), including the merger
of Merger Sub with and into Legacy Butterfly, pursuant to which Legacy Butterfly survived the merger as a wholly owned subsidiary of Butterfly
(the “Merger”). In connection with the Merger, Longview changed its name to Butterfly Network, Inc. and Legacy Butterfly
changed its name to BFLY Operations, Inc.


 


As a consequence of the Merger,
at the effective time of the Merger (the “Effective Time”), (i) each share of Legacy Butterfly capital stock (other than
the Legacy Butterfly Series A preferred stock) that was issued and outstanding immediately prior to the Effective Time was automatically
canceled and converted into the right to receive 1.0383 shares of the Company’s Class A common stock, rounded down to the nearest
whole number of shares; (ii) each share of Legacy Butterfly Series A preferred stock that was issued and outstanding immediately
prior to the Effective Time was automatically canceled and converted into the right to receive 1.0383 shares of the Company’s Class B
common stock, rounded down to the nearest whole number of shares; (iii) each option to purchase shares of Legacy Butterfly common
stock, whether vested or unvested, that was outstanding and unexercised as of immediately prior to the Effective Time was assumed by the
Company and became an option (vested or unvested, as applicable) to purchase a number of shares of the Company’s Class A common
stock equal to the number of shares of Legacy Butterfly common stock subject to such option immediately prior to the Effective Time multiplied
by 1.0383, rounded down to the nearest whole number of shares, at an exercise price per share equal to the exercise price per share of
such option immediately prior to the Effective Time divided by 1.0383 and rounded up to the nearest whole cent; (iv) each Legacy
Butterfly restricted stock unit outstanding immediately prior to the Effective Time was assumed by the Company and became a restricted
stock unit with respect to a number of shares of the Company’s Class A common stock, rounded to the nearest whole share, equal
to the number of shares of Legacy Butterfly common stock subject to such Legacy Butterfly restricted stock unit immediately prior to the
Effective Time multiplied by 1.0383; and (v) the principal amount plus accrued but unpaid interest, if any, on the Legacy Butterfly
convertible notes outstanding as of immediately prior to the Effective Time was automatically canceled and converted into the right to
receive shares of the Company’s Class A common stock, with such shares of the Company’s Class A common stock calculated
by dividing the outstanding principal plus accrued interest, if any, of each Legacy Butterfly convertible note by $10.00, rounded down
to the nearest whole number of shares.


 






    
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Warrants


 


Public Stockholders’ Warrants


 


As of March 1, 2021,
there were an aggregate of 13,800,000 outstanding public warrants, which entitle the holder to acquire Class A common stock. Each
whole warrant entitles the registered holder to purchase one share of Class A common stock at an exercise price of $11.50 per share,
subject to adjustment as discussed below, beginning on May 26, 2021. A holder may exercise its warrants only for a whole number of
shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. The warrants will expire on February 12,
2026 at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.


 


Butterfly will not be obligated
to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant
exercise unless a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering the
issuance of the shares of Class A common issuable upon exercise of the warrants is then effective and a current prospectus relating
to those shares of Class A common stock is available, subject to Butterfly satisfying its obligations described below with respect
to registration. No warrant will be exercisable for cash or on a cashless basis, and Butterfly will not be obligated to issue any shares
to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the
securities laws of the state of the exercising holder, or an exemption is available. In the event that the conditions in the two immediately
preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant
and such warrant may have no value and expire worthless.


 


Butterfly has agreed that
as soon as practicable, but in no event later than 15 business days after the closing of the Business Combination, it will use its best
efforts to file with the Securities and Exchange Commission (the “SEC”) a registration statement registering the issuance,
under the Securities Act, of the shares of Class A common stock issuable upon exercise of the warrants. Butterfly will use its best
efforts to cause the same to become effective within 60 business days following the Business Combination and to maintain the effectiveness
of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the
provisions of the warrant agreement. Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant
not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of
the Securities Act, Butterfly may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event Butterfly so elects, Butterfly will
not be required to file or maintain in effect a registration statement, but will use its best efforts to qualify the shares under applicable
blue sky laws to the extent an exemption is not available.


 


Redemptions


 


Once the warrants become
exercisable, Butterfly may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):


 


		·	in whole and not in part;



 


		·	at a price of $0.01 per warrant;



 


		·	upon not less than 30 days’ prior written notice of redemption (the “30-day redemption
period”) to each warrant holder; and



 


		·	if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of
Class A common stock and equity-linked securities as described below) for any 20 trading days within a 30-trading day period ending
on the third trading day prior to the date Butterfly sends the notice of redemption to the warrant holders.



 






    
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If and when the warrants
become redeemable by Butterfly, Butterfly may exercise its redemption right even if Butterfly is unable to register or qualify the underlying
securities for sale under all applicable state securities laws. As a result, Butterfly may redeem the warrants as set forth above even
if the holders are otherwise unable to exercise the warrants.


 


Butterfly has established
the $18.00 per share (subject to adjustment) redemption criteria discussed above to prevent a redemption call unless there is at the time
of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and Butterfly issues a notice
of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption
date. However, the price of the Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked
securities as described below) as well as the $11.50 warrant exercise price after the redemption notice is issued.


 


Commencing 90 days after
the warrants become exercisable, Butterfly may redeem the outstanding warrants:


 


		·	in whole and not in part;



 


		·	at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided
that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined
by reference to the table below, based on the redemption date and the “fair market value” of the Class A common stock
except as otherwise described below;



 


		·	if, and only if, the last reported sale price of the Class A common stock equals or exceeds $10.00
per share (as adjusted per stock splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like) on the trading
day prior to the date on which Butterfly sends the notice of redemption to the warrant holders;



 


		·	if, and only if, the private placement warrants are also concurrently exchanged at the same price (equal
to a number of shares of Class A common stock) as the outstanding public warrants, as described above; and



 


		·	if, and only if, there is an effective registration statement covering the issuance of the shares of Class A
common stock issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after
written notice of redemption is given.



 


The numbers in the table
below represent the number of shares of Class A common stock that a warrant holder will receive upon cashless exercise in connection
with a redemption by Butterfly pursuant to this redemption feature, based on the “fair market value” of the Class A common
stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10
per warrant), determined based on the average of the last reported sales price for the 10 trading days ending on the third trading day
prior to the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding
redemption date precedes the expiration date of the warrants, each as set forth in the table below. In connection with a redemption by
Butterfly pursuant to this redemption feature, a warrant holder may still exercise its warrants for cash.


 


The stock prices set forth
in the column headings of the table below will be adjusted as of any date on which the number of shares of our common stock issuable upon
exercise of a warrant is adjusted as set forth below in the first three paragraphs under the heading “— Anti-dilution Adjustments”
below. The adjusted stock prices in the column headings will equal the stock prices immediately prior to such adjustment, multiplied by
a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment
and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The number of shares in the
table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a warrant.


 






    
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	Redemption          Date

                                                                                (period to expiration of warrants)
	 	≤
    10.00	 	 	11.00	 	 	12.00	 	 	13.00	 	 	14.00	 	 	15.00	 	 	16.00	 	 	17.00	 	 	≥
    18.00	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.365	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.365	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.365	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.365	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.365	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.364	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.364	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.364	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.364	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.364	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.364	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.364	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.364	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.363	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.363	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.363	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.362	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.362	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 



 






    
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The exact fair market value
and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table
or the redemption date is between two redemption dates in the table, the number of shares of Class A common stock to be issued for
each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower
fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example,
if the average last reported sale price of the Class A common stock for the 10 trading days ending on the third trading date prior
to the date on which the notice of redemption is sent to the holders of the warrants is $11 per share, and at such time there are 57 months
until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277
shares of Class A common stock for each whole warrant. For an example where the exact fair market value and redemption date are not
as set forth in the table above, if the average last reported sale price of the Class A common stock for the 10 trading days ending
on the third trading date prior to the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share,
and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption
feature, exercise their warrants for 0.298 shares of Class A common stock for each whole warrant. In no event will the warrants be
exercisable in connection with this redemption feature for more than 0.365 shares of Class A common stock per warrant. Finally, as
reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in
connection with a redemption by Butterfly pursuant to this redemption feature, since they will not be exercisable for any shares of Class A
common stock.


 


Holders choosing to exercise
their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants
based on an option pricing model with a fixed volatility input. This redemption right provides Butterfly with an additional mechanism
by which to redeem all of the outstanding warrants, and therefore have certainty as to the Butterfly capital structure as the warrants
would no longer be outstanding and would have been exercised or redeemed and Butterfly will be required to pay the redemption price to
warrant holders if Butterfly chooses to exercise this redemption right and it will allow Butterfly to quickly proceed with a redemption
of the warrants if Butterfly determines it is in Butterfly’s best interest to do so. As such, Butterfly would redeem the warrants
in this manner when it believes it is in Butterfly’s best interest to update its capital structure to remove the warrants and pay
the redemption price to the warrant holders.


 


As stated above, Butterfly
can redeem the warrants when the Class A common stock is trading at a price starting at $10.00, which is below the exercise price
of $11.50, because it will provide certainty with respect to Butterfly’s capital structure and cash position while providing warrant
holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If Butterfly chooses
to redeem the warrants when the Class A common stock is trading at a price below the exercise price of the warrants, this could result
in the warrant holders receiving fewer shares of Class A common stock than they would have received if they had chosen to wait to
exercise their warrants for Class A common stock if and when such Class A common stock trades at a price higher than the exercise
price of $11.50.


 


No fractional shares of Class A
common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share,
Butterfly will round down to the nearest whole number of the number of shares of Butterfly Class A common stock to be issued to the
holder. If, at the time of redemption, the warrants are exercisable for a security other than the shares of Class A common stock
pursuant to the warrant agreement, the warrants may be exercised for such security.


 


If Butterfly calls the warrants
for redemption for $0.01 as described above, Butterfly management will have the option to require any holder that wishes to exercise his,
her or its warrant to do so on a “cashless basis.” If Butterfly management takes advantage of this option, all holders of
warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the
quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied
by the excess of the “fair market value” (defined below) over the exercise price of the warrants
by (y) the fair market value. The “fair market value” shall mean the average last reported sale price of the Class A
common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the
holders of warrants. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the
dilutive effect of a warrant redemption. If Butterfly calls the warrants for redemption and Butterfly management does not take advantage
of this option, the Longview’s sponsor, Longview Investors LLC (the “Sponsor”), and its permitted transferees
would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described
above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a
cashless basis, as described in more detail below.


 






    
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A holder of a warrant may
notify Butterfly in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise
such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to
the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of
the shares of Class A common stock outstanding immediately after giving effect to such exercise.


 


Anti-dilution
adjustments.   If the number of outstanding shares of Class A common stock is increased by a stock dividend
payable in shares of Class A common stock, or by a split-up of shares of Class A common stock or other similar event, then,
on the effective date of such stock dividend, split-up or similar event, the number of shares of Class A common stock issuable on
exercise of each warrant will be increased in proportion to such increase in the outstanding shares of Class A common stock. A rights
offering to holders of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than
the fair market value will be deemed a stock dividend of a number of shares of Class A common stock equal to the product of (1) the
number of shares of Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold
in such rights offering that are convertible into or exercisable for Class A common stock) multiplied by (2) one minus the quotient
of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the fair market value. For
these purposes, (1) if the rights offering is for securities convertible into or exercisable for Class A common stock, in determining
the price payable for Class A common stock, there will be taken into account any consideration received for such rights, as well
as any additional amount payable upon exercise or conversion and (2) fair market value means the volume weighted average price of
Class A common stock as reported during the ten trading day period ending on the trading day prior to the first date on which the
shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive
such rights.


 


In addition, if Butterfly,
at any time while the warrants are outstanding and unexpired, pays a dividend or makes a distribution in cash, securities or other assets
to the holders of Class A common stock on account of such shares of Class A common stock (or other shares of Butterfly capital
stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to
satisfy the redemption rights of the holders of shares of Class A common stock in connection with the Business Combination, then
the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or
the fair market value of any securities or other assets paid on each share of Class A common stock in respect of such event.


 


If the number of outstanding
shares of Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of
Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased
in proportion to such decrease in outstanding shares of Class A common stock.


 


Whenever the number of shares
of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price
will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of
which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior to such
adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately
thereafter.


 






    
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In case of any reclassification
or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely affect the par
value of such shares of Class A common stock), or in the case of any merger or consolidation of Butterfly with or into another corporation
(other than a consolidation or merger in which Butterfly is the continuing corporation and that does not result in any reclassification
or reorganization of outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation
or entity of the assets or other property of Butterfly as an entirety or substantially as an entirety in connection with which Butterfly
is dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and
conditions specified in the warrants and in lieu of the shares of the Class A common stock immediately theretofore purchasable and
receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property
(including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to
such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other
assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant
will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation
or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders
(other than a tender, exchange or redemption offer made by the company in connection with redemption rights held by stockholders of the
company as provided for in the company’s amended and restated certificate of incorporation) under circumstances in which, upon completion
of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of which such maker is a part, and together with any
affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group
of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more
than 50% of the outstanding shares of Class A common stock, the holder of a warrant will be entitled to receive the highest amount
of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant holder had
exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A common
stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation
of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. Additionally,
if less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form
of common equity in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly
exercises the warrant within 30 days following public disclosure of such transaction, the warrant exercise price will be reduced as specified
in the warrant agreement based on the per share consideration minus Black-Scholes Warrant Value (as defined in the warrant agreement)
of the warrant.


 


The warrants are issued in
registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and the Company.
The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or
correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make
any change that adversely affects the interests of the registered holders of public warrants.


 


The warrant holders do not
have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive
shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder
will be entitled to one vote for each share held of record on all matters to be voted on by holders of Class A common stock.


 


Private Placement Warrants


 


As of March 1, 2021, there were 6,853,333
private placement warrants outstanding. The private placement warrants are not redeemable by Butterfly for cash so long as they are held
by the initial stockholders or their permitted transferees. The Sponsor, or its permitted transferees, has the option to exercise the
private placement warrants on a cashless basis. Except as described in this section, the private placement warrants have terms and provisions
that are identical to those of the public warrants sold in Longview’s initial public offering, including that they may be redeemed
for shares of Class A common stock. If the private placement warrants are held by holders other than the Sponsor or its permitted
transferees, the private placement warrants will be redeemable by Butterfly and exercisable by the holders on the same basis as the warrants
included in the units sold in the initial public offering.


 






    
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Registration Rights


 


Pursuant
to subscription agreements entered into on November 19, 2020, certain institutional investors (the “PIPE Investors”)
purchased shares of Longview Class A common stock immediately prior to the closing of the Business Combination (the “PIPE Financing”)
and the PIPE Investors are entitled to certain registration rights. In particular, Butterfly agreed to, within forty-five (45) calendar
days after the closing of the Business Combination, file with the SEC (at Butterfly’s sole cost and expense) a registration statement
registering the resale of the shares of Class A common stock issued to the PIPE Investors, and to use its commercially reasonable
efforts to have such registration statement declared effective as soon as practicable after the filing thereof, but no later than the
earlier of (i) the 90th calendar day (or the 120th calendar day if the SEC notifies Butterfly that it will “review” such
registration statement) following the closing of the Business Combination and (ii) the 10th business day after the date Butterfly
is notified (orally or in writing) by the SEC that such registration statement will not be “reviewed” or will not be subject
to further review.


 


At the closing of the Business
Combination, Butterfly, the initial stockholders, including the Sponsor, certain affiliates of Glenview Capital Management, LLC (the “Sponsor
Group Holders”) and certain holders of Legacy Butterfly capital stock (the “Butterfly Holders”) entered into
an amended and restated registration rights agreement (the “Amended and Restated Registration Rights Agreement”), pursuant
to which, among other things, the Sponsor Group Holders and the Legacy Butterfly Holders agreed not to effect any sale or distribution
of any equity securities of Butterfly held by any of them (except with respect to shares of Class A common stock acquired in open
market transactions or by Sponsor Group Holders pursuant to the PIPE Financing or the conversion of Butterfly convertible notes) during
the respective lock-up periods described therein and below and were granted certain registration rights with respect to their respective
shares of our common stock, in each case, on the terms and subject to the conditions therein. In particular, the Amended and Restated
Registration Rights Agreement provides for the following registration rights:


 


		·	Registration rights.   Promptly, but in any event within 60 days following the closing
of the Business Combination, Butterfly is required to use its commercially reasonable efforts to file a registration statement under the
Securities Act to permit the public resale of all registrable securities as permitted by Rule 415 of the Securities Act and to cause
such registration statement to be declared effective as soon as practicable after the filing thereof, but in no event later than 60 days
following the filing deadline (or 90 days following the filing deadline if the registration statement is reviewed by and receives comments
from the SEC). As soon as practicable following the date of effectiveness of the registration statement, but in any event within two business
days of such date, Butterfly will notify the holders of registrable securities of the effectiveness of such registration statement. At
any time at which Butterfly has an effective shelf registration statement with respect to a holder’s registrable securities, any
such holder may request to sell all or a portion of their registrable securities pursuant to an underwritten offering pursuant to such
shelf registration statement, provided that such holder(s) reasonably expect any such sales to generate aggregate gross proceeds
in excess of $50 million or reasonably expect to sell all of the registrable securities held by such holder, but in no event for
aggregate gross proceeds of less than $10 million in gross proceeds. Butterfly will enter into an underwriting agreement with a managing
underwriter or underwriters selected by the initiating holder(s), after consultation with Butterfly, and will take all such other reasonable
actions as are requested by the managing underwriter to expedite or facilitate the disposition of such registrable securities.



 


		·	Demand registration rights.   At any time after the closing of the Business Combination,
if Butterfly does not have an effective registration statement outstanding, Butterfly will be required, upon the written request of the
holders of at least a majority-in-interest of the then-outstanding registrable securities held by the Sponsor Group Holders or the Butterfly
Holders, as soon as practicable but not more than 45 days after receipt of such written request, to file a registration statement
and to effect the registration of all or part of their registrable securities. Butterfly is not obligated to effect more than an aggregate
of three registrations pursuant to a demand registration request.



 






    
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		·	Piggyback registration rights.   At any time after the closing of the Business Combination,
if Butterfly proposes to file a registration statement under the Securities Act to register any of its equity securities, or securities
or other obligations exchangeable or convertible into equity securities, or to conduct a public offering, either for its own account or
for the account of any other person, subject to certain exceptions and reductions as described in the Amended and Restated Registration
Rights Agreement, then Butterfly will give written notice of such proposed filing to the holders of registrable securities as soon as
practicable but not less than 10 days before the anticipated filing of such registration statement. Upon the written request of any holder
of registrable securities in response to such written notice, Butterfly will, in good faith, cause such registrable securities to be included
in the registration statement and use its commercially reasonable efforts to cause the underwriters of any proposed underwritten offering
to include such holders’ registrable securities on the same terms and conditions as any similar securities of Butterfly included
in such registration.



 


In addition, Butterfly has
agreed that as soon as practicable, but in no event later than 15 business days after the closing of the Business Combination, it will
use its best efforts to file with the SEC a registration statement registering the issuance, under the Securities Act, of the shares of
Class A common stock issuable upon exercise of the public warrants, as described above under “- Warrants - Public Stockholders’
Warrants.”


 


Lock-Up
Restrictions


 


Under the Amended and Restated
Registration Rights Agreement, the holders of founder shares and the shares of our Class A common stock issued or issuable upon the
exercise of any private placement warrants, agreed not to offer, sell, contract to sell, pledge, grant any option to purchase, make any
short sale or otherwise dispose of or distribute any such securities or any securities convertible into, exercisable for, exchangeable
for or that represent the right to receive such securities, whether then owned or thereafter acquired, that are owned directly by such
holder (including securities held as a custodian) or with respect to which the undersigned has beneficial ownership within the rules and
regulations of the SEC, other than certain permitted transfers, including not to engage in any hedging or other transaction with respect
to such securities which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of such securities,
for the period ending on the earlier of (a) one year after the closing of the Business Combination, and (b) subsequent to the
closing of the Business Combination, (x) if the last reported sale price of our Class A common stock equals or exceeds $12.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30 consecutive trading days commencing at least 150 days after the closing of the Business Combination; provided that all
shares of common stock of Butterfly held by Butterfly Holders have been registered on an effective registration statement, or (y) the
date on which we complete a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of Butterfly’s
public stockholders having the right to exchange their shares of our Class A common stock for cash, securities or other property.


 


Exclusive Forum


 


Our Charter provides that,
to the fullest extent permitted by law, unless Butterfly otherwise consents in writing, the Court of Chancery (the “Chancery Court”)
of the State of Delaware (or, in the event that the Chancery Court does not have jurisdiction, the federal district court for the District
of Delaware or other state courts of the State of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum
for (1) any derivative action or proceeding brought on behalf of Butterfly, (2) any action asserting a claim of breach of a
fiduciary duty owed by, or any other wrongdoing by, any current or former director, officer, other employee or stockholder of Butterfly,
(3) any action asserting a claim against Butterfly arising pursuant to any provision of the Delaware General Corporation Law (the
 “DGCL”), the Charter or Bylaws, or as to which the DGCL confers jurisdiction on the Court of Chancery, (4) any action
to interpret, apply, enforce or determine the validity of any provisions of the Charter or Bylaws, or (5) any other action asserting
a claim governed by the internal affairs doctrine. Notwithstanding the foregoing, the federal district courts of the United States shall
be the exclusive forum for the resolution of any action, suit or proceeding asserting a cause of action arising under the Securities Act
and the provisions of our Charter described above will not apply to claims arising under the Exchange Act or other federal securities
laws for which there is exclusive federal jurisdiction.


 






    
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Anti-Takeover Effects of Provisions of the
Charter, Bylaws and Applicable Law


 


Certain provisions of the
Charter, Bylaws, and laws of the State of Delaware, where Butterfly is incorporated, may discourage or make more difficult a takeover
attempt that a stockholder might consider in his or her best interest. These provisions may also adversely affect prevailing market prices
for the Class A common stock and the Class B common stock. Butterfly believes that the benefits of increased protection give
Butterfly the potential ability to negotiate with the proponent of an unsolicited proposal to acquire or restructure Butterfly and outweigh
the disadvantage of discouraging those proposals because negotiation of the proposals could result in an improvement of their terms.


 


Authorized but Unissued Shares


 


Delaware law does not require
stockholder approval for any issuance of authorized shares. However, the listing requirements of the NYSE, which would apply if and so
long as the Class A common stock remains listed on the NYSE, require stockholder approval of certain issuances equal to or exceeding
20% of the then outstanding voting power or then outstanding number of shares of common stock. Additional shares that may be used in the
future may be issued for a variety of corporate purposes, including future public offerings, to raise additional capital, or to facilitate
acquisitions. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage
an attempt to obtain control of Butterfly by means of a proxy contest, tender offer, merger, or otherwise.


 


Dual Class Stock


 


As described above, the Charter
provides for a dual class common stock structure which provides Dr. Rothberg with the ability to control the outcome of matters requiring
stockholder approval, even though he owns significantly less than a majority of the shares of our outstanding common stock, including
the election of directors and significant corporate transactions, such as a merger or other sale of Butterfly or its assets.


 


Blank Check Preferred Stock


 


The Charter provides for
1,000,000 authorized shares of preferred stock. The existence of authorized but unissued shares of preferred stock may enable the Board
to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.
For example, if in the due exercise of its fiduciary obligations, the Board were to determine that a takeover proposal is not in the best
interests of Butterfly or its stockholders, the Board could cause shares of preferred stock to be issued without stockholder approval
in one or more private offerings or other transactions that might dilute the voting or other rights of the proposed acquirer or insurgent
stockholder or stockholder group. In this regard, the Charter grants the Board broad power to establish the rights and preferences of
authorized and unissued shares of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and
assets available for distribution to holders of shares of common stock. The issuance may also adversely affect the rights and powers,
including voting rights, of the holders of shares of common stock and may have the effect of delaying, deterring or preventing a change
in control of Butterfly.


 


Number of Directors


 


The Charter and Bylaws provide
that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors
may be fixed from time to time solely pursuant to a resolution adopted by the Board; provided, however, that prior to the first date on
which the issued and outstanding shares of Class B common stock represent less than 50% of the voting power of the then outstanding
shares of capital stock of Butterfly that would be entitled to vote for the election of directors at an annual meeting of stockholders,
unless approved by the holders of a majority in voting power of the shares of capital stock of Butterfly that would then be entitled to
vote in the election of directors at an annual meeting or by written consent, the number of directors may not exceed nine (9).


 






    
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Requirements for Advance Notification of
Stockholder Meetings, Nominations and Proposals


 


The Bylaws establish advance
notice procedures with respect to stockholder proposals and nomination of candidates for election as directors, other than nominations
made by or at the direction of the Board or a committee of the Board. In order to be “properly brought” before a meeting,
a stockholder will have to comply with advance notice requirements and provide Butterfly with certain information. Generally, to be timely,
a stockholder’s notice must be delivered to, or mailed and received at Butterfly’s principal executive offices not less than
90 days nor more than 120 days prior to the first anniversary of the immediately preceding annual meeting of stockholders. The
Bylaws also specify requirements as to the form and content of a stockholder’s notice. The Bylaws allow the chairman of the meeting
at a meeting of the stockholders to determine whether a proposal to the meeting was properly brought and to adopt rules and regulations
for the conduct of meetings, except to the extent inconsistent with such rules, regulations and procedures as adopted by the Board, which
may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These
provisions may also defer, delay, or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s
own slate of directors or otherwise attempting to influence or obtain control of Butterfly.


 


Limitations on Stockholder Action by Written
Consent


 


The Charter provides that,
subject to the terms of any series of Butterfly preferred stock, any action required or permitted to be taken by the stockholders of Butterfly
must be effected at an annual or special meeting of the stockholders and may not be effected by written consent in lieu of a meeting; provided,
however, that prior to the first date on which the issued and outstanding shares of Class B common stock represent less than
50% of the voting power of the then outstanding shares of capital stock of Butterfly that would then be entitled to vote for the election
of directors, any action required or permitted to be taken at any annual or special meeting of stockholders, may be taken by written consent
if such written consent is signed by the holders of the outstanding stock having not less than the minimum number of votes that would
be necessary to authorize or take such action at a meeting at which all shares entitled to vote on such matter were present and voted.


 


Amendment of the Charter and Bylaws


 


The DGCL provides generally
that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together a single class, is required
to amend a corporation’s certificate of incorporation, unless the certificate of incorporation requires a greater percentage.


 


The Charter provides that
it may be amended by Butterfly in the manners provided therein or prescribed by statute. The Charter provides that the affirmative vote
of the holders of a majority of the voting power of the then-outstanding shares of capital stock entitled to vote generally in the election
of directors, voting together as a single class, will be required to amend or repeal any provision of the Charter, or adopt any provision
of the Charter inconsistent therewith.


 


If any of the Class B
common stock shares are outstanding, in addition to any vote required by Delaware law, the affirmative vote of the holders of two-thirds
(2/3) of the outstanding shares of Class B common stock, voting as a separate class, is required to amend the Charter (1) in
a manner that changes any of the voting, conversion, dividend or liquidation provisions of the shares of Class B common stock, (2) to
provide for each share of Class A common stock or any preferred stock to have more than one vote per share or any rights to a separate
class vote of the holders of shares of Class A common stock other than as provided by the Charter or required by the DGCL, or (3) to
otherwise adversely impact the rights, powers, preferences or privileges of the shares of Class B common stock in a manner that is
disparate from the manner in which it affects the rights, powers, preferences or privileges of the shares of Class A common stock.


 






    
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If any shares of Class A
common stock are outstanding, Butterfly will not, without the prior affirmative vote of the holders of a majority of the outstanding shares
of Class A common stock, voting as a separate class, in addition to any other vote required by applicable law or the Charter, directly
or indirectly, whether by amendment, or through merger, recapitalization, consolidation or otherwise amend, alter, change, repeal or adopt
any provision of the Charter (1) in a manner that is inconsistent with, or that otherwise alters or changes the powers, preferences,
or special rights of the shares of Class A common stock so as to affect them adversely; or (2) to provide for each share of
Class B common stock to have more than twenty (20) votes per share or any rights to a separate class vote of the holders of shares
of Class B common stock other than as provided by the Charter or required by the DGCL.


 


The Charter also provides
that the Board will have the power to adopt, amend, alter, or repeal the Bylaws by the affirmative vote of a majority of the directors
present at any regular or special meeting of the Board at which a quorum is present in any manner not inconsistent with the laws of the
State of Delaware or the Charter. The stockholders of Butterfly are prohibited from adopting, amending, altering, or repealing the Bylaws,
or to adopt any provision inconsistent with the Bylaws, unless such action is approved, in addition to any other vote required by the
Charter, by the Requisite Stockholder Consent (as defined in the Charter).


 


Business Combinations


 


Under Section 203 of
the DGCL, a corporation will not be permitted to engage in a business combination with any interested stockholder for a period of three years
following the time that such interested stockholder became an interested stockholder, unless:


 


		(1)	prior to such time the board of directors of the corporation approved either the business combination
or the transaction which resulted in the stockholder becoming an interested stockholder;



 


		(2)	upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder,
the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced,
excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder)
those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants
do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer;
or



 


		(3)	at or subsequent to such time the business combination is approved by the board of directors and authorized
at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2∕3% of the
outstanding voting stock which is not owned by the interested stockholder.



 


Generally, a “business
combination” includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder.
Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates and
associates, owns, or within the previous three years owned, 15% or more of Butterfly’s outstanding voting stock. For purposes
of this section only, “voting stock” has the meaning given to it in Section 203 of the DGCL.


 


Since Butterfly has not opted
out of Section 203 of the DGCL, it will apply to Butterfly. As a result, this provision will make it more difficult for a person
who would be an “interested stockholder” to effect various business combinations with Butterfly for a three-year period. This
provision may encourage companies interested in acquiring Butterfly to negotiate in advance with the Board because the stockholder approval
requirement would be avoided if the Board approves either the business combination or the transaction which results in the stockholder
becoming an interested stockholder. These provisions also may have the effect of preventing changes in the Board and may make it more
difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests.


 






    
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Cumulative Voting


 


Under Delaware law, the right
to vote cumulatively does not exist unless the charter specifically authorizes cumulative voting. The Charter does not authorize cumulative
voting.


 


Limitations on Liability and Indemnification
of Officers and Directors


 


The DGCL authorizes corporations
to limit or eliminate the personal liability of directors of corporations and their stockholders for monetary damages for breaches of
directors’ fiduciary duties, subject to certain exceptions. The Charter includes a provision that eliminates the personal liability
of directors for damages for any breach of fiduciary duty as a director where, in civil proceedings, the person acted in good faith and
in a manner that person reasonably believed to be in or not opposed to the best interests of Butterfly or, in criminal proceedings, where
the person had no reasonable cause to believe that his or her conduct was unlawful.


 


The Bylaws provide that Butterfly
shall indemnify and advance expenses to Butterfly’s directors and officers to the fullest extent authorized by the DGCL. Butterfly
also is expressly authorized to carry directors’ and officers’ liability insurance providing indemnification for Butterfly
directors, officers, and certain employees for some liabilities. Butterfly believes that these indemnification and advancement provisions
and insurance are useful to attract and retain qualified directors and executive officers.


 


The limitation of liability,
advancement and indemnification provisions in the Charter and Bylaws may discourage stockholders from bringing lawsuits against directors
for any alleged breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation
against directors and officers, even though such an action, if successful, might otherwise benefit Butterfly and its stockholders. In
addition, your investment may be adversely affected to the extent Butterfly pays the costs of settlement and damage awards against directors
and officer pursuant to these indemnification provisions.


 


There is currently no pending
material litigation or proceeding involving any of Butterfly’s directors, officers, or employees for which indemnification is sought.


 


Corporate Opportunities


 


The Charter provides for
the renouncement by Butterfly of any interest or expectancy of Butterfly in, or being offered an opportunity to participate in any matter,
transaction, or interest that is presented to, or acquired, created, or developed by, or which otherwise comes into possession of, any
director of Butterfly who is not an employee of Butterfly or any of its subsidiaries, unless such matter, transaction, or interest is
presenting to, or acquired, created, or developed by, or otherwise comes into the possession of a director of Butterfly expressly and
solely in that director’s capacity as a director of Butterfly.


 


Dissenters’ Rights of Appraisal and Payment


 


Under the DGCL, with certain
exceptions, Butterfly’s stockholders will have appraisal rights in connection with a merger or consolidation of Butterfly. Pursuant
to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have
the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery.


 


Stockholders’ Derivative Actions


 


Under the DGCL, any of Butterfly’s
stockholders may bring an action in Butterfly’s name to procure a judgment in Butterfly’s favor, also known as a derivative
action, provided that the stockholder bringing the action is a holder of Butterfly’s shares at the time of the transaction to which
the action relates or such stockholder’s stock thereafter devolved by operation of law.


 






    
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Transfer Agent and Registrar


 


The transfer agent for Butterfly
capital stock is Continental Stock Transfer & Trust Company.


 


Stock
Exchange Listing


 


Butterfly’s
Class A common stock and warrants to purchase Class A common stock are listed for trading on the New York Stock Exchange under
the symbol “BFLY” and “BFLY WS”, respectively.


 



    
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